Two-Space Flex
For Sale
Contact for pricing
2240 Glade Street, Muskegon, MI 49444
Two separately metered areas combine renovated office finishes with industrial capacity and flexible occupancy potential.
Property Size9,000 SF
Price / SF$66.56
Days on Market15
Property Features for 2240 Glade Street
General Information
Standard status
Active
Size
9,000 SF
Total Parking Spaces
30
Property subtype
Industrial, Office, Retail
Building Details
Year Built
1965
Year Renovated
2023
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Capstone Real Estate
Listed By:
David TenCate · License #MI 65-05325768
Source:
Crexi
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 10 at 2:05PM
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 Capstone Real Estate
Investment Insights
Based on property information with market context.
This 9,000 SF flex property contains two distinct commercial areas. The 1,920 SF retail/office section was renovated in 2023 and includes exposed ductwork, large windows, two private offices, an ADA-compliant restroom, and heating and air conditioning. The 7,080 SF warehouse provides 3-phase/440-volt power, a dedicated electrical meter, partial central air, two offices, two restrooms, two truck bays, a 12-foot overhead door, and 18-foot ceilings. A section of the roof has been replaced with metal roofing.
Located at the corner of Glade and Barney, the building has visibility along US-31/Seaway Drive. Gas and electric service are separately metered, supporting the property's stated multi-tenant occupancy or subleasing configuration. Parking includes 28 paved spaces and two ADA-accessible spaces. The property is at 2240 Glade Street in Muskegon, Michigan.
Located at the corner of Glade and Barney, the building has visibility along US-31/Seaway Drive. Gas and electric service are separately metered, supporting the property's stated multi-tenant occupancy or subleasing configuration. Parking includes 28 paved spaces and two ADA-accessible spaces. The property is at 2240 Glade Street in Muskegon, Michigan.
Key Highlights
- 9,000 SF building divided into 1,920 SF retail/office and 7,080 SF warehouse areas
- 2023 renovation of retail/office area with two private offices, exposed ductwork, large windows, and climate control
- Warehouse includes 3‑phase/440‑volt power, two truck bays, a 12‑foot overhead door, and 18‑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
$38,854
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
6.49%
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%
$777,080
$777.1K
Cap Rate 7%
$555,057
$555.1K
Cap Rate 9%
$431,711
$431.7K
Market Conditions
NOI Build-Up for 9,000 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
$61.6K $6.84/SF
− Vacancy
−$1.8K −$0.20/SF
EGI
$59.8K $6.64/SF
− OpEx
−$20.9K −$2.32/SF
NOI
$38.9K $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%
$777,080
Cap Rate 7%
$555,057
Cap Rate 9%
$431,711
Alternative Uses
Best Use
Retail
$1.66M
$1.45M – $1.94M
NOI $116,342 @ 7.0% cap · market cap 19.42%
Second Best
Warehouse
$1.50M
$1.31M – $1.75M
NOI $104,828 @ 7.0% cap · market cap 17.50%
Theoretical Best
Hotel Hospitality
$84.52M
$73.95M – $98.61M
NOI $5,916,351 @ 7.0% cap · market cap 987.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,023
Businesses Nearby
Balanced
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
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Frequently Asked Questions
What type of property is this?
Flex space - Two separately metered areas combine renovated office finishes with industrial capacity and flexible occupancy potential.
Where is this flex space located?
The property is located at 2240 Glade Street Muskegon, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 9,000 SF building divided into 1,920 SF retail/office and 7,080 SF warehouse areas; 2023 renovation of retail/office area with two private offices, exposed ductwork, large windows, and climate control; Warehouse includes 3‑phase/440‑volt power, two truck bays, a 12‑foot overhead door, and 18‑foot ceilings
