Industrial Warehouse with Loading
For Sale
$2,250,000
2505 Thornwood St SW, Wyoming, MI 49519
Industrial facility with 14-16’ clear heights, wet fire suppression, heavy power, and six loading docks.
Property Size33,200 SF
Price / SF$67.77
Days on Market50
Property Features for 2505 Thornwood St SW
General Information
Standard status
Active
Size
33,200 SF
Property subtype
Industrial
Zoning
I-2
Amenities
Vacant
Building Details
Year Built
1946
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Lane Wells · License #6501418494
(269) 240-0438
Source:
Carwm.resimplifi
Added: Jul 21
Changed: Sep 8
Last Checked: Sep 8 at 4:03AM
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.
This industrial property offers a total size of 33,200 square feet, combining an office area of approximately 2,000 square feet with a warehouse component. The office includes private offices, a conference room, a break area, and a warehouse manager’s office within the warehouse. In the warehouse, ceiling heights range from 14 feet to 16 feet and the building includes a wet fire suppression system with a new main.
The electrical and loading features are a key part of the facility. The property provides 800 amps of 480V, 3-phase power and includes six loading docks and three drive-in doors. Additional practical amenities include ample parking.
With its combination of office space, multiple loading access points, and substantial power, the building supports industrial users looking for a functional manufacturing, distribution, or warehousing setup.
The electrical and loading features are a key part of the facility. The property provides 800 amps of 480V, 3-phase power and includes six loading docks and three drive-in doors. Additional practical amenities include ample parking.
With its combination of office space, multiple loading access points, and substantial power, the building supports industrial users looking for a functional manufacturing, distribution, or warehousing setup.
Key Highlights
- 33,200 SF industrial building built in 1946, located about 2 miles from I‑96 in Wyoming, Michigan
- Warehouse ceiling heights of 14’ to 16’ clear
- Wet fire suppression system with new main
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
$188,523
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
8.38%
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%
$3,770,460
$3.8M
Cap Rate 7%
$2,693,186
$2.7M
Cap Rate 9%
$2,094,700
$2.1M
Market Conditions
NOI Build-Up for 33,200 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
$228.4K $6.88/SF
− Vacancy
−$6.6K −$0.20/SF
EGI
$221.8K $6.68/SF
− OpEx
−$33.3K −$1.00/SF
NOI
$188.5K $5.68/SF
Area
Kent County, MI
Vacancy
2.90%
Lease Rate
$6.88 /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%
$3,770,460
Cap Rate 7%
$2,693,186
Cap Rate 9%
$2,094,700
Alternative Uses
Best Use
Warehouse
$2.69M
$2.36M – $3.14M
NOI $188,523 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.94M
$5.20M – $6.93M
NOI $415,662 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rapid Record Storage — 3005 Remico St SW, Grandville, MI 49418
- Richter Self Storage — 2740 28th St SW, Wyoming, MI 49519
- Big Brother Moving & Storage — 2823 Clydon Ave SW, Wyoming, MI 49519
- Square Deal Distribution Center — 2100 Byron Center Ave SW, Wyoming, MI 49519
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility with 14-16’ clear heights, wet fire suppression, heavy power, and six loading docks.
Where is this warehouse located?
The property is located at 2505 Thornwood St SW Wyoming, MI.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 33,200 SF industrial building built in 1946, located about 2 miles from I‑96 in Wyoming, Michigan; Warehouse ceiling heights of 14’ to 16’ clear; Wet fire suppression system with new main
