Flex Space with 16-Foot
New
For Sale
$480,000
3589 Commercial Boulevard, Saugatuck, MI 49453
Commercial Sale, Saugatuck, MI
Property Size2,400 SF
Price / SF$200
Days on Market3
Property Features for 3589 Commercial Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
NorthShore Garages
Elementary school district
Saugatuck-Douglas
Middle school district
Saugatuck-Douglas
High school district
Saugatuck-Douglas
Standard status
Active
APN
20-147-022-00
Size
2,400 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
UNIT 22 COMMERCIAL BLVD NORTH BUSINESS CONDOMINIUM SEC 3 T3N R16W SURVEY: 2276 SF (2024)
Tax Annual Amount
6283
Legal Description
UNIT 22 COMMERCIAL BLVD NORTH BUSINESS CONDOMINIUM SEC 3 T3N R16W SURVEY: 2276 SF (2024)
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2022
Floors in Building
1
Number of units
1
Building materials
Metal Siding, Stone
Roof type
Metal
Listing Agency:
Beacon Sotheby's International Realty
(269) 673-7133
Listed By:
Chad Van Horn
(269) 217-0122
Added: Sep 18
Last Checked: Sep 20 at 9:06AM
MLS# 26049974
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2022, this 2,400-square-foot flex space offers 16-foot ceilings and a practical footprint for storage, display, work, or business operations. The property is suited to automobiles, boats, motorcycles, equipment, inventory, a design studio, specialty trade, private office, or e-commerce use, as described in the property information.
The building features metal siding, stone elements, a metal roof, forced-air heating, central air conditioning, cable availability, and one bathroom. Located at 3589 Commercial Boulevard in Saugatuck, Michigan, the space provides a dedicated setting that can support both commercial activities and enthusiast-oriented storage or display.
The building features metal siding, stone elements, a metal roof, forced-air heating, central air conditioning, cable availability, and one bathroom. Located at 3589 Commercial Boulevard in Saugatuck, Michigan, the space provides a dedicated setting that can support both commercial activities and enthusiast-oriented storage or display.
Key Highlights
- 2,400 square feet of flex space
- 16‑foot ceilings accommodate vehicles, boats, equipment, inventory, or display
- Built in 2022
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
$24,914
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
5.19%
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%
$498,280
$498.3K
Cap Rate 7%
$355,914
$355.9K
Cap Rate 9%
$276,822
$276.8K
Market Conditions
NOI Build-Up for 2,400 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
$37.2K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$35.6K $14.83/SF
− OpEx
−$10.7K −$4.45/SF
NOI
$24.9K $10.38/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$498,280
Cap Rate 7%
$355,914
Cap Rate 9%
$276,822
Alternative Uses
Best Use
Retail
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 5.19%
Second Best
Industrial
$160.3K
$140.3K – $187.1K
NOI $11,223 @ 7.0% cap · market cap 2.34%
Theoretical Best
Hotel Hospitality
$22.54M
$19.72M – $26.29M
NOI $1,577,694 @ 7.0% cap · market cap 328.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49453, MI
2,950
Population
2,113
Households
1.4
Avg Household Size
53
Median Age
52%
College-Educated
98%
High-School Grad
10.4 sq mi
ZIP Area
284
Density / Sq Mi
$101,250
Median Household Income
$49,970
Median Earnings
$766
Median Rent
$487,400
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
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Frequently Asked Questions
What type of property is this?
Flex space - The building combines forced-air heat, central air, and a bathroom for adaptable commercial use.
Where is this flex space located?
The property is located at 3589 Commercial Boulevard Saugatuck, MI.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 2,400 square feet of flex space; 16‑foot ceilings accommodate vehicles, boats, equipment, inventory, or display; Built in 2022
