Shopping Center with Retail
For Sale
$299,000
8276 N Merriman Rd, Westland, MI 48185
CB-1-zoned retail center near Ann Arbor Trail with Save A Lot and Dollar Tree nearby.
Property Size2,542 SF
Price / SF$117.62
Days on Market841
Property Features for 8276 N Merriman Rd
General Information
Standard status
Active
Size
2,542 SF
Property subtype
Retail
Zoning
CB-1 Low Intensity Commercial Business District
Additional Details
Road Access
Yes
Building Details
Building Size
2,542 SF
Buildings
1
Stories
1
Tenancy
Multiple Tenants
Listing Agency:
Insite Commercial
Listed By:
Mojahed Abubars · License #6506046863
(248) 996-0346
Source:
Cpix.resimplifi
Added: May 17, 2024
Changed: Aug 31
Last Checked: Aug 30 at 3:14PM
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 Insite Commercial
Investment Insights
Based on property information with market context.
This 2,542 SF retail shopping center fronts N Merriman Rd in Westland and includes 1,342 SF occupied by AAA Insurance. The property is positioned near the hard-corner of Ann Arbor Trl, providing a prominent commercial setting for the existing retail improvements.
Save A Lot and Dollar Tree serve as nearby shadow anchors, adding established retail presence to the surrounding area. The property is zoned CB-1 Low Intensity Commercial Business District and is available for sale or lease.
Save A Lot and Dollar Tree serve as nearby shadow anchors, adding established retail presence to the surrounding area. The property is zoned CB-1 Low Intensity Commercial Business District and is available for sale or lease.
Key Highlights
- 2,542 SF retail shopping center
- Frontage on N Merriman Rd
- Near the hard‑corner of Ann Arbor Trl
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
$24,086
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
8.06%
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%
$481,720
$481.7K
Cap Rate 7%
$344,086
$344.1K
Cap Rate 9%
$267,622
$267.6K
Market Conditions
NOI Build-Up for 2,542 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
$36.6K $14.40/SF
− Vacancy
−$2.2K −$0.86/SF
EGI
$34.4K $13.54/SF
− OpEx
−$10.3K −$4.06/SF
NOI
$24.1K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$481,720
Cap Rate 7%
$344,086
Cap Rate 9%
$267,622
Alternative Uses
Best Use
Retail
$344.1K
$301.1K – $401.4K
NOI $24,086 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$470.6K
$411.8K – $549.1K
NOI $32,944 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
87k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 40%
Home Improvements & Furnishings 7%
Groceries 6%
McDonald's
Dining
29,148 visits/mo
0.4 miles
BP
Shops & Services
11,328 visits/mo
0.4 miles
7-Eleven
Shops & Services
9,999 visits/mo
0.4 miles
Dollar Tree
Shops & Services
9,289 visits/mo
0.2 miles
Shell
Shops & Services
8,672 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Warren Venoy Plaza — 32669 Warren Rd, Garden City, MI 48135
- Merriman Plaza — N Merriman Rd, Westland, MI 48185
- Joyand Merriman Shopping Center — Joy Rd, Westland, MI 48185
Frequently Asked Questions
What type of property is this?
Shopping center - CB-1-zoned retail center near Ann Arbor Trail with Save A Lot and Dollar Tree nearby.
Where is this shopping center located?
The property is located at 8276 N Merriman Rd Westland, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,542 SF retail shopping center; Frontage on N Merriman Rd; Near the hard‑corner of Ann Arbor Trl
