Westland, Michigan offers a unique opportunity for investors to capitalize on the city's growing retail market. With a diverse population and a strong economy, Westland is an attractive location for businesses looking to establish a presence in the region. Retail properties in Westland can represent a wide range of investments, from small storefronts to large shopping centers. Investors can choose from a variety of properties, each with its own unique characteristics and advantages. Westland's amenities, infrastructure, and location make it an ideal place to invest in a retail property. The city is home to the Westland Shopping Center, a major retail hub that serves as a connection point to other areas in the region. Additionally, Westland has a strong educational system, with schools like John Glenn and Wayne Westland Community High School, and is located near major transportation facilities, including the Detroit Metropolitan Wayne County Airport. The city's abundance of parks, including Hines Park, and its automated recycling services also make it an attractive location for businesses and residents alike. With its rich history and cultural events, such as the Westland Blues, Brews & Barbecue, Westland is a great place for business and travel.
Currently, there are 31 retail properties for sale in Westland, offering a range of investment opportunities. The average price per square foot for these properties is $199 USD, with an average size of 17,156 square feet. The largest property available is 100,269 square feet. In addition to retail properties, Westland also offers shopping centers, restaurants, office properties, and hotels for sale. Shopping centers in Westland, such as the Westland Shopping Center, provide a hub for retail activity and serve as a connection point to other areas in the region. Restaurants in Westland offer a range of dining options, from casual eateries to fine dining establishments. Office properties in Westland provide a professional environment for businesses, with amenities such as high-speed internet and on-site parking. Hotels in Westland offer comfortable accommodations for travelers, with amenities such as fitness centers and meeting rooms. With its diverse range of properties and strong economy, Westland is an attractive location for investors looking to capitalize on the city's growing retail market.
What is the average cap rate for retail properties in Westland?
When it comes to retail properties in Westland, investors can expect an average cap rate of 7.08%, which is a key metric to consider when evaluating potential investments. To learn more about how cap rates work and what they mean for your investment strategy, be sure to check out our article on what is a cap rate, which provides a comprehensive overview of this important concept.
How do location and foot traffic affect retail property values?
In Westland, Michigan, the location and foot traffic of retail properties significantly impact their values. For instance, properties situated near major transportation facilities like Ford Road, Warren Road, and Wayne Road, or within walking distance of the Westland Shopping Center, tend to have higher values due to increased visibility and accessibility, with an average price per square foot of $199 USD and an average size of 17,156 square feet.
