Finished Flex Warehouse
For Sale
$209,900
2695 Hein Road, Muskegon, MI 49445
Immaculate steel unit with finished interior, 18-foot ceilings, and a 14x14 overhead door plus full bath and utilities.
Property Size1,500 SF
Price / SF$139.93
Days on Market98
Property Features for 2695 Hein Road
General Information
Standard status
Active
Size
1,500 SF
Property subtype
General Commercial
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
1
Heavy Power
Yes
Amenities
3
Building Details
Year Built
2025
Listing Agency:
RE/MAX Lakeshore
(616) 638-3900
Listed By:
Sandi Gentry · License #6506045021
(616) 638-3900
Source:
Xome
Added: May 17
Changed: Aug 19
Last Checked: Aug 22 at 4:46AM
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 RE/MAX Lakeshore
Investment Insights
Based on property information with market context.
Unit C-2 is an immaculate 25 x 60 steel building with a fully finished interior. The space is built with 6-inch concrete floors and features soaring 18-foot ceilings with lighting and a ceiling fan. A 14 x 14 overhead door provides convenient loading and access for goods and equipment.
The unit includes a full bath and is supported by 3-phase power, city water and sewer, and two mini-split systems for heating and cooling. Fast fiber internet is available, which can support day-to-day business connectivity.
This setup offers a practical combination of warehouse functionality and ready-to-use interior finishes, suited to users who want space that can serve operational needs while also accommodating office-style use. The professionally maintained association is $75 per month, covering snow removal and common area upkeep. The property is located just minutes from Highway 31, providing convenient access for employees, deliveries, and visitors.
The unit includes a full bath and is supported by 3-phase power, city water and sewer, and two mini-split systems for heating and cooling. Fast fiber internet is available, which can support day-to-day business connectivity.
This setup offers a practical combination of warehouse functionality and ready-to-use interior finishes, suited to users who want space that can serve operational needs while also accommodating office-style use. The professionally maintained association is $75 per month, covering snow removal and common area upkeep. The property is located just minutes from Highway 31, providing convenient access for employees, deliveries, and visitors.
Key Highlights
- 25 x 60 steel unit with a fully finished interior and 18' ceilings with lights and a ceiling fan
- 14 x 14 overhead door for convenient loading and access
- Built with 6'' concrete floors and includes a full bath
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
$17,471
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
8.32%
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%
$349,420
$349.4K
Cap Rate 7%
$249,586
$249.6K
Cap Rate 9%
$194,122
$194.1K
Market Conditions
NOI Build-Up for 1,500 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
$21.1K $14.04/SF
− Vacancy
−$505 −$0.34/SF
EGI
$20.6K $13.70/SF
− OpEx
−$3.1K −$2.06/SF
NOI
$17.5K $11.65/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /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%
$349,420
Cap Rate 7%
$249,586
Cap Rate 9%
$194,122
Alternative Uses
Best Use
Warehouse
$249.6K
$218.4K – $291.2K
NOI $17,471 @ 7.0% cap · market cap 8.32%
Second Best
Industrial
$205.5K
$179.9K – $239.8K
NOI $14,388 @ 7.0% cap · market cap 6.85%
Theoretical Best
Hotel Hospitality
$14.09M
$12.33M – $16.43M
NOI $986,059 @ 7.0% cap · market cap 469.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
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.
Frequently Asked Questions
What type of property is this?
Flex space - Immaculate steel unit with finished interior, 18-foot ceilings, and a 14x14 overhead door plus full bath and utilities.
Where is this flex space located?
The property is located at 2695 Hein Road Muskegon, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 25 x 60 steel unit with a fully finished interior and 18' ceilings with lights and a ceiling fan; 14 x 14 overhead door for convenient loading and access; Built with 6'' concrete floors and includes a full bath
