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    2066 Wayne Rd Westland, MI 48186-5428
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    Property profile & analytics

    2066 Wayne Rd Westland, MI 48186-5428

    View on Map
    • Commercial real estate
    • 13,084 SF
    • 0.77 lot acres
    Off-Market
    Property ID
    US43-1167321
    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.
    Value Estimations
    $1,805,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Synergy Physical Therapy and Wellness / Medical Clinic

    Property Details for 2066 Wayne Rd

    Year built
    1977
    Lot size
    0.77 lot acres
    Property size
    13,084 SF
    Property type
    Commercial real estate
    APN
    56 076 01 0014 001
    APU
    56076010014001

    Description

    This exceptional 1,500 square foot office suite, located at 2066 S Wayne Rd in Westland, Michigan, is immediately available for lease. Situated within a larger 8,960 square foot building, this single-story property offers a prime location with convenient access and ample parking. Built in 1977 and extensively renovated in 2013, the building boasts a modern aesthetic while maintaining a functional layout. The suite itself is ideally suited for a variety of uses, including executive offices or medical practices. Its features include a welcoming reception area, three private exam rooms or offices, a spacious open area, a private bathroom, and a convenient kitchenette. The property is zoned CB1: Low Intensity Commercial and has a total of 43 parking spaces available for tenants and their clients. The building's multiple tenancy structure ensures a vibrant and professional atmosphere. This is a rare opportunity to secure a well-maintained, versatile office space in a desirable Westland location. The property's APN is 56-079-01-0014-001, and it is located in Wayne County, Michigan, zip code 48186. This move-in ready space presents an excellent opportunity for businesses seeking a comfortable and functional workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,806,000
      Market price range: $914k - $3.34M
      AI Estimate
      $1,806,000
      Market price range: $914k - $3.34M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,190,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $2,990,000
      Change: +37% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3884
    Latitude
    42.2935
    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
    $5,316
    $0.00
    $0.00
    $287,300
    -
    $0.00
    $0.00
    $574,600

    Comparable in this City

    • Value Estimation by Request
      47.52 Acres

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      4.26 Acres

      30712 Michigan Ave

      COMMERCIAL (GENERAL) • 4.26 Acres
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      2,287 SF

      1055 Wayne Rd

      COMMERCIAL (GENERAL) • 2,287 SF
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      2,112 SF

      33028 Alamo Ct

      COMMERCIAL (GENERAL) • 2,112 SF
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      47.52 Acres

      500 Merriman Rd

      COMMERCIAL (GENERAL) • 47.52 Acres
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    • Value Estimation by Request
      1.64 Acres

      37200 Palmer Rd

      COMMERCIAL (GENERAL) • 1.64 Acres
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      View Details

    Similar Nearby for Sale

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      1,361,596 SF

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      Large building on 23.79 acres in Westland area.
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      1,800 SF

      Freestanding Office Building For Sale

      1,800 SF freestanding office building available for purchase.
      1515 S Wayne Rd, Westland, MI 48186
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      Land For Sale

      Land available for sale.
      0.48 Acres Van Born Rd, Westland, MI 48186
      View Details
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      Land Opportunity on Wayne Road

      1.1 acre land parcel available on Wayne Road.
      626 S Wayne Rd, Westland, MI 48186
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    • $398,900
      2,562 SF

      Westland Industrial Building - High Potential

      Versatile Commercial Space, Prime Westland Location
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    Similar Nearby for Lease

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      Retail Space Available For Rent

      Single tenant retail space available, approximately 1,100 square feet.
      2720 S Newburgh 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
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      Commercial Outlot in Westland Center

      1.2-acre outlot with 7,000-SF building for lease.
      31200 Michigan Ave, Westland, MI 48186
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      Retail and Office Space Available

      Retail and office units for lease in Westland, Michigan.
      148-206 S Wayne Rd, Westland, MI 48186
      View Details
    • Contact for pricing

      Retail Space in Westland Center

      Neighborhood shopping center anchored by Palace Supermarket and Dollar General.
      1912 S Venoy Rd, Westland, MI 48186
      View Details
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    2066 Wayne Rd
    Westland, MI 48186-5428
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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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