Customizable Garage Condos Near Lake
For Sale
$197,200
5070 INDUSTRIAL PARK Drive, Montague, MI 49437
COMMERCIAL - Montague, MI
Property Size1,500 SF
Lot Size0.03 Acres
Price / SF$131.47
Days on Market415
Property Features for 5070 INDUSTRIAL PARK Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Property condition
Under Construction
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Montague
Middle school district
Montague
High school district
Montague
Directions
Head north on US-31, take the Fruitvale Rd exit, turn east onto Fruitvale Rd, then turn north onto Industrial Park Dr.
Subdivision
Muskegon County - M
Standard status
Active
APN
21-515-000-0002-00
Size
1,500 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
Part of 5070 Industrial Park Drive Unit 2
Tax Annual Amount
5000
Legal Description
Part of 5070 Industrial Park Drive Unit 2
Utilities
Heating system
Forced Air
Building Details
Floors in Building
1
Number of units
14
Listing Agency:
Beycome Brokerage Realty LLC
(804) 656-5007
Listed By:
Steven Koleno · License #134784
(804) 656-5007
Added: Jun 23, 2025
Changed: Aug 4
Last Checked: Aug 11 at 6:06PM
MLS# 25031005
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.
These garage condos, built in 2025, offer a customizable solution for storing, working, or enjoying prized possessions. The units feature 20-foot ceilings with the option to add a mezzanine level for extra storage or workspace. Access is facilitated by 14-foot overhead doors suitable for boats, RVs, trailers, or large equipment. Each unit is equipped with 100-amp electrical panels, LED lighting, and full HVAC with heating and cooling. Water, sewer, and sprayed foam insulation are included for year-round comfort and efficiency. Top-tier security is in place. The condos are located in Montague's Industrial Parking, in a secluded wooded area minutes from White Lake and Lake Michigan, and 1 mile from the Montague boat launch. The property is suited for a personal workshop, a business hub, or a secure space.
Key Highlights
- Secure, customizable garage condos perfect for storing vehicles, operating a business, or creating a personal workspace.
- 20‑foot ceilings with mezzanine option, 14‑foot overhead doors, and 100‑amp electrical panels offer unmatched flexibility.
- Full HVAC, water, sewer, and sprayed foam insulation provide year‑round comfort and efficiency.
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
$14,511
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
7.36%
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%
$290,220
$290.2K
Cap Rate 7%
$207,300
$207.3K
Cap Rate 9%
$161,233
$161.2K
Market Conditions
NOI Build-Up for 1,500 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
$22.0K $14.64/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$20.7K $13.82/SF
− OpEx
−$6.2K −$4.15/SF
NOI
$14.5K $9.67/SF
Area
Muskegon County, MI
Vacancy
5.60%
Lease Rate
$14.64 /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%
$290,220
Cap Rate 7%
$207,300
Cap Rate 9%
$161,233
Alternative Uses
Best Use
Retail
$277.0K
$242.4K – $323.2K
NOI $19,390 @ 7.0% cap · market cap 9.83%
Second Best
Self Storage
$207.3K
$181.4K – $241.9K
NOI $14,511 @ 7.0% cap · market cap 7.36%
Theoretical Best
Hotel Hospitality
$14.09M
$12.33M – $16.43M
NOI $986,059 @ 7.0% cap · market cap 500.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49437, MI
6,928
Population
3,229
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
96%
High-School Grad
65.6 sq mi
ZIP Area
106
Density / Sq Mi
$77,224
Median Household Income
$39,356
Median Earnings
$772
Median Rent
$201,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Premium garage condos for storage, work, or recreation near White Lake.
Where is this parking lot & garage located?
The property is located at 5070 INDUSTRIAL PARK Drive Montague, MI.
What is the asking price?
The asking price for this property is $197,200.
What are key features of this property?
This property features: Secure, customizable garage condos perfect for storing vehicles, operating a business, or creating a personal workspace.; 20‑foot ceilings with mezzanine option, 14‑foot overhead doors, and 100‑amp electrical panels offer unmatched flexibility.; Full HVAC, water, sewer, and sprayed foam insulation provide year‑round comfort and efficiency.
