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    Property profile & analytics

    4811 Venoy Rd Wayne, MI 48184

    • Medical offices
    • 8,347 SF
    • 1.38 lot acres
    For Sale
    View listing
    $1,300,000
    Last Sale
    May 04, 2022
    $700,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0065764
    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

    • Medical offices

    Property Details for 4811 Venoy Rd

    Year built
    1972
    Lot size
    1.38 lot acres
    Property size
    8,347 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    55 023 99 0013 000
    APU
    55023990013000

    Description

    This exceptional 8,294 square foot medical office building presents a unique owner-user opportunity in Wayne, Michigan. Located directly across from Corewell Hospital, this strategically positioned property offers unparalleled access to a substantial patient base. The building, constructed in 1975 and extensively renovated in 2024, boasts a single story, encompassing a total of 8,294 net rentable square feet. The property is classified as Class B and is zoned OS, allowing for a variety of medical and related uses. The building's recent renovation ensures modern, efficient spaces ready for immediate occupancy, with an anticipated occupancy date of November 19, 2024. This is an ideal investment for medical professionals seeking a high-visibility location with convenient access to a major hospital. The asking price for this turnkey operation is $1,300,000. The property's prime location, coupled with its recent renovation and proximity to Corewell Hospital, makes it an exceptional investment opportunity for owner-users seeking a thriving medical practice environment. This single-building property offers a rare chance to acquire a well-maintained, updated medical office space in a high-demand area. Broker co-op is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $629,000
      Market price range: $630k - $1.08M
      AI Estimate
      $629,000
      Market price range: $630k - $1.08M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $810,000
      Current use
      AUTO REPAIR, GARAGE
      $915,000
      Change: +13% Conversion: Difficult
      RETAIL STORES
      $895,000
      Change: +10% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $665,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3622
    Latitude
    42.2726
    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
    $23,306
    $0.00
    $0.00
    $307,700
    -
    $0.00
    $0.00
    $615,400

    Comparable in this City

    • Value Estimation by Request
      2,915 SF

      4491 Venoy Rd

      MEDICAL BUILDING • 2,915 SF
      4491 Venoy Rd, Wayne, MI 48184-2530
      View Details
    • Value Estimation
      $1,935,000
      25,675 SF

      4020 Venoy Rd

      MEDICAL BUILDING • 25,675 SF
      4020 Venoy Rd, Wayne, MI 48184-1869
      View Details
    • Value Estimation by Request
      2,653 SF

      2901 Newburgh Rd

      MEDICAL BUILDING • 2,653 SF
      2901 Newburgh Rd, Wayne, MI 48184-1001
      View Details
    • Value Estimation by Request
      2,314 SF

      32320 Michigan Ave

      MEDICAL BUILDING • 2,314 SF
      32320 Michigan Ave, Wayne, MI 48184-1423
      View Details
    • Value Estimation by Request
      4,712 SF

      34815 Michigan Ave

      MEDICAL BUILDING • 4,712 SF
      34815 Michigan Ave, Wayne, MI 48184-1799
      View Details
    • Value Estimation by Request
      2,656 SF

      35640 Michigan Ave

      MEDICAL BUILDING • 2,656 SF
      35640 Michigan Ave, Wayne, MI 48184-1628
      View Details

    Similar Nearby for Sale

    • $1,300,000
      8,294 SF

      Prime Wayne Medical Office Building

      8,294 SF Medical Office - Owner/User
      4811 Venoy Rd, Wayne, MI 48184
      View Details
    • $525,000
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      Turnkey Office Building on Wayne

      Updated 6,240 SF office building ready for immediate occupancy.
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    • $1,700,000
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      Wayne Commercial Building For Sale

      Commercial building in Wayne, MI, near I-275 and Ford factory.
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      Downtown Wayne Commercial/Office Building

      Commercial/office building in downtown Wayne, suitable for various businesses.
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    • $160,000
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      Downtown Wayne Office Building For Sale

      Two-story, 1,792 SF building with high visibility and growth potential.
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      Downtown Wayne Commercial/Office Opportunity

      Commercial/office building in downtown Wayne with parking.
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    Similar Nearby for Lease

    • 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
    • $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
    • $12 SF/Yr
      5,924 SF

      Downtown Wayne Office Space Available

      Well-maintained office complex with Michigan Avenue frontage in Downtown Wayne.
      35100 E Michigan Ave, Wayne, MI 48184
      View Details
    • $12 SF/Yr
      23,264 SF

      Prime Wayne County Office Space

      Executive Suites, High Visibility, I-275 Corridor
      35100-35350 Michigan Ave, Wayne, MI 48184
      View Details
    • $15 SF/Yr
      12,000 SF

      Second Floor Office Space Available

      Clean, bright office space for lease with easy access.
      41150 Van Born Rd, Canton, MI 48184
      View Details
    • $399 /Mo

      Freestanding Office Building For Lease

      Office building with high visibility and ample parking available for lease.
      34841 Veterans Plz, Wayne, MI 48184
      View Details
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    4811 Venoy Rd
    Wayne, MI 48184
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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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