Insulated Flex Unit With
For Sale
$225,000
106-1054 W Sherman Blvd, Muskegon, MI 49444
Versatile commercial unit with dedicated utilities, private restroom, overhead access, and space for storage or business operations.
Property Size1,800 SF
Price / SF$125
Days on Market525
Property Features for 106-1054 W Sherman Blvd
General Information
Standard status
Active
Size
1,800 SF
Warehouse & Industrial
Clear Height
21 ft
Mezzanine
360 SF
Drive-In Doors
1
Power
100 amps
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,300
Amenities
Private bathroom
LED lighting
Industrial ceiling fan
Floor drains
Listing Agency:
Greenridge - Nexes
(231) 578-0556
Listed By:
Brock Edward Carlston · License #6501370180
(231) 578-0556
Source:
Exprealty
Added: Mar 27, 2025
Changed: Aug 30
Last Checked: Aug 31 at 7:20PM
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
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.
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 = 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
$17,266
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
7.67%
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%
$345,320
$345.3K
Cap Rate 7%
$246,657
$246.7K
Cap Rate 9%
$191,844
$191.8K
Market Conditions
NOI Build-Up for 1,800 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
$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 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%
$345,320
Cap Rate 7%
$246,657
Cap Rate 9%
$191,844
Alternative Uses
Best Use
Warehouse
$299.5K
$262.1K – $349.4K
NOI $20,966 @ 7.0% cap · market cap 9.32%
Second Best
Industrial
$246.7K
$215.8K – $287.8K
NOI $17,266 @ 7.0% cap · market cap 7.67%
Theoretical Best
Hotel Hospitality
$16.90M
$14.79M – $19.72M
NOI $1,183,270 @ 7.0% cap · market cap 525.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
