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    Property profile & analytics

    28949 Joy Rd Westland, MI 48185-5523

    • Strip malls
    • 14,059 SF
    • 1.98 lot acres
    OFF-MARKET
    Value Estimations
    $1,150,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1233254
    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

    • The Token Lounge / Theater & Performing Art Venue / Music Venue
    • Token Entertainment Inc / Music Venue / Bar & Pub

    Property Details for 28949 Joy Rd

    Year built
    1960
    Lot size
    1.98 lot acres
    Property size
    14,059 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    56 002 99 0016 000
    APU
    56002990016000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,149,000
      Market price range: $676k - $1.52M
      AI Estimate
      $1,149,000
      Market price range: $676k - $1.52M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,120,000
      Current use
      OFFICE BUILDING
      $1,870,000
      Change: +67% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,545,000
      Change: +38% Conversion: Difficult
      RETAIL STORES
      $1,510,000
      Change: +35% Conversion: Easy
      MEDICAL BUILDING
      $1,370,000
      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
    -83.3278
    Latitude
    42.3541
    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
    $25,557
    $0.00
    $0.00
    $494,800
    -
    $0.00
    $0.00
    $989,600

    Comparable in this City

    • Value Estimation by Request
      4,890 SF

      35944 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 4,890 SF
      35944 Frd Rd, Westland, MI 48185-2205
      View Details
    • Value Estimation
      $910,000
      8,400 SF

      6608 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 8,400 SF
      6608 Wayne Rd, Westland, MI 48185-7006
      View Details
    • Value Estimation
      $1,290,000
      12,100 SF

      7040 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 12,100 SF
      7040 Wayne Rd, Westland, MI 48185-2167
      View Details
    • Value Estimation
      $760,000
      7,200 SF

      141 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 7,200 SF
      141 Wayne Rd, Westland, MI 48185-3624
      View Details
    • Value Estimation
      $950,000
      8,792 SF

      8077 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 8,792 SF
      8077 Middlebelt Rd, Westland, MI 48185-1809
      View Details
    • Value Estimation
      $570,000
      6,000 SF

      8035 Middlebelt Rd

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      8035 Middlebelt Rd, Westland, MI 48185-1809
      View Details

    Similar Nearby for Sale

    • $650,000
      Pending

      Ford Road Redevelopment Opportunity

      Property on Ford Road with high traffic volume.
      37623 Ford Rd, Westland, MI 48185
      View Details
    • Contact for pricing

      Westland Retail Hub For Sale

      Retail hub in Westland with high traffic and visibility.
      6005-6095 N Wayne Rd, Westland, MI 48185
      View Details
    • $650,000
      Pending

      Ford Road Redevelopment Opportunity

      Prime commercial land for redevelopment on Ford Road.
      37623 Ford Rd, Westland, MI 48185
      View Details
    • $599,999
      1,610 SF

      Turnkey Eatery in Wayne County

      Profitable, established Beyond Juicery + Eatery franchise in Westland, MI.
      9999 Middlebelt Rd, Westland, MI 48185
      View Details
    • Contact for pricing
      3,887 SF

      Westland C-Store and Fuel Station

      Existing C-Store and Fuel Station in Westland, Michigan.
      37400 Ford Rd, Westland, MI 48185
      View Details
    • $425,000
      2,718 SF

      Bakery Ready for New Owner

      Prime location with high visibility and equipped kitchen.
      844 N Wayne Rd, Westland, MI 48185
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr

      Retail Space in Kroger Center

      Retail space available in busy Kroger anchored shopping center.
      36430 Ford Rd, Westland, MI 48185
      View Details
    • $1,300 /Mo
      Pending

      Retail Space in Busy Center

      Retail space for lease in high-traffic Westland location.
      8335 N Wayne Rd, Westland, MI 48185
      View Details
    • $6 SF/Yr
      141,738 SF

      Westland Crossings Retail Space

      Prime Westland retail, multiple spaces available.
      34518-34794 Warren Rd, Westland, MI 48185
      View Details
    • 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
    • $36 SF/Yr
      4,035 SF

      Wildwood Plaza: Retail Investment Opportunity

      Prime Retail Space Available, High Visibility
      34410 Ford Rd, Westland, MI 48185
      View Details
    • $12 SF/Yr
      28,000 SF

      Merriman-Warren Shopping Center: Westland, MI

      Prime Westland Retail Space Available
      31216 Warren Rd, Westland, MI 48185
      View Details
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    28949 Joy Rd
    Westland, MI 48185-5523
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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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