Flex Building with Loading
For Sale
$429,900
223 W North Street, Lakeview, MI 48850
Commercial Sale, Lakeview, MI
Property Size4,840 SF
Lot Size2.50 Acres
Price / SF$88.82
Days on Market235
Property Features for 223 W North Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
20
Elementary school district
Lakeview
Middle school district
Lakeview
High school district
Lakeview
Directions
131 North of Grand Rapids to exit 120 then East 12 miles to Youngman RD go left to building.
Standard status
Active
APN
0420800600
Size
4,840 SF
Lot size
2.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
363 FT N and S by 297
Tax Annual Amount
1887
Legal Description
363 FT N and S by 297
Utilities
Utilities
Phone Available
Heating system
Radiant, Forced Air
Cooling system
Wall Unit(s)
Building Details
Year built
1963
Floors in Building
1
Number of units
1
Building materials
Aluminum Siding
Roof type
Rubber
Listing Agency:
Your Team Realty
(989) 352-5511
Listed By:
Marcia A Myers · License #6502324643
(989) 493-0643
Added: Feb 2
Changed: Sep 16
Last Checked: Sep 25 at 8:06AM
MLS# 26004636
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.
This 4,840-square-foot flex property sits on 2.5 acres and includes a separate office area with air conditioning and a forced-air furnace. The building also has two bathrooms, a loading dock, overhead doors, three-phase electric service, and a rubber roof replaced within the last few years. Aluminum siding and radiant heating are also present.
Located in Lakeview, Michigan, the property is less than one mile from M46 highway. The site includes additional land for expansion, while phone service is available. Wall-unit cooling supplements the building’s heating systems.
Located in Lakeview, Michigan, the property is less than one mile from M46 highway. The site includes additional land for expansion, while phone service is available. Wall-unit cooling supplements the building’s heating systems.
Key Highlights
- 4,840 square feet on 2.5 acres
- Three‑phase electric service
- Loading dock and overhead doors
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
$36,349
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
8.46%
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%
$726,980
$727.0K
Cap Rate 7%
$519,271
$519.3K
Cap Rate 9%
$403,878
$403.9K
Market Conditions
NOI Build-Up for 4,840 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
$45.9K $9.48/SF
− Vacancy
−$3.1K −$0.64/SF
EGI
$42.8K $8.84/SF
− OpEx
−$6.4K −$1.33/SF
NOI
$36.3K $7.51/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$726,980
Cap Rate 7%
$519,271
Cap Rate 9%
$403,878
Alternative Uses
Best Use
Flex RnD
$936.9K
$819.8K – $1.09M
NOI $65,586 @ 7.0% cap · market cap 15.26%
Second Best
Warehouse
$519.3K
$454.4K – $605.8K
NOI $36,349 @ 7.0% cap · market cap 8.46%
Theoretical Best
Healthcare Medical
$57.41M
$50.24M – $66.98M
NOI $4,018,967 @ 7.0% cap · market cap 934.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 48850, MI
4,563
Population
1,973
Households
2.3
Avg Household Size
41
Median Age
14%
College-Educated
88%
High-School Grad
83.2 sq mi
ZIP Area
55
Density / Sq Mi
$65,064
Median Household Income
$41,473
Median Earnings
$665
Median Rent
$170,700
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
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Frequently Asked Questions
What type of property is this?
Flex space - The site includes dedicated office space, overhead doors, three-phase power, and room for future expansion.
Where is this flex space located?
The property is located at 223 W North Street Lakeview, MI.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 4,840 square feet on 2.5 acres; Three‑phase electric service; Loading dock and overhead doors
