Flex Building with Warehouse
New
For Sale
$465,000
536 Oak St, Ferrysburg, MI 49409
Two-level office space includes private offices, central air, and a restroom with shower.
Property Size6,186 SF
Price / SF$75.17
Days on Market2
Property Features for 536 Oak St
General Information
Standard status
Active
Size
6,186 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
4,440 SF
Office Build-Out
1,728 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,318
Building Details
Year Built
1955
Units
1
Listing Agency:
Capstone Real Estate LLC
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:35PM
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 Capstone Real Estate LLC
Investment Insights
Based on property information with market context.
This flex property combines open warehouse space with offices arranged across two levels. The warehouse area has a 10-foot-high, 12-foot-wide overhead door, a kitchenette, a restroom, and daylight windows. The office portion includes two private offices on each level, central air, and a restroom with a shower.
On-site parking is provided, and the property offers access to US-31 for travel through the Tri-Cities area. Built in 1955, the building has a combination of warehouse and office areas.
On-site parking is provided, and the property offers access to US-31 for travel through the Tri-Cities area. Built in 1955, the building has a combination of warehouse and office areas.
Key Highlights
- 4,440 SF of warehouse area and 1,728 SF of office space
- Overhead door measures 10' high by 12' wide
- Four private offices across two office levels
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
$22,123
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
4.76%
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%
$442,460
$442.5K
Cap Rate 7%
$316,043
$316.0K
Cap Rate 9%
$245,811
$245.8K
Market Conditions
NOI Build-Up for 6,186 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
$37.1K $6.00/SF
− Vacancy
−$3.1K −$0.50/SF
EGI
$34.0K $5.50/SF
− OpEx
−$11.9K −$1.93/SF
NOI
$22.1K $3.58/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
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%
$442,460
Cap Rate 7%
$316,043
Cap Rate 9%
$245,811
Alternative Uses
Best Use
Warehouse
$1.49M
$1.30M – $1.74M
NOI $104,148 @ 7.0% cap · market cap 22.40%
Second Best
Industrial
$1.30M
$1.14M – $1.52M
NOI $91,288 @ 7.0% cap · market cap 19.63%
Theoretical Best
Multifamily LT 5
$76.92M
$67.31M – $89.75M
NOI $5,384,721 @ 7.0% cap · market cap 1,158.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49409, MI
180
Population
50
Households
3.6
Avg Household Size
33
Median Age
19%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
1,800
Density / Sq Mi
$47,125
Median Earnings
$165,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level office space includes private offices, central air, and a restroom with shower.
Where is this flex space located?
The property is located at 536 Oak St Ferrysburg, MI.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 4,440 SF of warehouse area and 1,728 SF of office space; Overhead door measures 10' high by 12' wide; Four private offices across two office levels
