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    Property profile & analytics

    1912 Venoy Rd Westland, MI 48186

    • Strip malls
    • 39,898 SF
    • 3.36 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1346523
    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

    • Westland Fish & Chicken Market / Restaurant

    Property Details for 1912 Venoy Rd

    Year built
    1958
    Lot size
    3.36 lot acres
    Property size
    39,898 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    56 074 03 0009 301
    APU
    56074030009301

    Description

    This 15,000 square foot retail strip center, located at 1912 S Venoy Rd, Westland, MI 48186, presents a compelling investment opportunity. The property features multiple tenancies, with a minimum divisible space of 740 square feet and a maximum contiguous space of 2,540 square feet. Currently, 4,240 square feet of retail space is available for lease. The center enjoys a prime location in a thriving neighborhood, benefiting from strong anchor tenants including a Palace Supermarket and a Dollar General, ensuring consistent foot traffic and high visibility. This strategic positioning offers excellent potential for both established businesses seeking expansion and new ventures looking to establish a presence in a busy commercial area. The property's versatile space allows for a variety of retail uses, making it an attractive option for a diverse range of businesses. With its convenient location, strong anchor tenants, and available space, this retail center represents a significant opportunity for investors seeking a stable and profitable investment in a high-demand market. The property is situated in Westland, Michigan, offering easy access to major transportation routes and a substantial customer base. Interested parties are encouraged to explore this exceptional opportunity to acquire a well-positioned retail property in a dynamic and growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,698,000
      Market price range: $1.92M - $4.32M
      AI Estimate
      $3,698,000
      Market price range: $1.92M - $4.32M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,175,000
      Current use
      OFFICE BUILDING
      $5,310,000
      Change: +67% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,380,000
      Change: +38% Conversion: Difficult
      RETAIL STORES
      $4,285,000
      Change: +35% Conversion: Easy
      MEDICAL BUILDING
      $3,880,000
      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
    -83.3648
    Latitude
    42.2954
    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
    $60,692
    $0.00
    $0.00
    $1,592,000
    -
    $0.00
    $0.00
    $3,184,000

    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
      $2,410,000
      29,410 SF

      148 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 29,410 SF
      148 Wayne Rd, Westland, MI 48186-4302
      View Details
    • Value Estimation
      $715,000
      6,708 SF

      4675 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 6,708 SF
      4675 Middlebelt Rd, Westland, MI 48186-5138
      View Details
    • Value Estimation
      $910,000
      13,290 SF

      2315 Venoy Rd

      SHOPPING CENTER, STRIP CENTER • 13,290 SF
      2315 Venoy Rd, Westland, MI 48186-4662
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Junior box retail space available within a regional shopping mall.
      35000 Warren Rd, Westland, MI 48186
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    • $695,000
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      Westland Restaurant - Prime Location

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      Turnkey Truck Terminal and Repair

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      1,361,596 SF

      Westland School Redevelopment Opportunity

      Massive 23.79-acre site, ideal for multifamily.
      35100 Bayview St, Westland, MI 48186
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      Westland Multi-Family Investment Opportunity

      Four-unit property in Westland with income potential and vacant unit.
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      Four-unit multifamily property in Westland, suitable for investment or owner-occupancy.
      2103 Elbridge Ct, Westland, MI 48186
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • 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
    • $12 SF/Yr
      29,410 SF

      Westland Retail/Office Opportunity

      High-traffic location, 3 units available
      148-206 Wayne Rd, Westland, MI 48186
      View Details
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    1912 Venoy Rd
    Westland, MI 48186
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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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