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    5800 N Wayne Rd Westland, MI 48185
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    Property profile & analytics

    5800 N Wayne Rd Westland, MI 48185

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    • Strip malls
    • 10,048 SF
    • 1.35 lot acres
    For Lease
    $13 SF/Yr
    View Listing →
    Retail Space on Wayne Road For Lease
    $13 SF/Yr
    2,000 SF

    Retail Space on Wayne Road

    Retail spaces available with flexible terms and build-out options.

    5800 N Wayne Rd, Westland, MI 48185
    View Listing
    Property ID
    US43-1794684
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 5800 N Wayne Rd

    Year built
    1985
    Lot size
    1.35 lot acres
    Property size
    10,048 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    56 035 02 0001 000
    APU
    56035020001000

    Description

    Fil Mar Plaza, located at 5800 N Wayne Rd, Westland, MI 48185, offers a prime 1,000 square foot retail storefront space currently available for lease. This space, formerly a beauty spa, benefits from excellent visibility on Wayne Road, a high-traffic thoroughfare. The property is situated in a vibrant retail environment, surrounded by established businesses including Family Dollar and O'Reilly Auto Parts, ensuring high foot traffic and brand synergy. The lease rate is $12.00 per square foot, NNN. Tenancy is multiple, meaning the building may house other businesses. While the total building square footage is not specified, the minimum divisible space is 1,000 square feet, making this an ideal opportunity for a smaller retailer or service provider. The property offers flexible lease terms and build-out options to accommodate the specific needs of prospective tenants. The cross street is Beechwood Avenue, providing additional access and visibility. This location presents a compelling opportunity for businesses seeking high visibility and a strong retail presence in a thriving Westland community. Interested parties should inquire about lease terms and available build-out options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,086,000
      Market price range: $483k - $1.09M
      AI Estimate
      $1,086,000
      Market price range: $483k - $1.09M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $800,000
      Current use
      OFFICE BUILDING
      $1,335,000
      Change: +67% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,105,000
      Change: +38% Conversion: Difficult
      RETAIL STORES
      $1,080,000
      Change: +35% Conversion: Easy
      MEDICAL BUILDING
      $975,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3879
    Latitude
    42.3265
    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
    $29,257
    $0.00
    $0.00
    $495,900
    -
    $0.00
    $0.00
    $991,800

    Comparable in this City

    • Value Estimation
      $7,305,000
      140,048 SF

      34500 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 140,048 SF
      34500 Warren Rd, Westland, MI 48185-2791
      View Details
    • Value Estimation by Request
      2,640 SF

      238 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 2,640 SF
      238 Wayne Rd, Westland, MI 48185-3626
      View Details
    • Value Estimation
      $4,860,000
      101,106 SF

      34414 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 101,106 SF
      34414 Frd Rd, Westland, MI 48185-3008
      View Details
    • Value Estimation
      $780,000
      7,200 SF

      33652 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 7,200 SF
      33652 Frd Rd, Westland, MI 48185-3005
      View Details
    • Value Estimation
      $605,000
      5,600 SF

      32927 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 5,600 SF
      32927 Warren Rd, Westland, MI 48185-2911
      View Details
    • Value Estimation
      $2,250,000
      28,340 SF

      31059 Ann Arbor Trl

      SHOPPING CENTER, STRIP CENTER • 28,340 SF
      31059 Ann Arbor Trl, Westland, MI 48185-1686
      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
    • $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
      10,080 SF

      Multi-Service Car, Truck & RV Wash

      High-potential commercial property with diverse income streams.
      28735 Joy 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
    • 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
    • Contact for pricing
      6,972 SF

      Westland Retail Space For Rent

      Retail space for lease near major interstates and universities.
      7525 N Wayne Rd, Westland, MI 48185
      View Details
    • Contact for pricing
      15,324 SF

      Westland Retail Space For Rent

      Retail space available in Westland, Michigan, near major interstates.
      35501 Central City Pkwy, Westland, MI 48185
      View Details
    View Listing
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    Westland, MI 48185
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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.

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