Insulated Flex Space with
For Sale
$225,000
1054 W Sherman Boulevard #104, Muskegon, MI 49441
Insulated flex space offers overhead access, a private bathroom, and separately metered utilities.
Property Size1,800 SF
Price / SF$125
Days on Market517
Property Features for 1054 W Sherman Boulevard #104
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
10.5 ft
Mezzanine
360 SF
Drive-In Doors
1
Power
100 amps
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,300
Building Details
Building Size
1,800 SF
Year Built
2025
Units
1
Listing Agency:
Greenridge - Nexes
(231) 578-0556
Listed By:
Brock Edward Carlston · License #6501370180
(231) 578-0556
Source:
Phgrealty
Added: Mar 26, 2025
Changed: Aug 21
Last Checked: Aug 23 at 12:39PM
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 Greenridge - Nexes
Investment Insights
Based on property information with market context.
Built in 2025, this 1,800-square-foot flex unit combines an open industrial layout with a 15-by-24-foot mezzanine for elevated storage or workspace. The building reaches 21 feet in height, with 10 feet 6 inches of clearance beneath the mezzanine. A 16-by-16-foot powered overhead door supports equipment and material movement, while closed-cell spray-foam insulation, LED lighting, a 100,000 BTU furnace, and an industrial ceiling fan serve the interior.
The unit includes a private bathroom, floor drains, a 10-gallon electric water heater, and separately metered gas and electric service. Electrical capacity is 100 amps per unit. Located at 1054 W Sherman Boulevard, Unit 104, in Muskegon, Michigan, the property is suited to flexible industrial, storage, contractor, or small-business operations.
The unit includes a private bathroom, floor drains, a 10-gallon electric water heater, and separately metered gas and electric service. Electrical capacity is 100 amps per unit. Located at 1054 W Sherman Boulevard, Unit 104, in Muskegon, Michigan, the property is suited to flexible industrial, storage, contractor, or small-business operations.
Key Highlights
- 1,800‑square‑foot unit with a 24‑by‑60‑foot layout
- 15‑by‑24‑foot mezzanine with 10 feet 6 inches of clearance below
- 21‑foot ceilings and a 16‑by‑16‑foot overhead door
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
10 ft
Clear height
1
Drive-in doors
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 - Insulated flex space offers overhead access, a private bathroom, and separately metered utilities.
Where is this flex space located?
The property is located at 1054 W Sherman Boulevard #104 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‑by‑60‑foot layout; 15‑by‑24‑foot mezzanine with 10 feet 6 inches of clearance below; 21‑foot ceilings and a 16‑by‑16‑foot overhead door
