Building Details

Year Built 2025

Listing Agency: Greenridge - Nexes

Listed By: Brock Edward Carlston, William E Carlston

Source: Katie-k

Added: Jul 28 Changed: Oct 7 Last Checked: Oct 7 at 5:28PM

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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 1,800-square-foot flex space at 1054 W Sherman Boulevard Unit 106 includes a 15-by-24-foot mezzanine that expands the usable configuration. The unit has 21-foot ceilings, 10-foot-6-inch clearance below the mezzanine, a 16-by-16-foot overhead door with automatic opener, and a private bathroom. Closed-cell spray-foam insulation, LED lighting, an industrial ceiling fan, floor drains, a 100,000 BTU furnace, and a 10-gallon electric water heater are installed. Utility service includes individually metered gas and electric with 100-amp electrical service per unit.

Built in 2025, the property provides a recently constructed setting for commercial storage, contractor operations, small-business space, or personal workshop use. The unit measures 24 by 60 feet and is located in Muskegon, Michigan.

Key Highlights

• 1,800‑square‑foot flex space with a 15‑by‑24‑foot mezzanine
• 21‑foot ceilings with 10‑foot‑6‑inch clearance below the mezzanine
• 16‑by‑16‑foot overhead door with automatic opener

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

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

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 with overhead loading access, private restroom, and dedicated utility metering.

Where is this flex space located?

The property is located at 1054 W Sherman Boulevard Unit 106 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 flex space with a 15‑by‑24‑foot mezzanine; 21‑foot ceilings with 10‑foot‑6‑inch clearance below the mezzanine; 16‑by‑16‑foot overhead door with automatic opener