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    Norton Shores Commercial Office Space Title is generated by Realmo AI

    922 E Broadway Avenue, Norton Shores, MI 49444

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    Claim this Listing
    Pending
    $99,900

    COMMERCIAL - Norton Shores, MI

    Property size:
    632 SF
    Lot size:
    0.35 Acres
    Added:
    May 5, 2026
    Days on Market:
    13
    Last Refresh:
    May 17 at 5:06 am

    Property Features for 922 E Broadway Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1
    Standard status
    Pending
    APN
    27-104-100-0014-00
    Size
    632 SF
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CITY OF NORTON SHORES W 66 FT OF E 660 FT OF NW 1/4 NW 1/4 EXC N 990 FT TH'OF SEC 4T9N R16W
    Tax Annual Amount
    1935

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Forced Air

    Building Details

    Year built
    1940
    Floors in Building
    1
    Number of units
    1
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Justin Malek

    Listing agent Justin Malek

    Listing office Greenridge - Nexes 880 W Broadway Ave, Muskegon, MI

    Listing date May 5, 2026

    MLS# 26020021

    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.

    HighLights

    • Turn‑key commercial office space on busy East Broadway Ave.
    • Recent updates include Roof (2022), Siding (2022), and Gutters (2024).
    • Ideal for new business, expansion, or commercial portfolio.
    • Features kitchen area, bathroom, office, 2nd office/laundry, and open meeting room.
    • Convenient location near Trinity Hospital, US 31, and E Sherman shopping area.
    • New entry and exit decks.

    Overview

    This commercial office space is located on East Broadway Avenue in Norton Shores. The property features a kitchen area, a bathroom, an office, a second office or laundry room, and an open meeting room. The building has undergone several recent updates, including a roof replacement in 2022, siding replacement in 2022, and gutter replacement in 2024. The furnace was replaced in 2017, and the property also features updated windows and new entry and exit decks. Situated on a 0.35-acre lot, the property offers 632 square feet of space. Its location provides convenient access to Trinity Hospital, US 31, and the East Sherman shopping area. This property is suitable for starting a new business or expanding a commercial portfolio.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $77.4K
    NOI $6,962 @ 9.00% cap · cautious / downside scenario
    Moderate
    $99.5K
    NOI $6,962 @ 7.00% cap · market / base-case scenario
    Aggressive
    $139.2K
    NOI $6,962 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $10.8k $17.04
    − Vacancy −$1.5k −$2.35
    EGI $9.3k $14.69
    − OpEx −$2.3k −$3.67
    NOI $7.0k $11.02
    632 SF · lease $17.04/SF/yr · vacancy 13.80% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $99.5K
    $87.0K – $116.0K (±1% cap)
    NOI $6,962 @ 7.0% cap · market cap 6.97%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Multifamily LT 5
    $7.86M
    $6.88M – $9.17M (±1% cap)
    NOI $550,136 @ 7.0% cap · market cap 550.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Norton Shores
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.1901
    Latitude
    43.1832

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    FAQs

    What type of property is this?
    Office units - Turn-key office space near Trinity Hospital and US 31.
    Where is this office units located?
    The property is located at 922 E Broadway Avenue Norton Shores, MI.
    What is the asking price?
    The asking price for this property is $99,900.
    What are key features of this property?
    This property features: Turn‑key commercial office space on busy East Broadway Ave.; Recent updates include **Roof (2022), Siding (2022), and Gutters (2024)**.; Ideal for new business, expansion, or commercial portfolio.
    (231) 215-9628
    We can help!
    Listing Contact
    Justin Malek
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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