Flex Property with
For Sale
$199,900
2115 E Sternberg Road, Muskegon, MI 49444
Includes a second workshop and storage area alongside the main building.
Property Size2,800 SF
Lot Size1.14 Acres
Days on Market45
Property Features for 2115 E Sternberg Road
General Information
Standard status
Active
Size
2,800 SF
Lot size
1.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,649
Amenities
workshop
storage
Building Details
Building Size
2,800 SF
Year Built
1978
Buildings
2
Stories
1
Units
2
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 502-2869
Listed By:
Lucas Haltenhoff · License #6501403320
Source:
Erareardonrealty
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 5:11PM
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 Coldwell Banker Woodland Schmidt Grand Haven
Investment Insights
Based on property information with market context.
This flex-space property at 2115 E Sternberg Road includes 1.14 acres in Fruitport Township, a main building that was previously used as a house, and a large second workshop with storage. The existing improvements provide a starting point for conversion into office space or renovation for another business use, subject to applicable approvals.
The property is near The Lakes Mall, Meijer, Target, and other established businesses. Built in 1978, the asset offers a combination of land, workshop capacity, storage, and an existing structure that can be reconfigured for commercial purposes.
The property is near The Lakes Mall, Meijer, Target, and other established businesses. Built in 1978, the asset offers a combination of land, workshop capacity, storage, and an existing structure that can be reconfigured for commercial purposes.
Key Highlights
- 1.14 acres in Fruitport Township
- Large second workshop with storage
- Main building formerly used as a house
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
$12,088
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
6.05%
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%
$241,760
$241.8K
Cap Rate 7%
$172,686
$172.7K
Cap Rate 9%
$134,311
$134.3K
Market Conditions
NOI Build-Up for 2,800 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
$19.2K $6.84/SF
− Vacancy
−$555 −$0.20/SF
EGI
$18.6K $6.64/SF
− OpEx
−$6.5K −$2.32/SF
NOI
$12.1K $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%
$241,760
Cap Rate 7%
$172,686
Cap Rate 9%
$134,311
Alternative Uses
Best Use
Office B
$440.7K
$385.6K – $514.1K
NOI $30,846 @ 7.0% cap · market cap 15.43%
Second Best
Industrial
$383.7K
$335.7K – $447.6K
NOI $26,858 @ 7.0% cap · market cap 13.44%
Theoretical Best
Hotel Hospitality
$26.29M
$23.01M – $30.68M
NOI $1,840,643 @ 7.0% cap · market cap 920.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49444, MI
26,281
Population
11,635
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
1,064
Density / Sq Mi
$52,143
Median Household Income
$34,423
Median Earnings
$941
Median Rent
$159,200
Median Home Value
Market
Vacancy Rate% for Office 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 - Includes a second workshop and storage area alongside the main building.
Where is this flex space located?
The property is located at 2115 E Sternberg Road Muskegon, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1.14 acres in Fruitport Township; Large second workshop with storage; Main building formerly used as a house
