Building Details

Year Built 2025

Listing Agency: Greenridge - Nexes

Listed By: Brock Edward Carlston, William E Carlston · License #6501370180 Show Phone

Source: Katie-k

Added: Aug 26 Changed: Oct 7 Last Checked: Oct 7 at 1:34PM

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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

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Investment Insights

Based on property information with market context.

This flex space at 1054 W Sherman Boulevard, Unit 104, provides 1,800 square feet within a 24' x 60' configuration. A 15' x 24' mezzanine adds elevated storage or office area, while 21' ceilings and 10'6'' of clearance beneath the mezzanine support a range of commercial activities. Access is provided through a 16' x 16' overhead door with an automatic opener.

The unit is insulated with closed spray foam and includes LED lighting, an industrial ceiling fan, a 100,000 BTU furnace, a 10-gallon electric water heater, a private bathroom, and floor drains. Individually metered gas and electric service is provided, along with 100-amp electrical service per unit.

Key Highlights

• 1,800‑square‑foot unit with a 24' x 60' layout
• 15' x 24' mezzanine for elevated storage or office use
• 21' ceilings with 10'6'' clearance below the mezzanine

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,266

Cap Rate

7.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$345,320 $345.3K

Cap Rate 7%

$246,657 $246.7K

Cap Rate 9%

$191,844 $191.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,800 SF

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 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 (±1% cap)

NOI $20,966 @ 7.0% cap · market cap 9.32%

Second Best

Industrial

$246.7K

$215.8K – $287.8K (±1% cap)

NOI $17,266 @ 7.0% cap · market cap 7.67%

Theoretical Best

Hotel Hospitality

$16.90M

$14.79M – $19.72M (±1% cap)

NOI $1,183,270 @ 7.0% cap · market cap 525.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Dental Office Real Estate Agency Building Supply Restaurant Law Firm Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Insulated commercial unit combines high ceilings, overhead loading access, dedicated utilities, and an interior bathroom.

Where is this flex space located?

The property is located at 1054 W Sherman Boulevard Unit 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' x 60' layout; 15' x 24' mezzanine for elevated storage or office use; 21' ceilings with 10'6'' clearance below the mezzanine