New Flex Complex With 11
For Sale
$1,750,000
2050 NORTHWOODS AVE, Muskegon, MI 49442
Each unit includes a private restroom, epoxy flooring, climate control, and 100-amp electrical service.
Property Size22,440 SF
Lot Size7.20 Acres
Price / SF$77.99
Days on Market61
Property Features for 2050 NORTHWOODS AVE
General Information
Standard status
Active
Size
22,440 SF
Lot size
7.20 Acres
Property subtype
Industrial
Warehouse & Industrial
Clear Height
20 ft
Power
100 amps
Amenities
3
Metal
356881
Building Details
Year Built
2024
Listing Agency:
RE/MAX West
(231) 733-1236
Listed By:
Renee Kirksey
(231) 903-5533
Source:
Xome
Added: Jul 12
Changed: Sep 9
Last Checked: Sep 9 at 3:10PM
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 West
Investment Insights
Based on property information with market context.
Completed in 2024, this 22,440-square-foot flex complex contains 11 individual units on 7.2 acres. Each unit measures approximately 30' x 68' and has 20-foot ceilings, a private restroom, epoxy flooring, heating, air conditioning, and 100-amp electrical service. The layouts can accommodate mezzanines, additional windows, and customized build-outs.
The property is located at 2050 Northwoods Ave in Muskegon, Michigan. Its zoning supports three additional buildings, providing documented expansion capacity within the property’s current configuration. The full complex is offered for sale, with individual unit listings also identified in the property information.
The property is located at 2050 Northwoods Ave in Muskegon, Michigan. Its zoning supports three additional buildings, providing documented expansion capacity within the property’s current configuration. The full complex is offered for sale, with individual unit listings also identified in the property information.
Key Highlights
- 22,440‑square‑foot flex complex completed in 2024
- 11 individual flex units on 7.2 acres
- Each unit is approximately 30' x 68' with 20‑foot ceilings
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
$96,875
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
5.54%
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%
$1,937,500
$1.9M
Cap Rate 7%
$1,383,929
$1.4M
Cap Rate 9%
$1,076,389
$1.1M
Market Conditions
NOI Build-Up for 22,440 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
$153.5K $6.84/SF
− Vacancy
−$4.5K −$0.20/SF
EGI
$149.0K $6.64/SF
− OpEx
−$52.2K −$2.32/SF
NOI
$96.9K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /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%
$1,937,500
Cap Rate 7%
$1,383,929
Cap Rate 9%
$1,076,389
Alternative Uses
Best Use
Warehouse
$3.73M
$3.27M – $4.36M
NOI $261,372 @ 7.0% cap · market cap 14.94%
Second Best
Industrial
$3.07M
$2.69M – $3.59M
NOI $215,247 @ 7.0% cap · market cap 12.30%
Theoretical Best
Hotel Hospitality
$210.73M
$184.39M – $245.86M
NOI $14,751,435 @ 7.0% cap · market cap 842.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49442, MI
45,342
Population
17,759
Households
2.6
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
41.0 sq mi
ZIP Area
1,106
Density / Sq Mi
$50,069
Median Household Income
$33,257
Median Earnings
$889
Median Rent
$116,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each unit includes a private restroom, epoxy flooring, climate control, and 100-amp electrical service.
Where is this flex space located?
The property is located at 2050 NORTHWOODS AVE Muskegon, MI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 22,440‑square‑foot flex complex completed in 2024; 11 individual flex units on 7.2 acres; Each unit is approximately 30' x 68' with 20‑foot ceilings
