Warehouse Unit with Workshop
For Sale
$165,000
26-791 Case Karsten Dr, Zeeland, MI 49464
Purpose-built unit offers storage, workshop, hobby, and recreational equipment applications with utility-ready improvements.
Property Size768 SF
Price / SF$214.84
Days on Market21
Property Features for 26-791 Case Karsten Dr
General Information
Standard status
Active
Size
768 SF
Taxes and HOA fees
Annual Taxes
$525
Building Details
Construction
steel walls
Listing Agency:
Coldwell Banker Woodland Schmidt ART Office
(616) 772-5478
Listed By:
Derrek Sterken · License #6501451743
(616) 403-3442
Source:
Exprealty
Added: Sep 1
Changed: Sep 20
Last Checked: Sep 20 at 2:28PM
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 Coldwell Banker Woodland Schmidt ART Office
Investment Insights
Based on property information with market context.
This warehouse unit is designed for flexible storage and personal or small-business use. The 16' x 48' configuration provides room for boats, RVs, vehicles, recreational equipment, a workshop, hobby activities, or a private hangout. Improvements include steel wall construction, a unit heater, a cold water spigot, and plumbing in place for a bathroom.
The property is located off Riley St in Zeeland, Michigan, at 26-791 Case Karsten Dr. Construction is scheduled for completion in October.
The property is located off Riley St in Zeeland, Michigan, at 26-791 Case Karsten Dr. Construction is scheduled for completion in October.
Key Highlights
- 16' x 48' warehouse unit
- Steel wall construction with unit heater
- Cold water spigot installed
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
$12,930
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
7.84%
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%
$258,600
$258.6K
Cap Rate 7%
$184,714
$184.7K
Cap Rate 9%
$143,667
$143.7K
Market Conditions
NOI Build-Up for 768 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
$16.6K $21.60/SF
− Vacancy
−$1.4K −$1.79/SF
EGI
$15.2K $19.81/SF
− OpEx
−$2.3K −$2.97/SF
NOI
$12.9K $16.84/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$21.60 /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%
$258,600
Cap Rate 7%
$184,714
Cap Rate 9%
$143,667
Alternative Uses
Best Use
Warehouse
$184.7K
$161.6K – $215.5K
NOI $12,930 @ 7.0% cap · market cap 7.84%
Second Best
Industrial
$161.9K
$141.7K – $188.9K
NOI $11,333 @ 7.0% cap · market cap 6.87%
Theoretical Best
Multifamily LT 5
$9.55M
$8.36M – $11.14M
NOI $668,520 @ 7.0% cap · market cap 405.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49464, MI
29,654
Population
11,001
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
73.1 sq mi
ZIP Area
406
Density / Sq Mi
$97,573
Median Household Income
$47,030
Median Earnings
$976
Median Rent
$316,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Purpose-built unit offers storage, workshop, hobby, and recreational equipment applications with utility-ready improvements.
Where is this warehouse located?
The property is located at 26-791 Case Karsten Dr Zeeland, MI.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 16' x 48' warehouse unit; Steel wall construction with unit heater; Cold water spigot installed
