Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Shovel-Ready Development Opportunity in Wayne Title is generated by Realmo AI

    Michigan E, Wayne, MI 48184

    View on Map
    Claim this Listing
    For Sale
    $190,000

    LAND - Wayne, MI

    Lot size:
    0.30 Acres
    Added:
    Jun 7, 2025
    Days on Market:
    350
    Last Refresh:
    May 22 at 11:06 am

    Property Features for Michigan E

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Multi-Family,Residential,
    Standard status
    Active
    APN
    55018010198302
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Description
    *33H 198B-201 VAC ST* PT OF LOTS 198 TO 200 INCL ALSO PT OF VAC WASHINGTON ST 66.00 FT WD DESC AS BEG N 01D 48M 25S W 17.00 FT FROM SW COR OF LOT 200 - - TH S 88D 09M 45S W 15.09 FT - TH N 01D 50M 15S W 74.01 FT - TH N 88D 09M 45S E 178.13 FT - TH S 01D 50M 15S E 73.73 FT - TH ALONG A CURVE TO RT RAD 3777.17 FT CHORD S 87D 48M 39S W 46.38 FT - TH S 88D 09M 45S W 116.68 FT TO POB 0.30 AC - - - ASSESSOR'S WAYNE PLAT NO. 4 T2S R9E L65 P92 WCR - 0.30
    Tax Annual Amount
    2013

    Utilities

    Sewer type
    Unknown

    We can help!

    Listing Contact
    Katie Wheeler
    Katie Wheeler

    Listing agent Katie Wheeler License #6501400563

    Listing office Match Realty 2501 Russell St Real Broker Detroit, Grand Rapids, MI

    Listing date Jun 7, 2025

    MLS# 20251005390 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Shovel‑ready development opportunity: Build immediately.
    • Approved architectural plans for an 8‑unit residential condo project included.
    • High‑visibility corner parcel in the heart of Downtown Wayne.
    • Zoned multi‑family residential (MF).
    • Utilities available at the street.
    • Walkable to shops, restaurants, and city amenities.

    Overview

    This shovel-ready development opportunity is located in Downtown Wayne on a high-visibility corner parcel at Michigan Ave & Wayne Rd. The property includes full architectural plans for an 8-unit residential condo project. The project was previously approved and is nearly permit ready. Zoned multi-family residential (MF), the site has utilities available at the street. It is walkable to shops, restaurants, and city amenities, and steps from public parking. This property is suited for developers looking to break ground quickly in a growing market. The lot size is 0.3 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.347939
    Latitude
    42.286137

    Nearby Similar for Sale

    • $499,000
      6,240 SF

      Turnkey Office Building in Wayne

      Updated office building ready for immediate occupancy in Wayne, MI.
      4621 & 4615 S Wayne Road, Wayne, MI 48184
      View Details
    • $1,850,000
      5,618 SF

      Turn-Key Event Venue in Wayne

      Premier commercial property suitable for weddings, banquets, and corporate events.
      35000 Sims Street, Wayne, MI 48184
      View Details
    • $625,000
      10,688 SF

      Downtown Wayne Commercial Building For Sale

      Two-story commercial building with ample parking in downtown Wayne, Michigan.
      35540 W Michigan Avenue, Wayne, MI 48184
      View Details
    • $225,000
      2,880 SF

      Versatile Commercial Building in Wayne

      Spacious building with potential for various business types.
      5455 S Wayne Road, Wayne, MI 48184
      View Details
    • $99,900
      2,100 SF

      Established Repair Shop Business Opportunity

      Well-established repair shop and retail business for sale in Wayne.
      3123 S WAYNE Road, Wayne, MI 48184
      View Details
    • $500,000

      Prime Real Estate in Wayne

      Nearly one acre in Wayne's downtown development authority district.
      34233 MICHIGAN Avenue, Wayne, MI 48184
      View Details
    • $1,450,000
      16,000 SF

      Wayne Commercial/Industrial Building For Sale

      Commercial building in Wayne near I-275 and Ford factory.
      3757 Commerce Ct, Wayne, MI 48184
      View Details
    • $475,000
      4,000 SF

      Former Bar on High-Traffic Corridor

      High-visibility location ideal for restaurant, retail, or drive-thru concepts.
      35676 Van Born Rd, Wayne, MI 48184
      View Details
    • $500,000
      4,128 SF

      Wayne Commercial Property on Michigan Avenue

      Prime commercial real estate in Wayne's DDA district for sale.
      34233 MICHIGAN Avenue, Wayne, MI 48184
      View Details
    • $1,200,000
      4,867 SF

      Established Auto Repair Business For Sale

      Well-equipped auto repair shop with prime location and established clientele.
      3041 S Wayne Road, Wayne, MI 48184
      View Details
    • $200,000
      1,960 SF

      Charming Duplex with Investment Potential

      Townhouse-style duplex with hardwood floors near downtown Wayne.
      35230 Chestnut, Wayne, MI 48184
      View Details
    • $599,900
      10,000 SF

      Downtown Wayne Commercial Building

      Two-story commercial building with frontage and parking in downtown Wayne.
      35540 W Michigan Ave, Wayne, MI 48184
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - High-visibility corner parcel with approved residential condo plans.
    Where is this residential land & home lot located?
    The property is located at Michigan E Wayne, MI.
    What is the asking price?
    The asking price for this property is $190,000.
    What are key features of this property?
    This property features: Shovel‑ready development opportunity: Build immediately.; Approved architectural plans for an 8‑unit residential condo project included.; High‑visibility corner parcel in the heart of Downtown Wayne.
    (855) 450-0442
    We can help!
    Listing Contact
    Katie Wheeler
    Katie Wheeler
    Real Estate License ID: 6501400563
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Michigan E, Wayne, MI 48184
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!