Flex Property With Storage
New
For Sale
$715,000
14599 Cleveland Street, Spring Lake, MI 49456
COMMERCIAL - Spring Lake, MI
Property Size15,698 SF
Lot Size4.91 Acres
Price / SF$45.55
Days on Market1
Property Features for 14599 Cleveland Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
201 - Comm Impr
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Spring Lake
Middle school district
Spring Lake
High school district
Spring Lake
Directions
M-104 (Cleveland) east of 148th and west of 144th.
Standard status
Active
APN
70-03-13-400-064
Size
15,698 SF
Lot size
4.91 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Attached
Tax Annual Amount
21256
Legal Description
Attached
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Building Details
Year built
2004
Floors in Building
1
Number of units
3
Building materials
Wood Siding, Metal Siding
Roof type
Composition
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Added: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 26042010
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes an approximately 4,400 SF former retail building incorporating an original train depot, along with separate 8,000 SF and 3,300 SF storage or workshop buildings. The improvements feature wood and metal siding, composition roofs, forced-air heating, two bathrooms, and natural gas availability. Built in 2004, the property provides a combination of commercial, storage, and work-oriented spaces.
The approximately 4.91-acre site is located along M-104 in Spring Lake Township and includes frontage identified for Neighborhood Commercial zoning under the township’s Master Plan, with Light Industrial zoning indicated toward the rear. The configuration is suited to the service, contractor, showroom, retail-office, and storage-oriented uses identified in the property information.
The approximately 4.91-acre site is located along M-104 in Spring Lake Township and includes frontage identified for Neighborhood Commercial zoning under the township’s Master Plan, with Light Industrial zoning indicated toward the rear. The configuration is suited to the service, contractor, showroom, retail-office, and storage-oriented uses identified in the property information.
Key Highlights
- Approximately 4.91‑acre site along the M‑104 corridor
- Approximately 4,400 SF former retail building incorporating an original train depot
- 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
146
Businesses Nearby
Under-served
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 Office 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 - Multi-building commercial property combines customer-facing space with storage and workshop capacity along the M-104 corridor.
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 4.91‑acre site along the M‑104 corridor; Approximately 4,400 SF former retail building incorporating an original train depot; 8,000 SF storage/workshop building
