Building Details

Buildings 2

Stories 1

Listing Agency: First Companies Inc

Listed By: Matt Abraham · License #MI Show Phone

Source: Crexi

Added: Feb 11, 2025 Changed: Aug 14 Last Checked: Jul 24 at 3:04PM

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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 First Companies Inc

Investment Insights

Based on property information with market context.

This sale offering includes two flex industrial buildings totaling 68,373 square feet of flexible use space. 4850 E. Fulton St. provides 35,875 SF with approximately 3,800 SF of office space, including in-floor heating, an open cube area, private offices, a conference room, and restrooms. Its warehouse portion offers 21’–23’ ceiling heights, approximately 2,000 amps of power, a mezzanine, two docks, and two drive-in doors.

4870 E. Fulton St. contains 32,498 SF of open warehouse space with a restroom. The facility includes 23’–25’ ceiling heights, approximately 2,000 amps of power with buss bar, two docks, and three drive-in doors.

According to the remarks, the properties are located on Fulton St. near Ada with quick and easy access to I-96. Combined, the buildings are configured to support light manufacturing, warehousing, and distribution uses, depending on operational needs.

Key Highlights

• Two industrial buildings total 68,373 SF of flexible light‑manufacturing, warehousing, and distribution space.
• 4850 Fulton St: 35,875 SF total with ~3,800 SF office space, including in‑floor heating, open cube area, private offices, conference room, and restrooms.
• 4850 Fulton St warehouse: 21'-23' ceiling heights, 2,000‑amps power, buss bar, mezzanine, 2 docks, and 2 drive‑in doors.

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

$388,250

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

6.53%

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%

$7,765,000 $7.8M

Cap Rate 7%

$5,546,429 $5.5M

Cap Rate 9%

$4,313,889 $4.3M

Market Conditions

NOI Build-Up for 68,373 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

$470.4K $6.88/SF

− Vacancy

−$13.6K −$0.20/SF

EGI

$456.8K $6.68/SF

− OpEx

−$68.5K −$1.00/SF

NOI

$388.2K $5.68/SF

Area

Kent County, MI

Vacancy

2.90%

Lease Rate

$6.88 /SF/Yr

Expense Ratio

15.00%

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%

$7,765,000

Cap Rate 7%

$5,546,429

Cap Rate 9%

$4,313,889

Alternative Uses

Best Use

Warehouse

$5.55M

$4.85M – $6.47M (±1% cap)

NOI $388,250 @ 7.0% cap · market cap 6.53%

Second Best

Industrial

$4.57M

$4.00M – $5.33M (±1% cap)

NOI $319,735 @ 7.0% cap · market cap 5.37%

Theoretical Best

Office A

$12.23M

$10.70M – $14.27M (±1% cap)

NOI $856,026 @ 7.0% cap · market cap 14.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Perforated Tubes, Inc. Factory

Suggested Use

Top Pick Restaurant Auto Repair Shop Spa & Massage Center Dental Office Hair Salon Law Firm

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

Location Intelligence

Trade Area within ½ mile

102

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 49301, MI

20,665

Population

7,383

Households

2.8

Avg Household Size

40

Median Age

70%

College-Educated

98%

High-School Grad

56.8 sq mi

ZIP Area

364

Density / Sq Mi

$173,008

Median Household Income

$83,039

Median Earnings

$2,074

Median Rent

$510,000

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?

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Frequently Asked Questions

What type of property is this?

Flex space - Two industrial buildings total 68,373 SF, featuring office space, high clear heights, and multiple dock and drive-in doors.

Where is this flex space located?

The property is located at 4850 & 4870 E Fulton St. Ada MI Ada, MI.

What is the asking price?

The asking price for this property is $5,950,000.

What are key features of this property?

This property features: Two industrial buildings total 68,373 SF of flexible light‑manufacturing, warehousing, and distribution space.; 4850 Fulton St: 35,875 SF total with ~3,800 SF office space, including in‑floor heating, open cube area, private offices, conference room, and restrooms.; 4850 Fulton St warehouse: 21'-23' ceiling heights, 2,000‑amps power, buss bar, mezzanine, 2 docks, and 2 drive‑in doors.