Flex Space with Renovated
New
For Sale
$599,000
2240 Glade St, Muskegon, MI 49444
Two separately metered areas combine updated office finishes with functional warehouse infrastructure and flexible occupancy options.
Property Size9,000 SF
Price / SF$66.56
Days on Market5
Property Features for 2240 Glade St
General Information
Standard status
Active
Size
9,000 SF
Total Parking Spaces
30
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
7,080 SF
Office Build-Out
1,920 SF
Voltage
440 V
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Building Details
Year Built
1965
Buildings
1
Building Size
9,000 SF
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
Source:
Katie-k
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 8:58PM
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 LLC
Investment Insights
Based on property information with market context.
This 9,000 SF flex property combines a renovated 1,920 SF retail and office component with a 7,080 SF warehouse. The office area was updated in 2023 and includes exposed ductwork, large windows, two private offices, an ADA-compliant restroom, and heating and air conditioning. The 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, and gas and electric service are separately metered.
Located at the corner of Glade and Barney with visibility along US-31/Seaway Drive, the property includes 28 paved parking spaces and two ADA-accessible spaces. The two-part configuration supports owner-user occupancy, multi-tenant use, or subleasing, subject to applicable requirements.
Located at the corner of Glade and Barney with visibility along US-31/Seaway Drive, the property includes 28 paved parking spaces and two ADA-accessible spaces. The two-part configuration supports owner-user occupancy, multi-tenant use, or subleasing, subject to applicable requirements.
Key Highlights
- 9,000 SF flex property with separate 1,920 SF office and 7,080 SF warehouse areas
- Office component fully renovated in 2023 with two private offices and ADA‑compliant restroom
- Warehouse includes 3‑phase/440‑volt power, 2 truck bays, 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
Warehouse
$1.50M
$1.31M – $1.75M
NOI $104,828 @ 7.0% cap · market cap 17.50%
Second Best
Office B
$1.42M
$1.24M – $1.65M
NOI $99,147 @ 7.0% cap · market cap 16.55%
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
Lease Details
18 ft
Clear height
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Flex space - Two separately metered areas combine updated office finishes with functional warehouse infrastructure and flexible occupancy options.
Where is this flex space located?
The property is located at 2240 Glade St 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 flex property with separate 1,920 SF office and 7,080 SF warehouse areas; Office component fully renovated in 2023 with two private offices and ADA‑compliant restroom; Warehouse includes 3‑phase/440‑volt power, 2 truck bays, 12‑foot overhead door, and 18‑foot ceilings
