Flex Warehouse Units with 18-Foot
For Sale
$236,000
5694 Airline Road, Fruitport, MI 49415
COMMERCIAL - Fruitport, MI
Property Size1,440 SF
Price / SF$163.89
Days on Market304
Property Features for 5694 Airline Road
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
B-3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
15
Interior features
Broadband
Elementary school district
Fruitport
Middle school district
Fruitport
High school district
Fruitport
Directions
From US-31, take Exit 110 toward I-96 East/Muskegon. Head south on Airline Road for about 1.5 miles. Continue past Farr Road, and 5694 Airline Road will be on your right, just before E. Broadway Avenue in Fruitport.
Subdivision
Muskegon County - M
Standard status
Active
APN
61-15-124-300-0022-00
Size
1,440 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
on file
Legal Description
on file
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating)
Cooling system
Ductless
Building Details
Year built
2025
Floors in Building
1
Number of units
1
Building materials
Metal Siding, Stone
Roof type
Metal
Listing Agency:
Greenridge Realty Muskegon
(231) 830-3000
Listed By:
Trent Currie
(231) 670-6573
Added: Oct 23, 2025
Changed: Aug 4
Last Checked: Aug 22 at 2:06PM
MLS# 25054652
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 property consists of flex/warehouse units with fully finished interiors and 18-foot ceilings. Each unit is equipped with energy-efficient mini-split systems for heating and cooling, designed to support efficient day-to-day operations.
Twelve units are available for purchase or lease at 5694 Airline Road in Fruitport, Michigan (Muskegon County).
The development is configured as multiple individual units, providing a straightforward setup for tenants seeking private, finished space within a warehouse-style footprint.
Twelve units are available for purchase or lease at 5694 Airline Road in Fruitport, Michigan (Muskegon County).
The development is configured as multiple individual units, providing a straightforward setup for tenants seeking private, finished space within a warehouse-style footprint.
Key Highlights
- New commercial shop units in Fruitport's newest development.
- High‑quality units with fully finished interiors.
- Benefit from 18‑foot ceilings.
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
$13,813
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
5.85%
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%
$276,260
$276.3K
Cap Rate 7%
$197,329
$197.3K
Cap Rate 9%
$153,478
$153.5K
Market Conditions
NOI Build-Up for 1,440 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
$20.2K $14.04/SF
− Vacancy
−$485 −$0.34/SF
EGI
$19.7K $13.70/SF
− OpEx
−$5.9K −$4.11/SF
NOI
$13.8K $9.59/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
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%
$276,260
Cap Rate 7%
$197,329
Cap Rate 9%
$153,478
Alternative Uses
Best Use
Industrial
$197.3K
$172.7K – $230.2K
NOI $13,813 @ 7.0% cap · market cap 5.85%
Second Best
Flex RnD
$88.8K
$77.7K – $103.6K
NOI $6,217 @ 7.0% cap · market cap 2.63%
Theoretical Best
Hotel Hospitality
$13.52M
$11.83M – $15.78M
NOI $946,616 @ 7.0% cap · market cap 401.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49415, MI
6,618
Population
2,566
Households
2.6
Avg Household Size
43
Median Age
23%
College-Educated
94%
High-School Grad
27.6 sq mi
ZIP Area
240
Density / Sq Mi
$77,140
Median Household Income
$40,776
Median Earnings
$1,113
Median Rent
$230,600
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 - For-sale flex/warehouse units with fully finished interiors and 18-foot ceilings, heated/cooled by mini-split systems.
Where is this flex space located?
The property is located at 5694 Airline Road Fruitport, MI.
What is the asking price?
The asking price for this property is $236,000.
What are key features of this property?
This property features: New commercial shop units in Fruitport's newest development.; High‑quality units with fully finished interiors.; Benefit from **18‑foot ceilings**.
