Customizable Flex Space Barn
For Sale
$192,000
Pending
791 Case Karsten Drive, Zeeland, MI 49464
COMMERCIAL - Zeeland, MI
Property Size1,120 SF
Days on Market198
Property Features for 791 Case Karsten Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Industrial
Interior features
Broadband
Elementary school district
Zeeland
Middle school district
Zeeland
High school district
Zeeland
Directions
E on 196, N onto Fairview Rd, W onto Riley St, S onto Case Karsten Dr. Units on the corner of Case Karsten Dr and Riley.
Standard status
Pending
APN
701718226013
Size
1,120 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1. DRAWFORM PLAT - UNIT 13
Tax Annual Amount
7872
Legal Description
LOT 1. DRAWFORM PLAT - UNIT 13
Utilities
Heating system
Forced Air
Building Details
Year built
2026
Floors in Building
1
Number of units
1
Building materials
Metal Siding
Roof type
Composition
Listing Agency:
Coldwell Banker Woodland Schmidt ART Office
(616) 772-5478
Listed By:
Derrek Sterken · License #6501451743
(616) 403-3442
Added: Feb 3
Changed: Aug 13
Last Checked: Aug 20 at 7:06PM
MLS# 26003920
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 1,120-square-foot flex space unit is under construction and designed for individual use. The metal-sided building will include forced-air heating, broadband access, and a composition roof. Custom finishing options can be incorporated to align the interior with the intended use, including an office, bathroom, mezzanine, or finished flooring.
The property’s zoning permits specified commercial uses. The unit may also accommodate storage or recreational functions described in the property information, including boat, motorhome, hobby-car, hang-out, or golf-simulator use. Built in 2026, the space provides a configurable commercial shell with finish selections available during construction.
The property’s zoning permits specified commercial uses. The unit may also accommodate storage or recreational functions described in the property information, including boat, motorhome, hobby-car, hang-out, or golf-simulator use. Built in 2026, the space provides a configurable commercial shell with finish selections available during construction.
Key Highlights
- 1,120‑square‑foot individual‑use flex space unit
- Under construction with 2026 year built
- Custom office, bathroom, mezzanine, and finished flooring options
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
$16,528
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
8.61%
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%
$330,560
$330.6K
Cap Rate 7%
$236,114
$236.1K
Cap Rate 9%
$183,644
$183.6K
Market Conditions
NOI Build-Up for 1,120 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
$24.2K $21.60/SF
− Vacancy
−$581 −$0.52/SF
EGI
$23.6K $21.08/SF
− OpEx
−$7.1K −$6.32/SF
NOI
$16.5K $14.76/SF
Area
Ottawa County, MI
Vacancy
2.40%
Lease Rate
$21.60 /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%
$330,560
Cap Rate 7%
$236,114
Cap Rate 9%
$183,644
Alternative Uses
Best Use
Warehouse
$269.4K
$235.7K – $314.3K
NOI $18,856 @ 7.0% cap · market cap 9.82%
Second Best
Industrial
$236.1K
$206.6K – $275.5K
NOI $16,528 @ 7.0% cap · market cap 8.61%
Theoretical Best
Multifamily LT 5
$13.93M
$12.19M – $16.25M
NOI $974,925 @ 7.0% cap · market cap 507.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49464, MI
29,654
Population
11,001
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
73.1 sq mi
ZIP Area
406
Density / Sq Mi
$97,573
Median Household Income
$47,030
Median Earnings
$976
Median Rent
$316,700
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 - Under-construction space offers configurable office, bathroom, mezzanine, and finished flooring options.
Where is this flex space located?
The property is located at 791 Case Karsten Drive Zeeland, MI.
What is the asking price?
The asking price for this property is $192,000.
What are key features of this property?
This property features: 1,120‑square‑foot individual‑use flex space unit; Under construction with 2026 year built; Custom office, bathroom, mezzanine, and finished flooring options
