Industrial Warehouse with
For Sale
Contact for pricing
16828 Hayes Street, Grand Haven, MI 49417
Well-maintained industrial building with warehouse space and an approximately 18% office component for light industrial operations.
Property Size8,100 SF
Price / SF$101.85
Days on Market61
Property Features for 16828 Hayes Street
General Information
Standard status
Active
Size
8,100 SF
Property subtype
Industrial, Mixed Use
Zoning
Industrial
Listing Agency:
Colliers - Grand Rapids, Michigan
(616) 698-5000
Listed By:
Matt Abraham · License #MI
Source:
Crexi
Added: Jun 18
Changed: Aug 14
Last Checked: Aug 15 at 7:16AM
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 Colliers - Grand Rapids, Michigan
Investment Insights
Based on property information with market context.
This well-maintained industrial building offers a versatile warehouse-and-office layout designed for light industrial or service-oriented users. The property includes an approximately 18% office component featuring an open office area, private offices, and a dedicated conference room for meetings and collaboration. A functional layout supports efficient movement between administrative space and the warehouse area.
The warehouse portion is highly usable and equipped with LED lighting for consistent illumination. Loading and distribution are supported by one dock-high door and one grade-level door, providing flexibility for different delivery and receiving needs. Additional back-of-house amenities include a shop office and a shop restroom.
With a mix of practical work areas and client-facing space, this property can fit teams that need both operations and onsite administration. The combination of private offices, a conference room, and a functional warehouse supports tenants and owners looking for a single facility to run daily operations, manage staff, and coordinate loading without relying on separate locations.
The warehouse portion is highly usable and equipped with LED lighting for consistent illumination. Loading and distribution are supported by one dock-high door and one grade-level door, providing flexibility for different delivery and receiving needs. Additional back-of-house amenities include a shop office and a shop restroom.
With a mix of practical work areas and client-facing space, this property can fit teams that need both operations and onsite administration. The combination of private offices, a conference room, and a functional warehouse supports tenants and owners looking for a single facility to run daily operations, manage staff, and coordinate loading without relying on separate locations.
Key Highlights
- Well‑maintained 8,100 SF industrial building with easy access to US 31
- Approximately 18% office component with open office area, private offices, and a dedicated conference room
- Warehouse features include LED lighting and a highly usable layout for light industrial workflow
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
$28,968
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
3.51%
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%
$579,360
$579.4K
Cap Rate 7%
$413,829
$413.8K
Cap Rate 9%
$321,867
$321.9K
Market Conditions
NOI Build-Up for 8,100 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
$48.6K $6.00/SF
− Vacancy
−$4.0K −$0.50/SF
EGI
$44.6K $5.50/SF
− OpEx
−$15.6K −$1.93/SF
NOI
$29.0K $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%
$579,360
Cap Rate 7%
$413,829
Cap Rate 9%
$321,867
Alternative Uses
Best Use
Warehouse
$1.95M
$1.70M – $2.27M
NOI $136,373 @ 7.0% cap · market cap 16.53%
Second Best
Industrial
$1.71M
$1.49M – $1.99M
NOI $119,533 @ 7.0% cap · market cap 14.49%
Theoretical Best
Multifamily LT 5
$100.73M
$88.13M – $117.51M
NOI $7,050,799 @ 7.0% cap · market cap 854.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Well-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
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained industrial building with warehouse space and an approximately 18% office component for light industrial operations.
Where is this flex space located?
The property is located at 16828 Hayes Street Grand Haven, MI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Well‑maintained 8,100 SF industrial building with easy access to US 31; Approximately 18% office component with open office area, private offices, and a dedicated conference room; Warehouse features include LED lighting and a highly usable layout for light industrial workflow
