Building Details

Year Built 2026

Tenancy Single

Listing Agency: B+E Show Phone

Listed By: Carson Jeremiah · License #SL3466868 Show Phone

Source: Moodyscre

Added: Jun 2 Changed: Oct 1 Last Checked: Oct 5 at 6:35PM

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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.

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 / Yr

$223,314

Cap Rate

5.25%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $223,314 @ 7.0% cap · market cap 5.25%

Second Best

Industrial

$2.80M

$2.45M – $3.26M (±1% cap)

NOI $195,738 @ 7.0% cap · market cap 4.61%

Theoretical Best

Multifamily LT 5

$164.94M

$144.32M – $192.43M (±1% cap)

NOI $11,545,901 @ 7.0% cap · market cap 271.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Mattson Landscaping Landscaping

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Florist Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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