Flex Space with Updated
For Sale
$1,279,290
1623-1635 Chicago Dr SW, Wyoming, MI 49519
Standalone commercial space pairs a modernized showroom with warehouse functionality, multiple overhead doors, and ample parking.
Property Size16,208 SF
Price / SF$78.93
Days on Market523
Property Features for 1623-1635 Chicago Dr SW
General Information
Standard status
Active
Size
16,208 SF
Property subtype
Industrial
Zoning
I-2
Amenities
Water
Sewer
Building Details
Buildings
1
Listing Agency:
Bradley Company
(616) 308-1727
Listed By:
Kevin VanHaitsma · License #6501424721
(616) 308-1727
Source:
Carwm.resimplifi
Added: Mar 26, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:34PM
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 Bradley Company
Investment Insights
Based on property information with market context.
This 16,208-square-foot standalone flex building at 1623-1635 Chicago Dr SW includes a recently updated showroom alongside warehouse-oriented space. Multiple overhead doors support loading and unloading, while the existing layout can accommodate either a single occupant or multiple tenants. The property previously operated as a hardware store and appliance store, providing a commercial configuration suited to showroom and industrial functions.
Located in Wyoming, MI, the property carries I-2 zoning and offers convenient access from Chicago Dr SW. On-site parking supports customer, employee, and loading activity. The combination of showroom improvements, warehouse space, overhead-door access, and flexible occupancy options creates a practical setting for varied commercial operations.
Located in Wyoming, MI, the property carries I-2 zoning and offers convenient access from Chicago Dr SW. On-site parking supports customer, employee, and loading activity. The combination of showroom improvements, warehouse space, overhead-door access, and flexible occupancy options creates a practical setting for varied commercial operations.
Key Highlights
- 16,208‑square‑foot standalone flex building
- Recently updated showroom with warehouse‑oriented space
- Multiple overhead doors for loading and unloading
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
$92,036
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
7.19%
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%
$1,840,720
$1.8M
Cap Rate 7%
$1,314,800
$1.3M
Cap Rate 9%
$1,022,622
$1.0M
Market Conditions
NOI Build-Up for 16,208 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
$111.5K $6.88/SF
− Vacancy
−$3.2K −$0.20/SF
EGI
$108.3K $6.68/SF
− OpEx
−$16.2K −$1.00/SF
NOI
$92.0K $5.68/SF
Area
Kent County, MI
Vacancy
2.90%
Lease Rate
$6.88 /SF/Yr
Expense Ratio
15.00%
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%
$1,840,720
Cap Rate 7%
$1,314,800
Cap Rate 9%
$1,022,622
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $168,253 @ 7.0% cap · market cap 13.15%
Second Best
Warehouse
$1.31M
$1.15M – $1.53M
NOI $92,036 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,923 @ 7.0% cap · market cap 15.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Standalone commercial space pairs a modernized showroom with warehouse functionality, multiple overhead doors, and ample parking.
Where is this flex space located?
The property is located at 1623-1635 Chicago Dr SW Wyoming, MI.
What is the asking price?
The asking price for this property is $1,279,290.
What are key features of this property?
This property features: 16,208‑square‑foot standalone flex building; Recently updated showroom with warehouse‑oriented space; Multiple overhead doors for loading and unloading
