Industrial Warehouse with Outdoor
For Sale
Contact for pricing
15700 Winans St, West Olive, MI 49460
Newly built two-building facility with drive-in access and extensive outdoor storage for equipment and materials.
Property Size13,264 SF
Price / SF$320.42
Days on Market81
Property Features for 15700 Winans St
General Information
Standard status
Active
Size
13,264 SF
Property subtype
INDUSTRIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Drive-In Doors
2
Building Details
Year Built
2026
Tenancy
Single
Listing Agency:
B+E
(469) 949-7540
Listed By:
Camille Renshaw · License #10491209253
(646) 701-4536
Source:
Moodyscre
Added: Jun 2
Changed: Aug 14
Last Checked: Aug 14 at 8:14AM
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 B+E
Investment Insights
Based on property information with market context.
A newly completed 2026 build-to-suit industrial facility just outside Grand Rapids, MI, featuring two buildings totaling approximately ±13,264 SF. The warehouse component includes approximately ±10,044 SF of equipment storage space and is equipped with two drive-in doors. The site also provides approximately ±3,220 SF dedicated to showroom and office use.
Outdoor storage is a core feature, with more than ±2.4 acres of outdoor storage capacity and expansive additional outdoor storage across ±7.80 acres, supported by limited site coverage of approximately 3.9% for storage and maneuvering. The property includes over ±2.4 acres of IOS plus generous parking for cars, trucks, and trailers. There is also approximately ±0.57 acres of land designated for potential future expansion.
The asset is offered for sale with a newly executed NNN lease that commenced in May of this year, offering 2.5% annual increases and two 5-year options. The tenant is SRS Distribution Inc., and the property is located with direct access to U.S. Highway 45 and adjacency to U.S. Highway 31, connecting efficiently to I-96 and I-196.
Outdoor storage is a core feature, with more than ±2.4 acres of outdoor storage capacity and expansive additional outdoor storage across ±7.80 acres, supported by limited site coverage of approximately 3.9% for storage and maneuvering. The property includes over ±2.4 acres of IOS plus generous parking for cars, trucks, and trailers. There is also approximately ±0.57 acres of land designated for potential future expansion.
The asset is offered for sale with a newly executed NNN lease that commenced in May of this year, offering 2.5% annual increases and two 5-year options. The tenant is SRS Distribution Inc., and the property is located with direct access to U.S. Highway 45 and adjacency to U.S. Highway 31, connecting efficiently to I-96 and I-196.
Key Highlights
- 2026 build‑to‑suit industrial property just outside Grand Rapids, MI with approx. ±10,044 SF warehouse and ±3,220 SF showroom/office space
- New NNN lease commenced May 2026 with 2.5% annual increases and two 5‑year options
- Warehouse includes 2 drive‑in doors plus ±2.4 acres of outdoor storage (IOS) and a total outdoor storage area of approx. ±7.80 acres
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
$223,314
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
5.25%
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%
$4,466,280
$4.5M
Cap Rate 7%
$3,190,200
$3.2M
Cap Rate 9%
$2,481,267
$2.5M
Market Conditions
NOI Build-Up for 13,264 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
$286.5K $21.60/SF
− Vacancy
−$23.8K −$1.79/SF
EGI
$262.7K $19.81/SF
− OpEx
−$39.4K −$2.97/SF
NOI
$223.3K $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%
$4,466,280
Cap Rate 7%
$3,190,200
Cap Rate 9%
$2,481,267
Alternative Uses
Best Use
Warehouse
$3.19M
$2.79M – $3.72M
NOI $223,314 @ 7.0% cap · market cap 5.25%
Second Best
Industrial
$2.80M
$2.45M – $3.26M
NOI $195,738 @ 7.0% cap · market cap 4.61%
Theoretical Best
Multifamily LT 5
$164.94M
$144.32M – $192.43M
NOI $11,545,901 @ 7.0% cap · market cap 271.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49460, MI
9,025
Population
3,537
Households
2.6
Avg Household Size
41
Median Age
34%
College-Educated
92%
High-School Grad
51.8 sq mi
ZIP Area
174
Density / Sq Mi
$97,194
Median Household Income
$42,978
Median Earnings
$1,145
Median Rent
$358,700
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 - Newly built two-building facility with drive-in access and extensive outdoor storage for equipment and materials.
Where is this flex space located?
The property is located at 15700 Winans St West Olive, MI.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 2026 build‑to‑suit industrial property just outside Grand Rapids, MI with approx. ±10,044 SF warehouse and ±3,220 SF showroom/office space; New NNN lease commenced May 2026 with 2.5% annual increases and two 5‑year options; Warehouse includes 2 drive‑in doors plus ±2.4 acres of outdoor storage (IOS) and a total outdoor storage area of approx. ±7.80 acres
