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    Property profile & analytics

    1529 Wayne Rd Westland, MI 48186-5436

    • Strip malls
    • 21,868 SF
    • 1.76 lot acres
    OFF-MARKET
    Value Estimations
    $1,585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1754320
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Strip malls

    Property Details for 1529 Wayne Rd

    Year built
    1958
    Lot size
    1.76 lot acres
    Property size
    21,868 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    56 063 02 0007 000
    APU
    56063020007000

    Description

    Ace Plaza, located at 1529 S Wayne Rd, Westland, MI 48186, presents a compelling value-add opportunity for investors. This single-story, 21,819 square foot retail center, built in 1958, sits on a 1.76-acre lot and boasts 320 feet of frontage on Wayne Road. The property features 10,275 square feet of net rentable space, currently generating income, with significant upside potential through renovations and lease-up. The asking price is $1,650,000, translating to $75.62 per square foot. The property is zoned CB1 and includes 111 parking spaces, catering to both tenants and customers. Its location within a densely populated neighborhood, alongside a mix of national and regional tenants, ensures a strong retail trade area. The property's APN is 56-063-02-0007-000. This is an exceptional chance to acquire a well-situated retail center with substantial growth potential in a thriving Michigan market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,586,000
      Market price range: $1.05M - $2.37M
      AI Estimate
      $1,586,000
      Market price range: $1.05M - $2.37M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,740,000
      Current use
      AUTO REPAIR, GARAGE
      $2,400,000
      Change: +38% Conversion: Difficult
      RETAIL STORES
      $2,350,000
      Change: +35% Conversion: Easy
      MEDICAL BUILDING
      $2,125,000
      Change: +22% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3876
    Latitude
    42.2975
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $42,740
    $0.00
    $0.00
    $683,000
    -
    $0.00
    $0.00
    $1,366,000

    Comparable in this City

    • Value Estimation
      $4,320,000
      49,454 SF

      124 Merriman Rd

      SHOPPING CENTER, STRIP CENTER • 49,454 SF
      124 Merriman Rd, Westland, MI 48186-5009
      View Details
    • Value Estimation
      $2,125,000
      35,006 SF

      1647 Merriman Rd

      SHOPPING CENTER, STRIP CENTER • 35,006 SF
      1647 Merriman Rd, Westland, MI 48186-5301
      View Details
    • Value Estimation by Request
      3,201 SF

      1814 Newburgh Rd

      SHOPPING CENTER, STRIP CENTER • 3,201 SF
      1814 Newburgh Rd, Westland, MI 48186-3925
      View Details
    • Value Estimation
      $2,310,000
      24,000 SF

      170 Venoy Rd

      SHOPPING CENTER, STRIP CENTER • 24,000 SF
      170 Venoy Rd, Westland, MI 48186-4834
      View Details
    • Value Estimation
      $645,000
      5,985 SF

      2370 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 5,985 SF
      2370 Wayne Rd, Westland, MI 48186-5472
      View Details
    • Value Estimation by Request
      2,833 SF

      32633 Cherry Hl Rd

      SHOPPING CENTER, STRIP CENTER • 2,833 SF
      32633 Cherry Hl Rd, Westland, MI 48186-5294
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space at Westland Center

      Junior box retail space available within a regional shopping mall.
      35000 Warren Rd, Westland, MI 48186
      View Details
    • $13,000,000
      11,800 SF

      Turnkey Truck Terminal and Repair

      Multi-income commercial trucking facility with repair shop, parts store, parking.
      1475 S Newburgh Rd, Westland, MI 48186
      View Details
    • $695,000
      6,227 SF

      Westland Restaurant - Prime Location

      High-traffic restaurant, 6,227 sq ft, ample parking.
      626 Wayne Rd, Westland, MI 48186
      View Details
    • $398,900
      2,562 SF

      Westland Industrial Building - High Potential

      Versatile Commercial Space, Prime Westland Location
      37415 Cherry Hill Rd, Westland, MI 48186
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    • $230,000

      Updated Duplex in Westland, Michigan

      Tenant-occupied duplex in Westland, Michigan, generating consistent rental income.
      32655 Grand Traverse St, Westland, MI 48186
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    • $189,900
      0.18 Acres

      Westland Multifamily Investment Opportunity

      Two-unit property in Westland, MI, tenant-occupied, near amenities.
      33012 Akron St, Westland, MI 48186
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      600 SF

      Retail Space in Westland, MI

      Retail units available in Westland, MI, from 600-12,546 SF.
      208 S Wayne Rd, Westland, MI 48186
      View Details
    • $8 SF/Yr
      30,371 SF

      Retail Space at Kroger-Anchored Center

      Retail space available in Kroger-anchored shopping center.
      124 Merriman Rd, Westland, MI 48186
      View Details
    • Contact for pricing
      15,000 SF

      Westland Retail Plaza Investment Opportunity

      High-traffic retail space available in Westland, MI.
      1912 Venoy Rd, Westland, MI 48186
      View Details
    • $16 SF/Yr
      36,860 SF

      Westland Retail Space For Lease

      Retail spaces available in Westland, anchored by Kroger.
      31260 Michigan Ave, Westland, MI 48186
      View Details
    • Contact for pricing
      4,937 SF

      Retail Space in Westland, MI

      Retail space available in Westland, MI with 30,371 SF.
      124-210 Merriman Rd, Westland, MI 48186
      View Details
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    1529 Wayne Rd
    Westland, MI 48186-5436
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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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