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

    8284 Wayne Rd Romulus, MI 48174-1678

    • Grocery and convenience stores
    • 4,867 SF
    • 0.63 lot acres
    OFF-MARKET
    Value Estimations
    $600,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4709617
    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

    • Grocery and convenience stores

    Property Details for 8284 Wayne Rd

    Year built
    1982
    Lot size
    0.63 lot acres
    Property size
    4,867 SF
    Zone code
    C1-LOCL
    Property type
    Grocery and convenience stores
    APN
    80 032 99 0002 000
    APU
    80032990002000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $599,000
      Market price range: $599k - $1.82M
      AI Estimate
      $599,000
      Market price range: $599k - $1.82M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $385,000
      Current use
      COMMERCIAL (GENERAL)
      $590,000
      Change: +53% Conversion: Easy
      MEDICAL BUILDING
      $460,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $425,000
      Change: +10% Conversion: Moderate
      RETAIL STORES
      $400,000
      Change: +3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Romulus
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3866
    Latitude
    42.2439
    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
    $10,945
    $0.00
    $0.00
    $167,300
    -
    $0.00
    $0.00
    $334,600

    Comparable in this City

    • Value Estimation
      $680,000
      5,529 SF

      7130 Middlebelt Rd

      CONVENIENCE STORE • 5,529 SF
      7130 Middlebelt Rd, Romulus, MI 48174-2131
      View Details
    • Value Estimation by Request
      767 SF

      15155 Huron Riv Dr

      CONVENIENCE STORE • 767 SF
      15155 Huron Riv Dr, Romulus, MI 48174-3675
      View Details
    • Value Estimation by Request
      2,920 SF

      9152 Inkster Rd

      CONVENIENCE STORE • 2,920 SF
      9152 Inkster Rd, Romulus, MI 48174-2614
      View Details
    • Value Estimation
      $670,000
      1,794 SF

      7111 Merriman Rd

      CONVENIENCE STORE • 1,794 SF
      7111 Merriman Rd, Romulus, MI 48174-1956
      View Details
    • Value Estimation
      $545,000
      1,920 SF

      29240 Ecorse Rd

      CONVENIENCE STORE • 1,920 SF
      29240 Ecorse Rd, Romulus, MI 48174-2470
      View Details
    • Value Estimation
      $970,000
      2,600 SF

      31414 Ecorse Rd

      CONVENIENCE STORE • 2,600 SF
      31414 Ecorse Rd, Romulus, MI 48174-1963
      View Details

    Similar Nearby for Sale

    • $700,000

      Commercial Building on Goddard Road

      Commercial building suitable for various business operations with ample parking.
      36521 Goddard Rd, Romulus, MI 48174
      View Details
    • $475,000

      High-Traffic Corner Retail Property

      Retail property with high visibility and easy freeway access.
      6397 Middlebelt Rd, Romulus, MI 48174
      View Details
    • $399,000
      2,604 SF

      Commercial Building in Romulus, MI

      Commercial building with showroom, office, and warehouse space for sale.
      36050 Goddard Rd, Romulus, MI 48174
      View Details
    • $2,990,000
      5,000 SF

      Romulus Golf Course and Restaurant

      117-acre Romulus property with golf course, clubhouse, and restaurant.
      20820 Inkster Rd, Romulus, MI 48174
      View Details
    • $2,990,000
      117.74 Acres

      Romulus Land with Golf Course

      117-acre property with golf course, clubhouse, restaurant, and residential lots.
      20820 Inkster Rd, Romulus, MI 48174
      View Details
    • Contact for pricing
      0.50 Acres

      Romulus Trade Center Retail Land

      High-traffic retail land near Detroit Metro Airport.
      32870 Wick Rd, Romulus, MI 48174
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      917 SF

      Retail Space Near Airport

      Retail space available in busy Romulus shopping center.
      9219-9301 Wayne Rd, Romulus, MI 48174
      View Details
    • $18 SF/Yr
      16,000 SF

      Retail Space with Drive-Thru

      Proposed 16,000 SF retail space with drive-thru end-cap.
      39325 Ecorse Rd, Romulus, MI 48174
      View Details
    • $15 SF/Yr
      8,000 SF

      Prime Brownstown Retail Space

      8,000 SF Freestanding Building - For Lease
      18918 Telegraph Rd, Brownstown Charter Township, MI 48174
      View Details
    • Contact for pricing
      8,400 SF

      Retail Space in Tel-King Plaza

      2,100 SF retail unit available in Brownstown Township.
      20840 Telegraph Rd, Brownstown, MI 48174
      View Details
    • Contact for pricing
      12,566 SF

      Romulus Retail Space For Rent

      12,566 SF retail space in Romulus, built in 2000.
      36567 Goddard Rd, Romulus, MI 48174
      View Details
    • Contact for pricing

      Romulus Retail Land Opportunity

      Prime Wayne County retail land for lease.
      32870 Wick Rd, Romulus, MI 48174
      View Details

    Property Visit Statistics

    • Visits by month
      3.3k
    • Visitors by month
      2.3k
    • Avg Time on site
      11 min
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    Romulus, MI 48174-1678
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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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