Flex Space with
For Sale
$225,000
1054 W Sherman Boulevard, Muskegon, MI 49441
COMMERCIAL - Muskegon, MI
Property Size1,800 SF
Price / SF$125
Days on Market516
Property Features for 1054 W Sherman Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
B-4
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Sherman Blvd W to property
Subdivision
Muskegon County - M
Standard status
Active
APN
6124036400001900
Size
1,800 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 SEE ATTACHED
Tax Annual Amount
5300
Legal Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 SEE ATTACHED
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
2025
Floors in Building
1
Number of units
1
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Greenridge - Nexes
(231) 739-3501
Listed By:
Brock Edward Carlston · License #6501370180
(231) 578-0556
Added: Mar 26, 2025
Changed: Aug 4
Last Checked: Aug 23 at 9:06PM
MLS# 25012047
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 under-construction flex unit provides 1,800 square feet within a 24' x 60' footprint. A 15' x 24' mezzanine adds elevated storage or workspace, while the main area offers 21-foot ceilings and 10'6'' of clearance beneath the mezzanine. Access is provided by a 16' x 16' overhead door with an automatic opener. The building features metal siding, a metal roof, closed spray foam insulation, LED lighting, and an industrial ceiling fan.
Building systems include a 100,000 BTU forced-air furnace, a 10-gallon electric water heater, 100-amp electrical service, and individually metered gas and electric. Each unit includes a private bathroom and floor drains. The property is located at 1054 W Sherman Boulevard in Muskegon, Michigan, with cable available.
Building systems include a 100,000 BTU forced-air furnace, a 10-gallon electric water heater, 100-amp electrical service, and individually metered gas and electric. Each unit includes a private bathroom and floor drains. The property is located at 1054 W Sherman Boulevard in Muskegon, Michigan, with cable available.
Key Highlights
- 1,800‑square‑foot unit with a 24' x 60' footprint
- 15' x 24' mezzanine with 10'6'' clearance below
- 21‑foot ceiling height
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
$17,266
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
7.67%
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%
$345,320
$345.3K
Cap Rate 7%
$246,657
$246.7K
Cap Rate 9%
$191,844
$191.8K
Market Conditions
NOI Build-Up for 1,800 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
$25.3K $14.04/SF
− Vacancy
−$607 −$0.34/SF
EGI
$24.7K $13.70/SF
− OpEx
−$7.4K −$4.11/SF
NOI
$17.3K $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%
$345,320
Cap Rate 7%
$246,657
Cap Rate 9%
$191,844
Alternative Uses
Best Use
Warehouse
$299.5K
$262.1K – $349.4K
NOI $20,966 @ 7.0% cap · market cap 9.32%
Second Best
Industrial
$246.7K
$215.8K – $287.8K
NOI $17,266 @ 7.0% cap · market cap 7.67%
Theoretical Best
Hotel Hospitality
$16.90M
$14.79M – $19.72M
NOI $1,183,270 @ 7.0% cap · market cap 525.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- T&K Custom Catering LLC, — 1413 Winchester Dr, Muskegon, MI 49441
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction unit includes a private bathroom, overhead access, insulated construction, and separately metered utilities.
Where is this flex space located?
The property is located at 1054 W Sherman Boulevard Muskegon, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,800‑square‑foot unit with a 24' x 60' footprint; 15' x 24' mezzanine with 10'6'' clearance below; 21‑foot ceiling height
