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    Property profile & analytics

    34518-34794 Warren Rd Westland, MI 48185

    • Neighborhood centers
    • 141,738 SF
    For Lease
    View listing
    $6 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 34518-34794 Warren Rd

    Property size
    141,738 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties

    Description

    Westland Crossings, a thriving 141,738 square foot retail center in Westland, Michigan, offers exceptional leasing opportunities. Located at the high-traffic intersection of Warren and Wayne Roads (96,000 ADT), this 17.51-acre property boasts 796 parking spaces (4 per 1,000 square feet) and benefits from strong anchor tenants including Volunteers of America, Planet Fitness, McDonald's, and Dollar General. Currently, there are multiple spaces available, with a minimum divisible space of 2,200 square feet and a maximum contiguous space of 22,000 square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3832
    Latitude
    42.3403

    Comparable in this City

    • Value Estimation by Request
      162,874 SF

      35705 Warren Rd

      Lifestyle centers • 162,874 SF
      35705 Warren Rd, Westland, MI 48185
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    • Value Estimation by Request
      29,561 SF

      32838-32888 Warren Rd

      Lifestyle centers • 29,561 SF
      32838-32888 Warren Rd, Garden City, MI 48185
      View Details
    • Value Estimation by Request
      7,500 SF

      35115 Warren Rd

      Neighborhood centers • 7,500 SF
      35115 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation by Request
      28,000 SF

      31216 Warren Rd

      Lifestyle centers • 28,000 SF
      31216 Warren Rd, Westland, MI 48185
      View Details
    • Value Estimation by Request
      2,640 SF

      238 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 2,640 SF
      238 Wayne Rd, Westland, MI 48185-3626
      View Details
    • Value Estimation
      $7,305,000
      140,048 SF

      34500 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 140,048 SF
      34500 Warren Rd, Westland, MI 48185-2791
      View Details

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      Westland Restaurant - Turnkey Opportunity

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      Warren Road Retail Parcel

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    Similar Nearby for Lease

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      Joy Road Retail Space Available

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    • $6 SF/Yr
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      Westland Crossings Retail Space

      Prime Westland retail, multiple spaces available.
      34518-34794 Warren Rd, Westland, MI 48185
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      Wildwood Plaza: Retail Investment Opportunity

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    • Contact for pricing
      11,000 SF

      Central Wayne Plaza Retail Space

      Westland Shopping Center: 2,193 SF Available
      7671 Wayne Rd, Westland, MI 48185
      View Details
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    Westland, MI 48185
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    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
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