Flex Space with Fenced
For Sale
Contact for pricing
1011 E Michigan Avenue, Paw Paw, MI 49079
Flexible commercial property with finished workspace, outdoor storage, and multiple accessory improvements.
Property Size3,054 SF
Lot Size1.21 Acres
Price / SF$97.90
Days on Market327
Property Features for 1011 E Michigan Avenue
General Information
Standard status
Active
Size
3,054 SF
Total Parking Spaces
10
Lot size
1.21 Acres
Property subtype
Retail, Office, Industrial
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Drive-In Doors
1
Three-Phase Power
Yes
Amenities
fenced in storage area
3 phase electric
new hot water heater
new drop ceiling
insulation
new pole building with tall garage door
concrete flooring
Building Details
Year Built
1945
Year Renovated
2025
Buildings
2
Units
1
Listing Agency:
Gale Realty, LLC
(269) 251-0085
Listed By:
Suzy Glomski · License #6501393930
Source:
Crexi
Added: Oct 9, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gale Realty, LLC
Investment Insights
Based on property information with market context.
This flex property includes a 2,123-square-foot finished main building with three-phase electric, a newer hot water heater, added insulation, and a drop ceiling. The roof was reconfigured from flat to sloped construction, with new shingles installed in 2025. A fenced storage area expands the usable site area across 1.21 acres.
The property also includes a 2023 pole building with concrete flooring and a tall garage door suited to oversized storage. An attached lean-to provides additional covered space. Located at 1011 E Michigan Avenue in Paw Paw, the site is east of downtown and combines finished interior space with enclosed outdoor storage and supporting outbuildings.
The property also includes a 2023 pole building with concrete flooring and a tall garage door suited to oversized storage. An attached lean-to provides additional covered space. Located at 1011 E Michigan Avenue in Paw Paw, the site is east of downtown and combines finished interior space with enclosed outdoor storage and supporting outbuildings.
Key Highlights
- 1.21‑acre site with a generously sized fenced storage area
- 2,123 SF of finished space in the main building
- Three‑phase electric service and a new hot water heater
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
$19,154
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
6.41%
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%
$383,080
$383.1K
Cap Rate 7%
$273,629
$273.6K
Cap Rate 9%
$212,822
$212.8K
Market Conditions
NOI Build-Up for 3,054 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
$23.1K $7.56/SF
− Vacancy
−$554 −$0.18/SF
EGI
$22.5K $7.38/SF
− OpEx
−$3.4K −$1.11/SF
NOI
$19.2K $6.27/SF
Area
Van Buren County, MI
Vacancy
2.40%
Lease Rate
$7.56 /SF/Yr
Expense Ratio
15.00%
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%
$383,080
Cap Rate 7%
$273,629
Cap Rate 9%
$212,822
Alternative Uses
Best Use
Flex RnD
$485.7K
$425.0K – $566.6K
NOI $33,998 @ 7.0% cap · market cap 11.37%
Second Best
Warehouse
$273.6K
$239.4K – $319.2K
NOI $19,154 @ 7.0% cap · market cap 6.41%
Theoretical Best
Multifamily LT 5
$37.76M
$33.04M – $44.06M
NOI $2,643,353 @ 7.0% cap · market cap 884.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49079, MI
13,766
Population
6,019
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
83.4 sq mi
ZIP Area
165
Density / Sq Mi
$72,119
Median Household Income
$41,376
Median Earnings
$841
Median Rent
$214,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Creative Catering Services — 210 E Michigan Ave Suite 102, Paw Paw, MI 49079
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial property with finished workspace, outdoor storage, and multiple accessory improvements.
Where is this flex space located?
The property is located at 1011 E Michigan Avenue Paw Paw, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1.21‑acre site with a generously sized fenced storage area; 2,123 SF of finished space in the main building; Three‑phase electric service and a new hot water heater
