Turnkey Office Building on
For Sale
$405,000
4621 & 4615 S Wayne Rd, Wayne, MI 48184
Updated office building ready for immediate occupancy in Wayne, MI.
Property Size6,240 SF
Lot Size0.20 Acres
Price / SF$64.90
Days on Market153
Property Features for 4621 & 4615 S Wayne Rd
General Information
Standard status
Active
Size
6,240 SF
Lot size
0.20 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,698
Building Details
Building Size
6,240 SF
Year Built
1945
Listing Agency:
J Dillon Realty
(734) 777-4448
Listed By:
Joshua A Dillon · License #6502417067
(734) 777-4448
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of J Dillon Realty
Investment Insights
Based on property information with market context.
Located along the S Wayne Rd commercial corridor, this updated 6,240 sq. ft. brick office building is move-in ready. The property is minutes from I-275, I-94, and Michigan Ave, providing connectivity throughout Metro Detroit, and is 10 minutes from Detroit Metro Airport (DTW). The location benefits from daily traffic counts along S Wayne Rd and a strong local customer base. The interior features 9 private executive offices, multiple conference rooms, a lobby with receptionist station, an open cubicle/common work area, and a lounge/dining space. Additional features include multiple restrooms, a large storage or file/archive room, updated lighting, and newer flooring. The layout is suitable for medical, legal, financial, administrative, call centers, creative agencies, or any professional service operation. With two combined addresses—4615 and 4621 S Wayne Rd—the building provides flexible configuration options for businesses needing multi-department separation, client-facing space, or team collaboration zones. The property includes onsite parking, main road frontage, and a brick exterior. It is currently zoned B3.
Key Highlights
- Turnkey, updated 6,240 sq. ft. brick office building ready for immediate occupancy.
- Prime location on S Wayne Rd with high visibility and strong traffic counts.
- Excellent connectivity: Minutes from I‑275, I‑94, Michigan Ave, and 10 minutes to Detroit Metro Airport (DTW).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,481
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$429,620
$429.6K
Cap Rate 7%
$306,871
$306.9K
Cap Rate 9%
$238,678
$238.7K
Market Conditions
NOI Build-Up for 6,240 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.4K $6.00/SF
− Vacancy
−$8.8K −$1.41/SF
EGI
$28.6K $4.59/SF
− OpEx
−$7.2K −$1.15/SF
NOI
$21.5K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$429,620
Cap Rate 7%
$306,871
Cap Rate 9%
$238,678
Alternative Uses
Best Use
Office B
$306.9K
$268.5K – $358.0K
NOI $21,481 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,870 @ 7.0% cap · market cap 19.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated office building ready for immediate occupancy in Wayne, MI.
Where is this office building located?
The property is located at 4621 & 4615 S Wayne Rd Wayne, MI.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Turnkey, updated 6,240 sq. ft. brick office building ready for immediate occupancy.; Prime location on S Wayne Rd with high visibility and strong traffic counts.; Excellent connectivity: Minutes from I‑275, I‑94, Michigan Ave, and 10 minutes to Detroit Metro Airport (DTW).
