Building Details

Year Built 1998

Buildings 2

Tenancy Single

Listing Agency: Keller Williams GR East

Listed By: Jason R Carpenter, Jason R Carpenter · License #6502430921 Show Phone

Source: Katie-k

Added: Aug 3 Changed: Oct 12 Last Checked: Oct 7 at 5:10PM

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Investment Insights

Based on property information with market context.

This standalone office property in Ravenna, Michigan, contains 640 square feet of workspace and was built in 1998. The interior includes a practical office arrangement and one bathroom, while the paved parking lot provides on-site vehicle accommodation.

A separate garage adds storage or work area beyond the main building. The property currently functions as an administrative office for a propane company and may accommodate professional users such as accountants, contractors, consultants, or other small businesses seeking a dedicated office setting.

Key Highlights

• 640‑square‑foot standalone office building
• Built in 1998
• Paved parking lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$7,050

Cap Rate

3.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$141,000 $141.0K

Cap Rate 7%

$100,714 $100.7K

Cap Rate 9%

$78,333 $78.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 640 SF

Gross rent

$10.9K $17.04/SF

− Vacancy

−$1.5K −$2.35/SF

EGI

$9.4K $14.69/SF

− OpEx

−$2.4K −$3.67/SF

NOI

$7.1K $11.02/SF

Area

Muskegon 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 Rate 5%

$141,000

Cap Rate 7%

$100,714

Cap Rate 9%

$78,333

Alternative Uses

Best Use

Office B

$100.7K

$88.1K – $117.5K (±1% cap)

NOI $7,050 @ 7.0% cap · market cap 3.13%

Second Best

—

—

no second resolved use

Theoretical Best

Hotel Hospitality

$6.01M

$5.26M – $7.01M (±1% cap)

NOI $420,718 @ 7.0% cap · market cap 186.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Van Andel Propane Propane Supplier

Suggested Use

Top Pick Real Estate Agency Building Supply Parking Lot & Garage Electrical Service Restaurant Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

78

Businesses Nearby

Explore this area Business Placement

Demographics for 49451, MI

6,091

Population

2,433

Households

2.5

Avg Household Size

39

Median Age

20%

College-Educated

94%

High-School Grad

83.6 sq mi

ZIP Area

73

Density / Sq Mi

$67,383

Median Household Income

$40,266

Median Earnings

$951

Median Rent

$197,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Office building - Paved parking and a detached garage complement the practical small-business layout.

Where is this office building located?

The property is located at 3805 S Ravenna Rd Ravenna, MI.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: 640‑square‑foot standalone office building; Built in 1998; Paved parking lot