244 Wayne RdWestland, MI 48186

Property Details for 244 Wayne Rd

Year built

1964

Lot size

0.12 AC

Property size (Sq ft)

1,716 SF

Property type

Retail space

APN

56 043 02 0254 002

APU

56043020254002

Description

This exceptional car wash opportunity in Westland, Michigan, is priced at $2,200,000. The 4,025 square foot facility sits on a one-acre lot at 244 S Wayne Road, 48186, boasting excellent visibility to over 29,000 vehicles daily. The property includes four existing vacuums, presenting a significant value-add opportunity for expansion within the existing footprint. Its prime location within a densely populated area offers substantial growth potential. Within a five-mile radius, there are 230,000 residents with an average household income of $85,000 annually. The strategic location along Wayne Road benefits from the proximity to various national retailers such as Aldi, 7-Eleven, and CVS, further enhancing its appeal and accessibility. This turnkey operation is ready for a new owner to capitalize on its established success and high-traffic location. The property's strong financials and high visibility make it an attractive investment for experienced car wash operators or those seeking a profitable venture in a thriving market. Serious inquiries only.

• CAP approach

  CAP return

  Valuation

  6%

  $431,825

  6.5%

  $398,608

  7%

  $370,136

• Comparable approach

  Method

  Valuation

  Relative Method

  $404,497

  Geo Method

  $404,497

• Alternative Use

  Use

  Valuation

  Residential

  $336,240

  Hospitality

  $307,994

  Educational

  $256,248

  Medical

  $265,061

  Retail

  $398,608

Location Insight

City

Westland

County

Wayne

State

Michigan

Latitude

42.3116

Longitude

-83.3882

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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