Flex Property with Warehouse
For Sale
$715,000
14599 CLEVELAND ST, Spring Lake, MI 49456
Commercial property combining customer-facing space with storage and workshop improvements along the M-104 corridor.
Property Size15,698 SF
Lot Size5.00 Acres
Price / SF$45.55
Days on Market33
Property Features for 14599 CLEVELAND ST
General Information
Standard status
Active
Size
15,698 SF
Lot size
5.00 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
Composition
629340
Building Details
Year Built
2004
Buildings
3
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan Bench · License #6501293444
(231) 578-2508
Source:
Xome
Added: Aug 9
Changed: Sep 9
Last Checked: Sep 9 at 3:17PM
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-space property combines several commercial improvements across approximately 5 acres. The site includes an approximately 4,400-square-foot former retail building incorporating an original train depot, along with separate 8,000-square-foot and 3,300-square-foot storage and workshop buildings. Together, the improvements provide a mix of customer-facing, work, and storage areas.
The property fronts Cleveland Street along the M-104 corridor in Spring Lake Township, with frontage exposure identified in the remarks. The Spring Lake Township Master Plan indicates Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. Those planning designations support consideration of the site’s existing commercial configuration and future redevelopment possibilities, subject to verification by the buyer and buyer’s agent.
The property fronts Cleveland Street along the M-104 corridor in Spring Lake Township, with frontage exposure identified in the remarks. The Spring Lake Township Master Plan indicates Neighborhood Commercial zoning along the M-104 frontage and Light Industrial zoning toward the rear. Those planning designations support consideration of the site’s existing commercial configuration and future redevelopment possibilities, subject to verification by the buyer and buyer’s agent.
Key Highlights
- Approximately 5‑acre commercial property along the M‑104 corridor
- Approximately 4,400‑square‑foot former retail building incorporating an original train depot
- Includes 8,000‑square‑foot and 3,300‑square‑foot storage/workshop buildings
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combining customer-facing space with storage and workshop improvements along the M-104 corridor.
Where is this flex space located?
The property is located at 14599 CLEVELAND ST 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 commercial property along the M‑104 corridor; Approximately 4,400‑square‑foot former retail building incorporating an original train depot; Includes 8,000‑square‑foot and 3,300‑square‑foot storage/workshop buildings
