Flex Building with Fenced
New
For Sale
$499,900
3015 S Brooks Rd, Muskegon, MI 49444
Separate office and warehouse areas support a range of commercial operations, with outdoor storage space behind the building.
Property Size5,800 SF
Price / SF$86.19
Days on Market3
Property Features for 3015 S Brooks Rd
General Information
Standard status
Active
Size
5,800 SF
Building Details
Year Built
1996
Listing Agency:
Five Star Real Estate - N Musk
Listed By:
Jenny Locke · License #6501422695
(231) 638-2081
Source:
Katie-k
Added: Sep 30
Last Checked: Oct 1 at 5:06PM
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 Five Star Real Estate - N Musk
Investment Insights
Based on property information with market context.
Built in 1996, this 5,800-SF flex property combines 4,640 SF of heated warehouse area with 1,160 SF of office space. The warehouse has 14' ceilings, a 10' overhead door, a truck bay, 230 three-phase power, and a full bathroom with shower. LED lighting is installed throughout. The office portion includes two private offices, a kitchen, a break room, and a second bathroom.
The property encompasses close to 2 acres. Its rear area is fenced for outdoor storage, and the site also has a large paved parking lot and a lighted ground sign. It is less than 4 miles east of US-31.
The property encompasses close to 2 acres. Its rear area is fenced for outdoor storage, and the site also has a large paved parking lot and a lighted ground sign. It is less than 4 miles east of US-31.
Key Highlights
- 5,800 SF total, including 4,640 SF of warehouse and 1,160 SF of office space
- Heated warehouse with 14' ceilings, a 10' overhead door, and a truck bay
- 230 three‑phase power
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
$25,039
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
5.01%
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%
$500,780
$500.8K
Cap Rate 7%
$357,700
$357.7K
Cap Rate 9%
$278,211
$278.2K
Market Conditions
NOI Build-Up for 5,800 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
$39.7K $6.84/SF
− Vacancy
−$1.2K −$0.20/SF
EGI
$38.5K $6.64/SF
− OpEx
−$13.5K −$2.32/SF
NOI
$25.0K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
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%
$500,780
Cap Rate 7%
$357,700
Cap Rate 9%
$278,211
Alternative Uses
Best Use
Warehouse
$965.1K
$844.5K – $1.13M
NOI $67,556 @ 7.0% cap · market cap 13.51%
Second Best
Industrial
$794.8K
$695.4K – $927.2K
NOI $55,634 @ 7.0% cap · market cap 11.13%
Theoretical Best
Hotel Hospitality
$54.47M
$47.66M – $63.55M
NOI $3,812,760 @ 7.0% cap · market cap 762.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49444, MI
26,281
Population
11,635
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
1,064
Density / Sq Mi
$52,143
Median Household Income
$34,423
Median Earnings
$941
Median Rent
$159,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Separate office and warehouse areas support a range of commercial operations, with outdoor storage space behind the building.
Where is this flex space located?
The property is located at 3015 S Brooks Rd Muskegon, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 5,800 SF total, including 4,640 SF of warehouse and 1,160 SF of office space; Heated warehouse with 14' ceilings, a 10' overhead door, and a truck bay; 230 three‑phase power
