Listing Agency: Greenridge - Nexes g***@greenridge.com Show Phone

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

Source: Exprealty

Added: Mar 26, 2025 Changed: Oct 6 Last Checked: Oct 16 at 3:21PM

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Investment Insights

Based on property information with market context.

This flex space includes 1,800 square feet in a 24' x 60' configuration, along with a 15' x 24' mezzanine that expands usable storage or office area. The unit has 21' ceilings and 10'6'' of clearance beneath the mezzanine, plus a 16' x 16' overhead door with an automatic opener. Closed spray-foam insulation, LED lighting, an industrial ceiling fan, floor drains, and a private bathroom support a range of commercial functions.

Building systems include a 100,000 BTU furnace, 10 gallon electric water heater, individually metered gas and electric, and 100-amp electrical service per unit. The property is located at 106-1054 W Sherman Blvd in Muskegon, Michigan.

Key Highlights

• 1,800 sq. ft. unit with a 24' x 60' layout
• 15' x 24' mezzanine for additional storage or office space
• 21' ceilings with 10'6'' clearance beneath 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

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Dental Office Spa & Massage Center Nail Salon

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

1

Drive-in doors

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

401

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 49444, MI

26,281

Population

11,635

Households

2.3

Avg Household Size

38

Median Age

18%

College-Educated

91%

High-School Grad

24.7 sq mi

ZIP Area

1,064

Density / Sq Mi

$52,143

Median Household Income

$34,423

Median Earnings

$941

Median Rent

$159,200

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 - Versatile commercial unit with dedicated utilities, private restroom, overhead access, and space for storage or business operations.

Where is this flex space located?

The property is located at 106-1054 W Sherman Blvd 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 sq. ft. unit with a 24' x 60' layout; 15' x 24' mezzanine for additional storage or office space; 21' ceilings with 10'6'' clearance beneath the mezzanine