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

    8401 Wayne Rd Westland, MI 48185-1339

    • Strip malls
    • 16,000 SF
    • 1.98 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4703536
    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

    • AAA Insurance - Mary Agency / Insurance Agency
    • Beyond Beauty Boutique / Spa / Laser Hair Removal Service

    Property Details for 8401 Wayne Rd

    Year built
    1985
    Lot size
    1.98 lot acres
    Property size
    16,000 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    56 014 99 0020 702
    APU
    56014990020702

    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
    -83.3864
    Latitude
    42.3498
    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
    $39,711
    $0.00
    $0.00
    $655,800
    -
    $0.00
    $0.00
    $1,311,600

    Comparable in this City

    • Value Estimation by Request
      50,552 SF

      1909 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 50,552 SF
      1909 Wayne Rd, Westland, MI 48185-3773
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    • Value Estimation by Request
      9,330 SF

      5939 Wayne Rd

      SHOPPING CENTER, STRIP CENTER • 9,330 SF
      5939 Wayne Rd, Westland, MI 48185-7123
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    • Value Estimation by Request
      5,088 SF

      28900 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 5,088 SF
      28900 Warren Rd, Westland, MI 48185-2663
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    • Value Estimation by Request
      8,250 SF

      27820 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 8,250 SF
      27820 Warren Rd, Westland, MI 48185-2651
      View Details
    • Value Estimation by Request
      7,500 SF

      35113 Warren Rd

      SHOPPING CENTER, STRIP CENTER • 7,500 SF
      35113 Warren Rd, Westland, MI 48185-5571
      View Details
    • Value Estimation by Request
      4,800 SF

      34707 Frd Rd

      SHOPPING CENTER, STRIP CENTER • 4,800 SF
      34707 Frd Rd, Westland, MI 48185-3118
      View Details

    Similar Nearby for Sale

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      Westland Strip Center For Sale

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      Westland Retail Hub For Sale

      Retail hub in Westland with high traffic and visibility.
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      Ford Road Redevelopment Opportunity

      44,644 SF building on 3.36 acres for sale.
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    • $425,000

      Prime Retail Space For Sale

      Unique retail property in high-density area, ideal for various businesses.
      844 N Wayne Rd, Westland, MI 48185
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    • Contact for pricing
      3,887 SF

      Westland C-Store and Fuel Station

      Existing C-Store and Fuel Station in Westland, Michigan.
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    Similar Nearby for Lease

    • $1,300 /Mo

      Retail Space in Busy Center

      Retail space for lease in high-traffic Westland location.
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      Retail Space in Kroger Center

      Retail space available in busy Kroger anchored shopping center.
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    • $1,470 /Mo

      Retail Space in Hunter Park

      Turn-key retail unit in high-traffic shopping center.
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    • $2,998 /Mo

      Retail Space in Hunter Park

      Retail spaces available in Westland, anchored by Dollar Tree.
      32838 Warren Rd, Westland, MI 48185
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    • $12 SF/Yr
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      Merriman-Warren Shopping Center: Westland, MI

      Prime Westland Retail Space Available
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    • $7 SF/Yr
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      Wildwood Plaza: Medical Office Space

      Westland, MI medical office suites available.
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    8401 Wayne Rd
    Westland, MI 48185-1339
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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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