Flex Space with Second
For Sale
$199,900
2115 E Sternberg Road, Muskegon, MI 49444
COMMERCIAL - Muskegon, MI
Property Size2,800 SF
Lot Size1.14 Acres
Price / SF$71.39
Days on Market93
Property Features for 2115 E Sternberg Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Fruitport
Middle school district
Fruitport
High school district
Fruitport
Directions
US-31 to Sternberg rd. East. Head east on Sternberg rd. Property is on the Southside of the road.
Standard status
Active
APN
15-122-400-0015-00
Size
2,800 SF
Lot size
1.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SEE ATTACHED
Tax Annual Amount
4649
Legal Description
SEE ATTACHED
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Radiant
Water source
Well
Building Details
Year built
1978
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 844-9000
Listed By:
Lucas Haltenhoff · License #6501403320
(616) 502-2869
Added: May 21
Changed: Aug 4
Last Checked: Aug 21 at 12:06PM
MLS# 26024041
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
2115 E Sternberg Road offers a flex-style commercial building totaling about 2,800 square feet on 1.14 acres in Fruitport township. The property includes a main building that is described as having previously been used as a house, along with a large second workshop and storage area.
The seller notes the space is ready to be converted into an office suite, with the option to renovate the building for an owner-occupied business or to create individualized suites for smaller business tenants.
Conveniently positioned just down the road from The Lakes Mall, Meijer, Target, and other established local retailers, the property provides a workable foundation for a variety of office and small-bay style layouts, subject to your planned improvements.
The seller notes the space is ready to be converted into an office suite, with the option to renovate the building for an owner-occupied business or to create individualized suites for smaller business tenants.
Conveniently positioned just down the road from The Lakes Mall, Meijer, Target, and other established local retailers, the property provides a workable foundation for a variety of office and small-bay style layouts, subject to your planned improvements.
Key Highlights
- 1.14 acre lot in Fruitport Township, perfect for business development.
- Prime location near The Lakes Mall, Meijer, and Target.
- Existing large second workshop and storage building.
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 - Flex-style commercial property with a large second workshop and storage, ready for office conversion.
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 acre lot in Fruitport Township, perfect for business development.; Prime location near The Lakes Mall, Meijer, and Target.; Existing large second workshop and storage building.
