Renovated Flex Space with
For Sale
$599,000
2240 Glade Street, Muskegon, MI 49444
Commercial Sale, Muskegon, MI
Property Size9,000 SF
Lot Size0.92 Acres
Price / SF$66.56
Days on Market47
Property Features for 2240 Glade Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C3- HWY
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Parking
30
Elementary school district
Muskegon Hts
Middle school district
Muskegon Hts
High school district
Muskegon Hts
Directions
US-31/Seaway Drive to W Hackley; East on Hackley to Glad; South on Glade to property on east side of street.
Standard status
Active
APN
26-185-082-0010-00
Size
9,000 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MUSKEGON HEIGHTS, PLAT OF CITY OF MUSKEGON HEIGHTS BLK 82 LOTS 10 TO 15 INC TOGETHER WITH VACATED N&S ALLEY RUNN
Tax Annual Amount
11381
Legal Description
CITY OF MUSKEGON HEIGHTS, PLAT OF CITY OF MUSKEGON HEIGHTS BLK 82 LOTS 10 TO 15 INC TOGETHER WITH VACATED N&S ALLEY RUNN
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Building materials
Aluminum Siding, Block
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 502-1155
Added: Jul 28
Changed: Sep 12
Last Checked: Sep 12 at 9:06PM
MLS# 26038865
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 9,000 SF flex property at 2240 Glade Street includes a 1,920 SF office-retail component and a 7,080 SF warehouse. Renovated in 2023, the front space has large windows, exposed ductwork, two private offices, an ADA-compliant restroom, and heating and air conditioning. The warehouse includes two offices, two restrooms, partial central air, two truck bays, a 12-foot overhead door, 18-foot ceilings, and 3-phase/440-volt power.
Set on 0.92 acres at the corner of Glade and Barney, the property has visibility along US-31/Seaway Drive and 28 paved parking spaces plus two ADA-accessible spaces. Gas and electric service are separately metered, and a portion of the roof has been replaced with metal roofing. Built in 1965, the building also has aluminum siding and block construction, with natural gas available.
Set on 0.92 acres at the corner of Glade and Barney, the property has visibility along US-31/Seaway Drive and 28 paved parking spaces plus two ADA-accessible spaces. Gas and electric service are separately metered, and a portion of the roof has been replaced with metal roofing. Built in 1965, the building also has aluminum siding and block construction, with natural gas available.
Key Highlights
- 9,000 SF flex property on 0.92 acres
- 1,920 SF office‑retail area renovated in 2023
- 7,080 SF warehouse with 3‑phase/440‑volt power
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
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Current Use
Lease Details
18 ft
Clear height
1
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-part commercial facility combines updated office-retail space with functional warehouse and light industrial improvements.
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 flex property on 0.92 acres; 1,920 SF office‑retail area renovated in 2023; 7,080 SF warehouse with 3‑phase/440‑volt power
