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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    38500 Michigan Ave Wayne, MI 48184-1045

    • Industrial properties
    • 19,680 SF
    • 1.48 lot acres
    OFF-MARKET
    Last Sale
    Jul 10, 2020
    $1,300,000
    Value Estimations
    $1,510,000
    Show details
    Cap Rate Potential
    7.1%
    Industrial properties
    Location Intelligence
    Property ID
    US43-1035969
    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

    • Industrial properties

    Property Details for 38500 Michigan Ave

    Year built
    1990
    Lot size
    1.48 lot acres
    Property size
    19,680 SF
    Zone code
    IND-B IND BUS
    Property type
    Industrial properties
    Property subtype
    Loft space
    APN
    55 010 02 0001 000
    APU
    55010020001000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,430,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,700,000
      6.5%
      $1,565,000
      7%
      $1,455,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,523,000
      Market price range: $880k - $1.81M
      AI Estimate
      $1,523,000
      Market price range: $880k - $1.81M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4192
    Latitude
    42.2788
    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
    $34,959
    $0.00
    $0.00
    $556,500
    -
    $0.00
    $0.00
    $1,113,000

    Comparable in this City

    • Value Estimation
      $895,000
      16,400 SF

      38620 Michigan Ave

      INDUSTRIAL LOFT BUILDING • 16,400 SF
      38620 Michigan Ave, Wayne, MI 48184-2823
      View Details
    • Value Estimation by Request
      6,000 SF

      4000 2nd St

      INDUSTRIAL LOFT BUILDING • 6,000 SF
      4000 2nd St, Wayne, MI 48184-1715
      View Details
    • Value Estimation by Request
      6.38 Acres

      39055 Maple Ave

      INDUSTRIAL (GENERAL) • 6.38 Acres
      39055 Maple Ave, Wayne, MI 48184-1530
      View Details
    • Value Estimation by Request
      126 SF

      36300 Michigan Ave

      INDUSTRIAL (GENERAL) • 126 SF
      36300 Michigan Ave, Wayne, MI 48184
      View Details
    • Value Estimation by Request
      9.63 Acres

      5055 Hannan Rd

      INDUSTRIAL (GENERAL) • 9.63 Acres
      5055 Hannan Rd, Wayne, MI 48184-1568
      View Details
    • Value Estimation by Request
      4,800 SF

      36302 Van Born Rd

      INDUSTRIAL (GENERAL) • 4,800 SF
      36302 Van Born Rd, Wayne, MI 48184-2071
      View Details

    Similar Nearby for Sale

    • $224,900
      2,500 SF

      Iconic Wayne Coney Island Restaurant

      Established eatery, turnkey operation, prime location.
      5006 Wayne Rd, Wayne, MI 48184
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    • $2,998,000
      100,269 SF

      Prime Wayne Industrial Mall

      100K+ SF, 6.27 Acres, High Occupancy
      35425 Michigan Ave, Wayne, MI 48184
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    • $450,000
      4,470 SF

      Established Wayne Restaurant - High Traffic Location

      Profitable Restaurant, Ample Space, High Visibility
      32711 Michigan Ave, Wayne, MI 48184
      View Details
    • $270,000
      2.86 Acres

      Wayne County Commercial Land - Truck Terminal Ready

      2.86-acre lot, zoned for truck terminal, office, and repair.
      36451 Annapolis St, Wayne, MI 48184
      View Details
    • $130,000
      2,100 SF

      Established Wayne Industrial Business

      Profitable Small Engine Repair Shop & Retail
      3123 Wayne Rd, Wayne, MI 48184
      View Details
    • $199,000

      Downtown District Mixed-Use Investment

      Mixed-use property in Downtown District with retail and apartments.
      3519 S Wayne Rd, Wayne, MI 48184
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      6,000 SF

      Clean Flex Space For Lease

      Flex space with frontage and parking available for lease.
      4000-4050 2Nd St, Wayne, MI 48184
      View Details
    • $2,995 /Mo

      Warehouse with Michigan Avenue Frontage

      Open warehouse space with two large overhead doors.
      32304 W Michigan Ave, Wayne, MI 48184
      View Details
    • $1,200 /Mo

      Downtown Wayne Office Space Available

      1200 sq ft office space for lease in Wayne.
      32508 Michigan Ave, Wayne, MI 48184
      View Details
    • Contact for pricing
      8,294 SF

      Medical Office Space For Lease

      Medical office space for lease near Corewell Health Wayne Hospital.
      4811 Venoy Rd, Wayne, MI 48184
      View Details
    • $18 SF/Yr
      16,000 SF

      Romulus Retail Center Investment

      16,000 SF Retail Space, For Sale/Lease
      0 Sec Of Ecorse & Hannan, Romulus, MI 48184
      View Details
    • $1,300 /Mo

      Retail Space in Newer Center

      Approximately 1500 sq ft retail space for lease.
      33950 Van Born Rd, Wayne, MI 48184
      View Details
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    38500 Michigan Ave
    Wayne, MI 48184-1045
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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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