Building Details

Year Built 1950

Buildings 1

Building Size 2,000 SF

Construction block

Listing Agency: HomeRealty, LLC

Listed By: Gina J Vis · License #6501309291 Show Phone

Source: Vmrealestatemichigan

Added: Oct 8 Changed: Oct 11 Last Checked: Oct 11 at 2:32PM

Report an Issue

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 HomeRealty, LLC

Investment Insights

Based on property information with market context.

The offering includes a 2,091-square-foot block building on one parcel and a separate parcel of vacant land. Built in 1950, the building has served as a machine shop, fabrication shop, mechanic shop, and marine detailing and maintenance facility. Its features include extensive wiring and conduit, three-phase capability, breakers throughout, an air compressor with air lines, natural gas, two hanging furnace units, and a sub-pump beneath the shop. A new furnace is included, along with a water heater installed in 2015. Electricity also extends to a rear shed. Some equipment is included; the seller’s personal equipment and materials will be removed.

Together, the parcels contain approximately .66 acres. The vacant parcel provides additional land alongside the existing building. Potential applications identified for the property include business use, storage, workspace, or redevelopment; buyers should confirm zoning, permitted uses, utilities, parcel boundaries, and access with the appropriate authorities.

Key Highlights

• Two parcels totaling approximately .66 acres, including a commercial building and separate vacant land
• 2,091‑square‑foot block building, built in 1950
• Three‑phase capability, extensive electrical wiring and conduit, and breakers throughout

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,030

Cap Rate

5.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$540,600 $540.6K

Cap Rate 7%

$386,143 $386.1K

Cap Rate 9%

$300,333 $300.3K

Market Conditions

NOI Build-Up for 2,091 SF

Gross rent

$39.6K $18.96/SF

− Vacancy

−$1.0K −$0.49/SF

EGI

$38.6K $18.47/SF

− OpEx

−$11.6K −$5.54/SF

NOI

$27.0K $12.93/SF

Area

Muskegon County, MI

Vacancy

2.60%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$540,600

Cap Rate 7%

$386,143

Cap Rate 9%

$300,333

Alternative Uses

Best Use

Retail

$386.1K

$337.9K – $450.5K (±1% cap)

NOI $27,030 @ 7.0% cap · market cap 5.41%

Second Best

Industrial

$286.5K

$250.7K – $334.3K (±1% cap)

NOI $20,057 @ 7.0% cap · market cap 4.01%

Theoretical Best

Hotel Hospitality

$19.64M

$17.18M – $22.91M (±1% cap)

NOI $1,374,566 @ 7.0% cap · market cap 274.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Parts Store Pharmacy Parking Lot & Garage Grocery & Convenience Store

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

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

319

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 49461, MI

9,295

Population

4,220

Households

2.2

Avg Household Size

47

Median Age

30%

College-Educated

97%

High-School Grad

43.2 sq mi

ZIP Area

215

Density / Sq Mi

$80,495

Median Household Income

$42,249

Median Earnings

$874

Median Rent

$245,600

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Established Restaurant with Equipped Kitchen

3263 E Colby Street, Whitehall, MI 49461

$475,000

3,300 SF

View details

Restaurant Building with Basement

212 E Colby Street, Whitehall, MI 49461

$315,000

3,120 SF

View details

Updated Storefront with Commercial Kitchen

108 W Colby Street, Whitehall, MI 49461

$260,000

1,288 SF

View details

Three-Screen Theater Building

8171 Whitehall Rd, Whitehall, MI 49461

$619,000

6,000 SF

View details

Gas Station Property

1007 E Colby St, Whitehall, MI 49461

$1,031,457

984 SF

View details

Downtown Whitehall Church For Sale

117 S Division St, Whitehall, MI 49461

$399,000

9,000 SF

View details

Storefront Building with Flexible Uses

210 E Colby Street, Whitehall, MI 49461

$229,000

5,216 SF

View details

White Lake Plaza Shopping Center

1006 E Colby St, Whitehall, MI 49461

$649,900

16,541 SF

View details

Waterfront Triplex with Three Cottages

5768 South Shore Drive, Whitehall, MI 49461

$2,300,000

0.67 Acres

View details

Similar Off Market Nearby

• Dave's Kountry Katering — montague, mi 49437

Frequently Asked Questions

What type of property is this?

Flex space - Two parcels combine a commercial workspace with a separate vacant lot for added flexibility.

Where is this flex space located?

The property is located at 415 S Lake St Whitehall, 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: Two parcels totaling approximately .66 acres, including a commercial building and separate vacant land; 2,091‑square‑foot block building, built in 1950; Three‑phase capability, extensive electrical wiring and conduit, and breakers throughout