Furnished Office
For Sale
Contact for pricing
608 N Wayne Rd, Westland, MI 48185
Five private offices and a large conference room provide a practical professional layout.
Property Size3,200 SF
Price / SF$102.81
Days on Market12
Property Features for 608 N Wayne Rd
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Office
Additional Details
Furnished
Yes
Building Details
Year Built
1974
Year Renovated
2018
Buildings
1
Units
1
Listing Agency:
ACRES Group
Listed By:
Matthew McGinnis · License #MI 6502415978
Source:
Crexi
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 9 at 2:17PM
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 ACRES Group
Investment Insights
Based on property information with market context.
This furnished office unit is configured for legal practice, with five private offices and a generously sized conference room. The property also features a recently installed roof, providing a notable building improvement for the next owner. Furniture is included with the office setup, allowing the existing professional configuration to remain in place.
The property is located at 608 N Wayne Rd in Westland, Michigan 48185. Built in 1974, it offers an established office setting with dedicated rooms for private work and larger meetings.
The property is located at 608 N Wayne Rd in Westland, Michigan 48185. Built in 1974, it offers an established office setting with dedicated rooms for private work and larger meetings.
Key Highlights
- Furnished office unit configured for legal practice
- Five private offices
- Large conference room
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
$11,016
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
3.35%
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%
$220,320
$220.3K
Cap Rate 7%
$157,371
$157.4K
Cap Rate 9%
$122,400
$122.4K
Market Conditions
NOI Build-Up for 3,200 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
$19.2K $6.00/SF
− Vacancy
−$4.5K −$1.41/SF
EGI
$14.7K $4.59/SF
− OpEx
−$3.7K −$1.15/SF
NOI
$11.0K $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%
$220,320
Cap Rate 7%
$157,371
Cap Rate 9%
$122,400
Alternative Uses
Best Use
Office B
$157.4K
$137.7K – $183.6K
NOI $11,016 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
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 units - Five private offices and a large conference room provide a practical professional layout.
Where is this office units located?
The property is located at 608 N Wayne Rd Westland, MI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Furnished office unit configured for legal practice; Five private offices; Large conference room
