Single-Tenant Flex
For Sale
$2,404,000
1694 Gezon Pkwy SW, Wyoming, MI 49519
Fully leased industrial property with NNN lease structure and an established occupancy history.
Property Size25,000 SF
Price / SF$96.16
Days on Market64
Property Features for 1694 Gezon Pkwy SW
General Information
Standard status
Active
Size
25,000 SF
Property subtype
Industrial
Zoning
I-3
Occupancy
100%
Building Details
Year Built
2000
Tenancy
Single
Listing Agency:
Advantage Commercial Real Estate
(616) 327-2800
Listed By:
Michael Visser · License #6501368970
(616) 327-2800
Source:
Carwm.resimplifi
Added: Jun 29
Changed: Aug 30
Last Checked: Aug 30 at 3:15PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This 25,000-square-foot flex/industrial property in Wyoming, Michigan, was constructed in 2000 and is occupied by a single tenant. Beaver Tile and Stone has operated from the property since construction, providing a long-standing occupancy record. The building is fully leased under an NNN structure and is classified C-3?
Key Highlights
- 25,000‑square‑foot flex/industrial property
- 100% leased to Beaver Tile and Stone
- NNN lease structure
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
$141,960
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
5.91%
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%
$2,839,200
$2.8M
Cap Rate 7%
$2,028,000
$2.0M
Cap Rate 9%
$1,577,333
$1.6M
Market Conditions
NOI Build-Up for 25,000 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
$172.0K $6.88/SF
− Vacancy
−$5.0K −$0.20/SF
EGI
$167.0K $6.68/SF
− OpEx
−$25.1K −$1.00/SF
NOI
$142.0K $5.68/SF
Area
Kent County, MI
Vacancy
2.90%
Lease Rate
$6.88 /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%
$2,839,200
Cap Rate 7%
$2,028,000
Cap Rate 9%
$1,577,333
Alternative Uses
Best Use
Warehouse
$2.03M
$1.77M – $2.37M
NOI $141,960 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$1.67M
$1.46M – $1.95M
NOI $116,908 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$4.47M
$3.91M – $5.22M
NOI $312,998 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
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 - Fully leased industrial property with NNN lease structure and an established occupancy history.
Where is this flex space located?
The property is located at 1694 Gezon Pkwy SW Wyoming, MI.
What is the asking price?
The asking price for this property is $2,404,000.
What are key features of this property?
This property features: 25,000‑square‑foot flex/industrial property; 100% leased to Beaver Tile and Stone; NNN lease structure
