Flex Space with Office
For Sale
$1,495,000
11128 James Street, Zeeland, MI 49464
Commercial Sale, Zeeland, MI
Property Size12,000 SF
Price / SF$124.58
Days on Market227
Property Features for 11128 James Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Zeeland
Middle school district
Zeeland
High school district
Zeeland
Standard status
Active
APN
70-16-23-101-006
Size
12,000 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 6 112TH BUSINESS CONDOMINIUM AS AMENDED, AS RECORDED IN MASTER DEED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 3082
Tax Annual Amount
11250
Legal Description
UNIT 6 112TH BUSINESS CONDOMINIUM AS AMENDED, AS RECORDED IN MASTER DEED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 3082
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
2001
Floors in Building
1
Number of units
2
Building materials
Aluminum Siding, Brick, Stone
Roof type
Composition
Listing Agency:
Lakeshore Commercial Real Estate
Listed By:
Jason DeWitt
(616) 394-4500
Added: Feb 11
Changed: Sep 7
Last Checked: Sep 26 at 3:06AM
MLS# 26004954
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 12,000-square-foot flex property combines industrial workspace with a 2,300-square-foot office area. The office buildout includes four private offices, an open area with semi-private offices, a conference room, a break room, and a bathroom. The building also offers 14-foot clear height, two 12-by-14-foot overhead doors, and one dock for shipping, receiving, or equipment access.
Electrical service includes 200 amps of three-phase power. Built in 2001, the property has forced-air heating, aluminum siding, brick and stone construction materials, a composition roof, and cable availability. Its configuration supports a range of commercial, contractor, storage, and light industrial operations.
Electrical service includes 200 amps of three-phase power. Built in 2001, the property has forced-air heating, aluminum siding, brick and stone construction materials, a composition roof, and cable availability. Its configuration supports a range of commercial, contractor, storage, and light industrial operations.
Key Highlights
- 12,000 SF of flex space with a 2,300 SF office component
- Office area includes 4 private offices, semi‑private offices, conference room, and break room
- Two 12x14 OH doors and 1 dock
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
$132,196
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
8.84%
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%
$2,643,920
$2.6M
Cap Rate 7%
$1,888,514
$1.9M
Cap Rate 9%
$1,468,844
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$204.5K $17.04/SF
− Vacancy
−$28.2K −$2.35/SF
EGI
$176.3K $14.69/SF
− OpEx
−$44.1K −$3.67/SF
NOI
$132.2K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,643,920
Cap Rate 7%
$1,888,514
Cap Rate 9%
$1,468,844
Alternative Uses
Best Use
Warehouse
$2.89M
$2.53M – $3.37M
NOI $202,033 @ 7.0% cap · market cap 13.51%
Second Best
Industrial
$2.53M
$2.21M – $2.95M
NOI $177,085 @ 7.0% cap · market cap 11.85%
Theoretical Best
Multifamily LT 5
$149.22M
$130.57M – $174.09M
NOI $10,445,628 @ 7.0% cap · market cap 698.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14 ft
Clear height
1
Dock-high doors
2
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49464, MI
29,654
Population
11,001
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
73.1 sq mi
ZIP Area
406
Density / Sq Mi
$97,573
Median Household Income
$47,030
Median Earnings
$976
Median Rent
$316,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial space combines light industrial functionality with a substantial office component and loading access.
Where is this flex space located?
The property is located at 11128 James Street Zeeland, MI.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 12,000 SF of flex space with a 2,300 SF office component; Office area includes 4 private offices, semi‑private offices, conference room, and break room; Two 12x14 OH doors and 1 dock
