Updated Executive Office
For Sale
$405,000
46214615 4621 & 4615 S Wayne Rd, Wayne, MI 48184
Modernized professional workspace with private offices, conference rooms, and a reception area along S Wayne Rd.
Property Size6,240 SF
Price / SF$64.90
Days on Market14
Property Features for 46214615 4621 & 4615 S Wayne Rd
General Information
Standard status
Active
Size
6,240 SF
Zoning
B3
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1945
Buildings
1
Building Size
6,240 SF
Construction
brick
Listing Agency:
J Dillon Realty
(734) 777-4448
Listed By:
Joshua A Dillon · License #6502417067
Source:
Katie-k
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 7:59PM
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.
This 6,240-square-foot brick office building combines a professional layout with substantial updates. The interior includes 9 private executive offices, multiple conference rooms, a lobby with receptionist station, an open cubicle and common work area, and a separate lounge and dining space. Multiple restrooms, a large storage or file/archive room, updated lighting, and newer flooring add practical functionality for professional operations.
The property comprises the combined addresses of 4615 and 4621 S Wayne Rd in Wayne, Michigan. It is positioned along S Wayne Rd with main-road frontage and onsite parking, and provides access to I-275, I-94, and Michigan Ave. Detroit Metro Airport is approximately 10 minutes away. Zoned B3, the building’s configuration is identified as suitable for medical, legal, financial, administrative, call center, creative agency, and other professional service uses.
The property comprises the combined addresses of 4615 and 4621 S Wayne Rd in Wayne, Michigan. It is positioned along S Wayne Rd with main-road frontage and onsite parking, and provides access to I-275, I-94, and Michigan Ave. Detroit Metro Airport is approximately 10 minutes away. Zoned B3, the building’s configuration is identified as suitable for medical, legal, financial, administrative, call center, creative agency, and other professional service uses.
Key Highlights
- 6,240‑square‑foot brick office building
- 9 private executive offices and multiple conference rooms
- Lobby with receptionist station plus open cubicle/common work area
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
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
419
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 - Modernized professional workspace with private offices, conference rooms, and a reception area along S Wayne Rd.
Where is this office building located?
The property is located at 46214615 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: 6,240‑square‑foot brick office building; 9 private executive offices and multiple conference rooms; Lobby with receptionist station plus open cubicle/common work area
