Office Condo with Basement
For Sale
$349,900
3598 Green Pointe Center, Hamilton, MI 49419
Flexible professional workspace includes private offices, collaborative areas, kitchenette, restroom, and additional storage capacity.
Property Size1,954 SF
Days on Market49
Property Features for 3598 Green Pointe Center
General Information
Standard status
Active
Size
1,954 SF
Property subtype
Commercial
Additional Details
Floor
Main Level
Highway Access
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,195
Amenities
reception area
conference area
kitchenette
restroom
full basement for storage
low-maintenance landscaping
Building Details
Building Size
1,954 SF
Year Built
2006
Buildings
1
Stories
1
Units
1
Construction
brick
Listing Agency:
Greenridge Realty Hamilton
(616) 648-6290
Listed By:
Jack Thomas Dekker · License #6501358291
Source:
Erareardonrealty
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 25 at 9:15AM
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 Greenridge Realty Hamilton
Investment Insights
Based on property information with market context.
This office condo provides just over 1,900 square feet of commercial workspace, with a reception area, conference area, and six private workspaces arranged with cubicles. The main level also includes a kitchenette equipped with a dishwasher and refrigerator, plus a restroom. A full basement adds storage space, while spancrete floors and brick construction provide durable building features. The property was built in 2006 and includes low-maintenance landscaping. Its proximity to highly traveled M-40 supports convenient access and exposure. Some office furniture may be included, subject to the terms of the transaction.
Key Highlights
- Just over 1,900 square feet of office space
- Six private workspaces divided by cubicles
- Reception area and conference area on the main level
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
$21,526
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
6.15%
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%
$430,520
$430.5K
Cap Rate 7%
$307,514
$307.5K
Cap Rate 9%
$239,178
$239.2K
Market Conditions
NOI Build-Up for 1,954 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
$33.3K $17.04/SF
− Vacancy
−$4.6K −$2.35/SF
EGI
$28.7K $14.69/SF
− OpEx
−$7.2K −$3.67/SF
NOI
$21.5K $11.02/SF
Area
Allegan County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$430,520
Cap Rate 7%
$307,514
Cap Rate 9%
$239,178
Alternative Uses
Best Use
Office B
$307.5K
$269.1K – $358.8K
NOI $21,526 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$18.35M
$16.06M – $21.41M
NOI $1,284,506 @ 7.0% cap · market cap 367.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 49419, MI
8,720
Population
2,983
Households
2.9
Avg Household Size
37
Median Age
26%
College-Educated
96%
High-School Grad
73.2 sq mi
ZIP Area
119
Density / Sq Mi
$92,708
Median Household Income
$51,644
Median Earnings
$301,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional workspace includes private offices, collaborative areas, kitchenette, restroom, and additional storage capacity.
Where is this office units located?
The property is located at 3598 Green Pointe Center Hamilton, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Just over 1,900 square feet of office space; Six private workspaces divided by cubicles; Reception area and conference area on the main level
