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

    505 Wayne Rd Westland, MI 48185-3627

    • Office buildings
    • 2,280 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Feb 03, 2023
    $195,000
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    3.4%
    Office buildings
    Location Intelligence
    Property ID
    US43-5261123
    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

    • Anita A Murray - State Farm Insurance Agent / Insurance Agency / Auto Insurance Agency
    • Domus Vita / Employment Agency

    Property Details for 505 Wayne Rd

    Year built
    1967
    Lot size
    0.34 lot acres
    Property size
    2,280 SF
    Property type
    Office buildings
    APN
    56 048 01 0115 000
    APU
    56048010115000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $245,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $339,000
      Market price range: $170k - $471k
      AI Estimate
      $339,000
      Market price range: $170k - $471k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $305,000
      Current use
      AUTO REPAIR, GARAGE
      $250,000
      Change: -17% Conversion: Difficult
      RETAIL STORES
      $245,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3891
    Latitude
    42.3127
    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
    $8,312
    $0.00
    $0.00
    $131,700
    -
    $0.00
    $0.00
    $263,400

    Comparable in this City

    • Value Estimation by Request
      2,931 SF

      34224 Frd Rd

      OFFICE BUILDING • 2,931 SF
      34224 Frd Rd, Westland, MI 48185-3051
      View Details
    • Value Estimation by Request
      3,000 SF

      608 Wayne Rd

      OFFICE BUILDING • 3,000 SF
      608 Wayne Rd, Westland, MI 48185-3631
      View Details
    • Value Estimation by Request
      2,590 SF

      37248 Frd Rd

      OFFICE BUILDING • 2,590 SF
      37248 Frd Rd, Westland, MI 48185-2285
      View Details
    • Value Estimation by Request
      2,040 SF

      28032 Warren Rd

      OFFICE BUILDING • 2,040 SF
      28032 Warren Rd, Westland, MI 48185-2654
      View Details
    • Value Estimation
      $140,000
      1,828 SF

      8543 Inkster Rd

      OFFICE BUILDING • 1,828 SF
      8543 Inkster Rd, Westland, MI 48185-5502
      View Details
    • Value Estimation
      $495,000
      4,822 SF

      7107 Wayne Rd

      OFFICE BUILDING • 4,822 SF
      7107 Wayne Rd, Westland, MI 48185-2172
      View Details

    Similar Nearby for Sale

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      Westland Office/Medical Space for Sale

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      2,072 SF

      Westland Medical Office Building

      Prime Medical Office Space, Westland, MI
      5978 Wayne Rd, Westland, MI 48185
      View Details
    • $400,000
      1.67 Acres

      Westland Commercial Land - $400K

      1.67 Acres, High-Visibility Location
      185 Newburgh Rd, Westland, MI 48185
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      Westland Industrial Property - 5,400 SF

      Prime Westland industrial property, two buildings, half-acre lot.
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    Similar Nearby for Lease

    • Contact for pricing
      24,860 SF

      Westland Office Space For Lease

      Executive Suites, Ample Parking, 24,860 SF
      35150 Central City Pkwy, Westland, MI 48185
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    • $3,000 /Mo

      Office Space Available For Rent

      Office space available for lease at $11 per square foot.
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    • $18 SF/Yr
      5,150 SF

      Medical Office in Renovated Building

      Move-in ready medical and pharmacy suites available for rent.
      32932 Warren Rd, Westland, MI 48185
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    • $2,300 /Mo
      1,500 SF

      Westland Retail/Office/Medical Space Available

      1500 sq ft retail/office/medical space for lease in Westland.
      36403 Warren Rd, Westland, MI 48185
      View Details
    • $7 SF/Yr
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      Wildwood Plaza: Medical Office Space

      Westland, MI medical office suites available.
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    • $16 SF/Yr
      3,295 SF

      Westland Medical Office Space For Lease

      Prime Medical/Commercial Space Available in Westland, MI
      6005 Wayne Rd, Westland, MI 48185
      View Details
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    505 Wayne Rd
    Westland, MI 48185-3627
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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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