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    Property profile & analytics

    6005 Wayne Rd Westland, MI 48185

    • Strip malls
    • 14,818 SF
    • 1.79 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0705597
    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

    • Strip malls

    Property Details for 6005 Wayne Rd

    Year built
    2007
    Lot size
    1.79 lot acres
    Property size
    14,818 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    56 032 02 0568 303
    APU
    56032020568303

    Description

    This exceptional commercial property, located at 6005-6095 N Wayne in Westland, Michigan (zip code 48185), offers a total of 3,295 square feet of versatile space ideal for medical offices or other commercial uses. Currently, the entire building is vacant, presenting a unique opportunity for a single tenant to occupy the entire space or for multiple tenants to lease portions. The property is categorized as both retail and office space, offering flexibility in its potential uses. The building is situated in Wayne County and is easily accessible. Multiple tenancy is possible, with spaces ranging from a minimum of 1,095 square feet to a maximum contiguous space of 2,200 square feet. This allows for adaptability to various business needs and sizes. The property's location in Westland, Michigan provides excellent visibility and accessibility for clients and employees. The entire 3,295 square feet is currently available for lease, making this an attractive opportunity for businesses seeking a prominent location in a thriving community. Interested parties are encouraged to inquire about lease terms and conditions. This property presents a rare chance to secure a substantial and adaptable space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3884
    Latitude
    42.3288
    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
    $49,652
    $0.00
    $0.00
    $799,600
    -
    $0.00
    $0.00
    $1,599,200

    Comparable in this City

    • 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 by Request
      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
      101,106 SF

      34414 Frd Rd

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

      33652 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 7,200 SF
      33652 Frd Rd, Westland, MI 48185-3005
      View Details
    • Value Estimation by Request
      28,340 SF

      31059 Ann Arbor Trl

      SHOPPING CENTER, STRIP CENTER • 28,340 SF
      31059 Ann Arbor Trl, Westland, MI 48185-1686
      View Details
    • Value Estimation by Request
      5,600 SF

      32927 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 5,600 SF
      32927 Warren Rd, Westland, MI 48185-2911
      View Details

    Similar Nearby for Sale

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      Westland Strip Center For Sale

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      Westland Retail Hub For Sale

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      Ford Road Redevelopment Opportunity

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    • $799,000
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      Free Standing Commercial Building

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    • $695,000
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      Retail/Office Building on 1.29 Acres

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    Similar Nearby for Lease

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      Retail Space in Busy Center

      Retail space for lease in high-traffic Westland location.
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      Wildwood Plaza: Medical Office Space

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      Merriman-Warren Shopping Center: Westland, MI

      Prime Westland Retail Space Available
      31216 Warren Rd, Westland, MI 48185
      View Details
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    6005 Wayne Rd
    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.

    More about this property
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