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

    8300 Wayne Rd Westland, MI 48185-1338

    • Outlet malls
    • 80,864 SF
    • 4.54 lot acres
    OFF-MARKET
    Last Sale
    Sep 04, 2020
    Value Estimations
    $5,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5025340
    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

    • Value City Furniture / Furniture & Home Goods / Home Decor Store

    Property Details for 8300 Wayne Rd

    Year built
    1986
    Lot size
    4.54 lot acres
    Property size
    80,864 SF
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    56 014 99 0002 702
    APU
    56014990002702

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,145,000
      Market price range: $3.50M - $12.8M
      AI Estimate
      $5,145,000
      Market price range: $3.50M - $12.8M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $7,865,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Westland
    County
    Wayne
    State
    Michigan
    Longitude
    -83.3844
    Latitude
    42.3485
    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
    $114,995
    $0.00
    $0.00
    $1,937,700
    -
    $0.00
    $0.00
    $3,875,400

    Comparable in this City

    • Value Estimation
      $5,025,000
      46,782 SF

      34800 Warren Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 46,782 SF
      34800 Warren Rd, Westland, MI 48185-7047
      View Details
    • Value Estimation
      $5,270,000
      19,908 SF

      35160 Central City Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 19,908 SF
      35160 Central City Pkwy, Westland, MI 48185-6215
      View Details
    • Value Estimation
      $4,655,000
      53,774 SF

      7350 Middlebelt Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 53,774 SF
      7350 Middlebelt Rd, Westland, MI 48185-2502
      View Details
    • Value Estimation
      $1,080,000
      7,350 SF

      1636 Wayne Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 7,350 SF
      1636 Wayne Rd, Westland, MI 48185-7738
      View Details
    • Value Estimation
      $2,555,000
      36,336 SF

      35300 Central City Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 36,336 SF
      35300 Central City Pkwy, Westland, MI 48185-6219
      View Details
    • Value Estimation
      $800,000
      13,376 SF

      5656 Newburgh Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 13,376 SF
      5656 Newburgh Rd, Westland, MI 48185-1915
      View Details

    Similar Nearby for Sale

    • 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
    • Contact for pricing
      2,839 SF

      Freestanding Drive-Thru Restaurant Building

      Fully equipped, newly renovated drive-thru restaurant building with ample parking.
      6308 N Wayne Rd, Westland, MI 48185
      View Details
    • $695,000
      5,487 SF

      Retail/Office Building on 1.29 Acres

      Retail/office building with 43 parking spaces in Westland, MI.
      7957 N Wayne Rd, Westland, MI 48185
      View Details
    • Contact for pricing
      2,839 SF

      Retail Space For Sale

      Retail space available for purchase.
      6308 N Wayne Rd, Westland, MI 48185
      View Details
    • Contact for pricing

      Westland Commercial Land For Sale

      Nearly an acre of commercially zoned land in Westland.
      Wayne Rd, Westland, MI 48185
      View Details

    Similar Nearby for Lease

    • 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
    • $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
      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
    • Contact for pricing
      35,303 SF

      Retail Space in Canton Township

      Retail space available in a well-populated Canton Township retail corridor.
      44540 Ford Rd, Canton, MI 48185
      View Details
    • Contact for pricing

      Retail Space in Canton Landings

      Retail space available in a busy Canton shopping center.
      44908-44954 Ford Rd, Canton, MI 48185
      View Details
    • $1,300 /Mo
      1,000 SF

      Retail Space in Busy Center

      1,000 SF unit in a high-traffic shopping center.
      6639 N Wayne Rd, Westland, MI 48185
      View Details
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    8300 Wayne Rd
    Westland, MI 48185-1338
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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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