Flex Warehouse Unit with Overhead
For Sale
$338,000
1500 Kooiman Avenue, Grand Haven, MI 49417
Flexible unit includes a 14' x 16' insulated overhead door, mezzanine options, and smart entry access.
Property Size1,728 SF
Price / SF$195.60
Days on Market354
Property Features for 1500 Kooiman Avenue
General Information
Standard status
Active
Size
1,728 SF
Property subtype
General Commercial
Amenities
3
Building Details
Year Built
2026
Listing Agency:
RE/MAX Lakeshore
(616) 935-1150
Listed By:
Sandi Gentry · License #6506045021
(616) 935-1150
Source:
Xome
Added: Aug 24, 2025
Changed: Aug 9
Last Checked: Aug 11 at 5:31AM
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 a modern, flexible development currently under development, offering workspace and storage in the same unit. Commercial spaces are available in 1,248 sq ft and 1,728 sq ft options. Units are designed for adaptable use, with Schlage smart entry systems and Anderson sliding doors and windows intended to support natural light.
Each unit includes a 14' x 16' insulated overhead door plus an additional 3' entry door, which can support workshop, studio, service, and professional office needs. Mezzanine options are available for added office or storage space, and the development includes generous allowances for finishes along with multiple upgrade options to help customize the interior.
Unit 4 is located at 1500 Kooiman Avenue in Grand Haven, Michigan, and the building’s layouts are intended to provide a practical combination of loading access and flexible indoor space.
Each unit includes a 14' x 16' insulated overhead door plus an additional 3' entry door, which can support workshop, studio, service, and professional office needs. Mezzanine options are available for added office or storage space, and the development includes generous allowances for finishes along with multiple upgrade options to help customize the interior.
Unit 4 is located at 1500 Kooiman Avenue in Grand Haven, Michigan, and the building’s layouts are intended to provide a practical combination of loading access and flexible indoor space.
Key Highlights
- Commercial units under development with flexible workspace‑and‑storage layouts
- Available unit sizes: 1,248 sq ft and 1,728 sq ft
- Each unit features a 14' x 16' insulated overhead door plus an additional 3' entry door
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
8.61%
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 8.61%
Second Best
Industrial
$364.3K
$318.8K – $425.0K
NOI $25,500 @ 7.0% cap · market cap 7.54%
Theoretical Best
Multifamily LT 5
$21.49M
$18.80M – $25.07M
NOI $1,504,170 @ 7.0% cap · market cap 445.02%
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 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 - Flexible unit includes a 14' x 16' insulated overhead door, mezzanine options, and smart entry access.
Where is this flex space located?
The property is located at 1500 Kooiman Avenue Grand Haven, MI.
What is the asking price?
The asking price for this property is $338,000.
What are key features of this property?
This property features: Commercial units under development with flexible workspace‑and‑storage layouts; Available unit sizes: 1,248 sq ft and 1,728 sq ft; Each unit features a 14' x 16' insulated overhead door plus an additional 3' entry door
