Flex Space With Shop
For Sale
$280,000
2569 111TH AVE, Allegan, MI 49010
Industrial-zoned building with finished offices, a kitchenette, bathrooms, and a dedicated shop area.
Property Size4,000 SF
Price / SF$70
Days on Market67
Property Features for 2569 111TH AVE
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Industrial
Zoning
Industrial
Additional Details
Highway Access
Yes
Amenities
3
Composition
120217
Building Details
Year Built
2015
Building Size
4,000 SF
Listing Agency:
Keller Williams GR East
(616) 575-1800
Listed By:
Lucas Howard · License #6502388024
(616) 893-6478
Source:
Xome
Added: Jul 6
Changed: Sep 9
Last Checked: Sep 9 at 4:14PM
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 Keller Williams GR East
Investment Insights
Based on property information with market context.
This flex property combines finished office space with a functional shop area in a 4,000-square-foot commercial building completed in 2015. The office portion includes a kitchenette and bathroom, while the shop provides a floor drain, thick concrete suitable for heavy equipment, chemical- and slip-resistant industrial floor epoxy, and a mini-split heating system. A second bathroom serves the building.
The property is positioned just south of Allegan near M-89 and carries industrial zoning. The source information identifies potential applications including distribution, manufacturing, storage, and processing, subject to applicable requirements.
The property is positioned just south of Allegan near M-89 and carries industrial zoning. The source information identifies potential applications including distribution, manufacturing, storage, and processing, subject to applicable requirements.
Key Highlights
- 4,000 SF commercial building completed in 2015
- Industrial zoning near M‑89, just south of Allegan
- Finished office area with kitchenette and bathroom
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
$22,714
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
8.11%
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%
$454,280
$454.3K
Cap Rate 7%
$324,486
$324.5K
Cap Rate 9%
$252,378
$252.4K
Market Conditions
NOI Build-Up for 4,000 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
$27.5K $6.88/SF
− Vacancy
−$798 −$0.20/SF
EGI
$26.7K $6.68/SF
− OpEx
−$4.0K −$1.00/SF
NOI
$22.7K $5.68/SF
Area
Allegan 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%
$454,280
Cap Rate 7%
$324,486
Cap Rate 9%
$252,378
Alternative Uses
Best Use
Warehouse
$324.5K
$283.9K – $378.6K
NOI $22,714 @ 7.0% cap · market cap 8.11%
Second Best
Industrial
$267.2K
$233.8K – $311.8K
NOI $18,705 @ 7.0% cap · market cap 6.68%
Theoretical Best
Hotel Hospitality
$37.56M
$32.87M – $43.82M
NOI $2,629,489 @ 7.0% cap · market cap 939.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial 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 - Industrial-zoned building with finished offices, a kitchenette, bathrooms, and a dedicated shop area.
Where is this flex space located?
The property is located at 2569 111TH AVE Allegan, MI.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 4,000 SF commercial building completed in 2015; Industrial zoning near M‑89, just south of Allegan; Finished office area with kitchenette and bathroom
