Flex Space with Warehouse
For Sale
$715,000
14599 Cleveland Street, Spring Lake, MI 49456
Commercial Sale, Spring Lake, MI
Property Size15,698 SF
Lot Size4.91 Acres
Price / SF$45.55
Days on Market19
Property Features for 14599 Cleveland Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
201 - Comm Impr
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Spring Lake
Middle school district
Spring Lake
High school district
Spring Lake
Directions
M-104 (Cleveland) east of 148th and west of 144th.
Standard status
Active
APN
70-03-13-400-064
Size
15,698 SF
Lot size
4.91 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Attached
Tax Annual Amount
21256
Legal Description
Attached
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Building Details
Year built
2004
Floors in Building
1
Number of units
3
Building materials
Wood Siding, Metal Siding
Roof type
Composition
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 29 at 11:06AM
MLS# 26042010
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property combines a former retail building with separate storage and workshop improvements. The primary building measures approximately 4,400 SF, while additional buildings provide approximately 8,000 SF and 3,300 SF. The improvements include an original train depot, wood and metal siding, composition roofing, forced-air heating, two bathrooms, and natural gas availability. The total property size is 15,698 square feet on approximately 4.91 acres.
The property fronts the M-104 corridor in Spring Lake Township, with approximately 5 acres of land and significant frontage exposure. The Spring Lake Township Master Plan indicates Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. The site is positioned for a combination of customer-facing space, warehouse or storage functions, and workshop operations, subject to verification of applicable information.
The property fronts the M-104 corridor in Spring Lake Township, with approximately 5 acres of land and significant frontage exposure. The Spring Lake Township Master Plan indicates Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. The site is positioned for a combination of customer-facing space, warehouse or storage functions, and workshop operations, subject to verification of applicable information.
Key Highlights
- Approximately 4.91‑acre property along the M‑104 corridor
- Approximately 4,400 SF former retail building incorporating an original train depot
- Additional approximately 8,000 SF and 3,300 SF storage/workshop buildings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$56,141
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,122,820
$1.1M
Cap Rate 7%
$802,014
$802.0K
Cap Rate 9%
$623,789
$623.8K
Market Conditions
NOI Build-Up for 15,698 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.2K $6.00/SF
− Vacancy
−$7.8K −$0.50/SF
EGI
$86.4K $5.50/SF
− OpEx
−$30.2K −$1.93/SF
NOI
$56.1K $3.58/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,122,820
Cap Rate 7%
$802,014
Cap Rate 9%
$623,789
Alternative Uses
Best Use
Warehouse
$3.78M
$3.30M – $4.40M
NOI $264,293 @ 7.0% cap · market cap 36.96%
Second Best
Industrial
$3.31M
$2.90M – $3.86M
NOI $231,657 @ 7.0% cap · market cap 32.40%
Theoretical Best
Multifamily LT 5
$195.21M
$170.81M – $227.74M
NOI $13,664,622 @ 7.0% cap · market cap 1,911.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed commercial and workshop improvements support customer-facing operations alongside storage and production functions.
Where is this flex space located?
The property is located at 14599 Cleveland Street Spring Lake, MI.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Approximately 4.91‑acre property along the M‑104 corridor; Approximately 4,400 SF former retail building incorporating an original train depot; Additional approximately 8,000 SF and 3,300 SF storage/workshop buildings
