Flex Property with Warehouse
New
For Sale
$715,000
14599 Cleveland Street, Spring Lake, MI 49456
Mixed commercial improvements combine customer-facing space with warehouse and workshop capacity.
Property Size15,698 SF
Lot Size5.00 Acres
Days on Market6
Property Features for 14599 Cleveland Street
General Information
Standard status
Active
Size
15,698 SF
Lot size
5.00 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$21,256
Building Details
Building Size
15,698 SF
Year Built
2004
Buildings
3
Stories
1
Units
3
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan D Bench · License #6501293444
Source:
Erareardonrealty
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 25 at 9:14AM
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 Core Realty Partners LLC
Investment Insights
Based on property information with market context.
This flex property includes approximately 15,700 SF of improvements across three buildings. The approximately 4,400 SF former retail building incorporates an original train depot, while separate 8,000 SF and 3,300 SF structures provide storage and workshop space. Together, the improvements support a combination of customer-facing operations and back-of-house commercial functions.
The approximately 5-acre property is positioned along the M-104 corridor in Spring Lake Township, with frontage exposure along the corridor. The Spring Lake Township Master Plan identifies Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. The property address is 14599 Cleveland St, Spring Lake, MI 49456.
The approximately 5-acre property is positioned along the M-104 corridor in Spring Lake Township, with frontage exposure along the corridor. The Spring Lake Township Master Plan identifies Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. The property address is 14599 Cleveland St, Spring Lake, MI 49456.
Key Highlights
- Approximately 5‑acre property along the M‑104 corridor
- Approximately 4,400 SF former retail building incorporating an original train depot
- Separate 8,000 SF storage/workshop building
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
$56,141
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
7.85%
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%
$1,122,820
$1.1M
Cap Rate 7%
$802,014
$802.0K
Cap Rate 9%
$623,789
$623.8K
Market Conditions
NOI Build-Up for 15,698 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
$94.2K $6.00/SF
− Vacancy
−$7.8K −$0.50/SF
EGI
$86.4K $5.50/SF
− OpEx
−$30.2K −$1.93/SF
NOI
$56.1K $3.58/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,122,820
Cap Rate 7%
$802,014
Cap Rate 9%
$623,789
Alternative Uses
Best Use
Warehouse
$3.78M
$3.30M – $4.40M
NOI $264,293 @ 7.0% cap · market cap 36.96%
Second Best
Industrial
$3.31M
$2.90M – $3.86M
NOI $231,657 @ 7.0% cap · market cap 32.40%
Theoretical Best
Multifamily LT 5
$195.21M
$170.81M – $227.74M
NOI $13,664,622 @ 7.0% cap · market cap 1,911.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
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.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed commercial improvements combine customer-facing space with warehouse and workshop capacity.
Where is this flex space located?
The property is located at 14599 Cleveland Street Spring Lake, MI.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Approximately 5‑acre property along the M‑104 corridor; Approximately 4,400 SF former retail building incorporating an original train depot; Separate 8,000 SF storage/workshop building
