Flex Space with
For Sale
$3,900,000
247 Morrissey Dr NE, Comstock Park, MI 49321
I-zoned facility combines industrial space, offices, product display areas, and fenced exterior storage.
Property Size15,140 SF
Lot Size2.69 Acres
Price / SF$257.60
Days on Market392
Property Features for 247 Morrissey Dr NE
General Information
Standard status
Active
Size
15,140 SF
Lot size
2.69 Acres
Property subtype
Industrial
Zoning
I
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
20 ft
Clear Span
Yes
Warehouse Space
8,468 SF
Office Build-Out
5,820 SF
Drive-In Doors
1
Amenities
fenced-in outside parking/storage
air lines
vehicle exhaust extraction systems
LED lights
trench drains
translucent overhead doors
Building Details
Year Built
2022
Buildings
2
Building Size
15,140 SF
Listing Agency:
Advantage Commercial Real Estate
(616) 990-6418
Listed By:
Tim Van Noord · License #6501294153
(616) 990-6418
Source:
Carwm.resimplifi
Added: Aug 6, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:43PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
Constructed in 2022, this 15,140-square-foot flex property occupies 2.69 acres and includes a 14,288-square-foot primary building. The layout pairs 8,468 square feet of clearspan industrial area with an attached 5,820-square-foot office and showroom section. Industrial features include an 18- to 20-foot ceiling range, a 14-foot-by-14-foot drive-in door, air lines, vehicle exhaust extraction, LED lighting, and trench drains. The showroom has three translucent overhead doors.
An additional 814-square-foot glass elevator display building fronts US-131 and provides space for three vehicles, with the structure reaching 44 feet in height. The property also includes fenced outdoor parking and storage. Located at 247 Morrissey Dr NE in Comstock Park, the facility offers direct US-131 highway frontage and combines customer-facing display areas with industrial and office functions.
An additional 814-square-foot glass elevator display building fronts US-131 and provides space for three vehicles, with the structure reaching 44 feet in height. The property also includes fenced outdoor parking and storage. Located at 247 Morrissey Dr NE in Comstock Park, the facility offers direct US-131 highway frontage and combines customer-facing display areas with industrial and office functions.
Key Highlights
- 15,140 SF facility on 2.69 acres, constructed in 2022
- 8,468 SF of clearspan industrial space with 18'-20' ceilings
- 14' x 14' drive‑in door, air lines, exhaust extraction, LED lighting, and trench drains
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
$157,167
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
4.03%
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%
$3,143,340
$3.1M
Cap Rate 7%
$2,245,243
$2.2M
Cap Rate 9%
$1,746,300
$1.7M
Market Conditions
NOI Build-Up for 15,140 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
$234.4K $15.48/SF
− Vacancy
−$9.8K −$0.65/SF
EGI
$224.5K $14.83/SF
− OpEx
−$67.4K −$4.45/SF
NOI
$157.2K $10.38/SF
Area
Kent County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$3,143,340
Cap Rate 7%
$2,245,243
Cap Rate 9%
$1,746,300
Alternative Uses
Best Use
Retail
$2.25M
$1.96M – $2.62M
NOI $157,167 @ 7.0% cap · market cap 4.03%
Second Best
Office B
$2.16M
$1.89M – $2.52M
NOI $151,276 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,552 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49321, MI
16,764
Population
6,693
Households
2.5
Avg Household Size
36
Median Age
29%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
637
Density / Sq Mi
$74,691
Median Household Income
$41,855
Median Earnings
$1,073
Median Rent
$244,300
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 - I-zoned facility combines industrial space, offices, product display areas, and fenced exterior storage.
Where is this flex space located?
The property is located at 247 Morrissey Dr NE Comstock Park, MI.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 15,140 SF facility on 2.69 acres, constructed in 2022; 8,468 SF of clearspan industrial space with 18'-20' ceilings; 14' x 14' drive‑in door, air lines, exhaust extraction, LED lighting, and trench drains
