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Property profile & analytics
OFF-MARKET
Estimated value
$1,510,000
Industrial properties
38500 Michigan Ave, Wayne, MI 48184-1045
Entity Owned
5-yr Hold
Free & Clear
Property ID
US43-1035969
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Year built
1990
Total area
19,680 SF
Lot
1.48 ac (64,469 SF)
Zoning code
IND-B IND BUS
APN
55 010 02 0001 000
UPID
US43-1035969
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.57M
Comparable Approach
Comparable
$1.52M
Blend (final)
Blend
$1.51M
Owner & transaction history
Wayne Michigan Ave LLC · 5 yrs held
Wayne Michigan Ave LLC
since 2020
Last sale
$1.3M
7 recorded transactions
Zoning & alternative use
IND-B IND BUS · Wayne, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.2M
+61.4%
Retail stores
$2.1M
+57.8%
Medical building
$1.9M
+43.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Wayne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wayne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,430,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,700,000
6.5%
$1,565,000
7%
$1,455,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,340,000
Current use
AUTO REPAIR, GARAGE
$2,160,000
Change: +61% · Conversion: Easy
RETAIL STORES
$2,115,000
Change: +58% · Conversion: Moderate
MEDICAL BUILDING
$1,915,000
Change: +43% · Conversion: Difficult
Blend value · Realmo final
$1.51M
Range $1.36M – $1.66M · ±10% · vs last sale $1.30M (Jul 10 2020)
Last sale anchor
$1.30M
Jul 10 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$77 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$34,959
Tax year 2023
Assessed value
$556,500
Assessed 2024
Previous assessed
$505,800
+10.0% YoY
Effective rate
6.28%
On assessed value
Total market value
$1,113,000
Applied tax rate
82,160.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Status
Off-Market
Year built
1990
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
19,680 SF
Lot
1.48 ac (64,469 SF)
Zoning code
IND-B IND BUS
APN
55 010 02 0001 000
UPID
US43-1035969
Jurisdiction
WAYNE
Metro division
DETROIT-LIVONIA-DEARBORN, MI METROPOLITAN DIVISION
Zoning & alternative use
IND-B IND BUS · Wayne, MI
Zoning IND-B IND BUS · permitted uses
IND-B IND BUS · Wayne, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Wayne. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$2.2M
RETAIL STORES
Est. value
$2.1M
MEDICAL BUILDING
Est. value
$1.9M
INDUSTRIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1990
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1.48 ac
Current owner
From public records · entity-resolved
Wayne Michigan Ave LLC
Entity
Free & Clear · 5 yrs held
Mailing address
PO BOX 8042, BLOOMFIELD HILLS, MI 48302-8042
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 9, 2025
—
Wayne Michigan Ave LLC
—
Deed
related
$3,000,000 · Csc Capital Group LLC
Jul 10, 2020
$1,300,000
Wayne Michigan Ave LLC
New Invtrs LLC
Warranty Deed
—
Feb 25, 2014
$1,300,000
New Investors LLC
Stafa,safet & Entela
Quit Claim Deed
related
—
May 2, 2013
—
New Investors LLC
Stafa,safet & Entela
Quit Claim Deed
related
—
Apr 10, 2013
$850,000
Safet Staffa
Dawn-g II LLC
Grant Deed
—
May 14, 2012
—
Dawn-g II LLC
South Wayne Center Parcel 1234
Grant Deed
—
Mar 23, 2006
—
South Wayne Center Parcels 123
South Wayne Center Assn LLC
Quit Claim Deed
related
$2,400,000 · Skymar Capital Corp
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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