Flex Space with Mezzanine
New
For Sale
$331,000
1500 Kooiman Avenue #5, Grand Haven, MI 49417
Under-development commercial units combine workspace, storage, and adaptable layouts for varied business operations.
Property Size1,728 SF
Days on Market4
Property Features for 1500 Kooiman Avenue #5
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Commercial
Amenities
Schlage smart entry systems
Anderson sliding doors and windows
insulated overhead door
Building Details
Building Size
1,728 SF
Year Built
2026
Buildings
1
Units
1
Listing Agency:
RE/MAX Lakeshore
(616) 638-3900
Listed By:
Sandi L Gentry · License #6506045021
(616) 638-3900
Source:
Eliterealtymi
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 2:28PM
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 RE/MAX Lakeshore
Investment Insights
Based on property information with market context.
Kooiman Place is an under-development flex space project at 1500 Kooiman Avenue #5 in Grand Haven, Michigan. Planned units are offered in 1,248 square feet and 1,728 square feet configurations, with layouts that combine work and storage functions. Mezzanine options can add office or storage area, while Anderson sliding doors and windows bring natural light into the interiors.
Each unit is designed with a 14' x 16' insulated overhead door and a separate 3' entry door. Schlage smart entry systems, finish allowances, and upgrade options are included in the planned offering. The flexible configuration can accommodate studios, workshops, service businesses, or professional offices, subject to applicable requirements.
Each unit is designed with a 14' x 16' insulated overhead door and a separate 3' entry door. Schlage smart entry systems, finish allowances, and upgrade options are included in the planned offering. The flexible configuration can accommodate studios, workshops, service businesses, or professional offices, subject to applicable requirements.
Key Highlights
- 1,248 square feet and 1,728 square feet unit options
- 14' x 16' insulated overhead door plus a 3' entry door
- Mezzanine options provide additional office or storage area
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
$29,093
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
8.79%
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%
$581,860
$581.9K
Cap Rate 7%
$415,614
$415.6K
Cap Rate 9%
$323,256
$323.3K
Market Conditions
NOI Build-Up for 1,728 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
$37.3K $21.60/SF
− Vacancy
−$3.1K −$1.79/SF
EGI
$34.2K $19.81/SF
− OpEx
−$5.1K −$2.97/SF
NOI
$29.1K $16.84/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
15.00%
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%
$581,860
Cap Rate 7%
$415,614
Cap Rate 9%
$323,256
Alternative Uses
Best Use
Warehouse
$415.6K
$363.7K – $484.9K
NOI $29,093 @ 7.0% cap · market cap 8.79%
Second Best
Industrial
$364.3K
$318.8K – $425.0K
NOI $25,500 @ 7.0% cap · market cap 7.70%
Theoretical Best
Multifamily LT 5
$21.49M
$18.80M – $25.07M
NOI $1,504,170 @ 7.0% cap · market cap 454.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49417, MI
32,406
Population
14,709
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
95%
High-School Grad
46.9 sq mi
ZIP Area
691
Density / Sq Mi
$84,476
Median Household Income
$45,392
Median Earnings
$1,101
Median Rent
$287,800
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 - Under-development commercial units combine workspace, storage, and adaptable layouts for varied business operations.
Where is this flex space located?
The property is located at 1500 Kooiman Avenue #5 Grand Haven, MI.
What is the asking price?
The asking price for this property is $331,000.
What are key features of this property?
This property features: 1,248 square feet and 1,728 square feet unit options; 14' x 16' insulated overhead door plus a 3' entry door; Mezzanine options provide additional office or storage area
