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    Property profile & analytics

    606 Wayne Rd Westland, MI 48186-4304

    • Auto shops
    • 1,708 SF
    • 0.43 lot acres
    OFF-MARKET
    Last Sale
    Nov 23, 2020
    $200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0298877
    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

    • Bob & Jim's Auto Service / Auto Repair Shop

    Property Details for 606 Wayne Rd

    Year built
    1957
    Lot size
    0.43 lot acres
    Property size
    1,708 SF
    Property type
    Auto shops
    APN
    56 057 99 0025 000
    APU
    56057990025000

    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
    -83.3889
    Latitude
    42.3052
    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
    $4,695
    $0.00
    $0.00
    $73,100
    -
    $0.00
    $0.00
    $146,200

    Comparable in this City

    • Value Estimation by Request
      1,421 SF

      1251 Wayne Rd

      AUTO REPAIR, GARAGE • 1,421 SF
      1251 Wayne Rd, Westland, MI 48186-4362
      View Details
    • Value Estimation by Request
      2,745 SF

      1686 Newburgh Rd

      AUTO REPAIR, GARAGE • 2,745 SF
      1686 Newburgh Rd, Westland, MI 48186-3804
      View Details
    • Value Estimation by Request
      2,419 SF

      34263 Palmer Rd

      AUTO REPAIR, GARAGE • 2,419 SF
      34263 Palmer Rd, Westland, MI 48186-4680
      View Details
    • Value Estimation by Request
      1,440 SF

      1685 Venoy Rd

      AUTO REPAIR, GARAGE • 1,440 SF
      1685 Venoy Rd, Westland, MI 48186-4837
      View Details
    • Value Estimation
      $645,000
      3,996 SF

      1716 Merriman Rd

      AUTO REPAIR, GARAGE • 3,996 SF
      1716 Merriman Rd, Westland, MI 48186-5355
      View Details
    • Value Estimation by Request
      1,721 SF

      1717 Merriman Rd

      AUTO REPAIR, GARAGE • 1,721 SF
      1717 Merriman Rd, Westland, MI 48186-5301
      View Details

    Similar Nearby for Sale

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      Turnkey Truck Terminal and Repair

      Multi-income commercial trucking facility with repair shop, parts store, parking.
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    • $695,000
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      Westland Restaurant - Prime Location

      High-traffic restaurant, 6,227 sq ft, ample parking.
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      Westland School Redevelopment Opportunity

      Massive 23.79-acre site, ideal for multifamily.
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    • $199,000
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      Prime location, 1800 sq ft, $199,000
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    • New
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      Westland Four-Unit Multifamily Property

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    Similar Nearby for Lease

    • $12 SF/Yr
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      Retail Space in Westland, MI

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    • Contact for pricing
      7,000 SF

      Westland Executive Office Space

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      Westland Retail Space For Lease

      Retail spaces available in Westland, anchored by Kroger.
      31260 Michigan Ave, Westland, MI 48186
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    • $25 SF/Yr
      1,345 SF

      Wayne Road Retail Space Available

      1,345 SF Freestanding Retail Building
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    • Contact for pricing
      15,000 SF

      Westland Retail Plaza Investment Opportunity

      High-traffic retail space available in Westland, MI.
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      View Details
    • $12 SF/Yr
      29,410 SF

      Westland Retail/Office Opportunity

      High-traffic location, 3 units available
      148-206 Wayne Rd, Westland, MI 48186
      View Details
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    606 Wayne Rd
    Westland, MI 48186-4304
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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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