Flex Space with Overhead
For Sale
$1,150,000
6398 Blue Star Highway, Saugatuck, MI 49453
LAND - Saugatuck, MI
Property Size4,000 SF
Lot Size3.27 Acres
Price / SF$287.50
Days on Market85
Property Features for 6398 Blue Star Highway
General Information
Property type
Land
Property subtype
Other
Zoning description
201 COMMERCIAL-
Lot features
Level, Buildable, Building, Cleared, Corner Lot
Elementary school district
Saugatuck-Douglas
Middle school district
Saugatuck-Douglas
High school district
Saugatuck-Douglas
Directions
See Map
Standard status
Active
APN
20-002-005-02
Lot size
3.27 Acres
Taxes and HOA fees
Tax Year
9999
Tax Description
COM NW COR TH S 01DEG 14'25'' E 515.13' TO POB; TH N 58DEG 08'08'' E 300'; TH S 01DEG 14'25'' E 11.62'; TH S 58DEG 08'08'' W 261.65'; TH S 01DEG 14'25'' E 76.66'; TH N 69DEG 55'42'' E 165.8'; TH S 34DEG 49'26'' E 181.14'; TH S 22DEG 58'05'' E 178.9'; TH S 01DEG 14'25'' E 150'; TH S 88DEG 45'35'' W 356.35'; TH N 01DEG 14'25'' W 482.32' TO POB SEC 2 T3N R16W SURVEY: 3.27 AC (2024) SPLIT/COMBINED ON
Tax Annual Amount
3973
Legal Description
COM NW COR TH S 01DEG 14'25'' E 515.13' TO POB; TH N 58DEG 08'08'' E 300'; TH S 01DEG 14'25'' E 11.62'; TH S 58DEG 08'08'' W 261.65'; TH S 01DEG 14'25'' E 76.66'; TH N 69DEG 55'42'' E 165.8'; TH S 34DEG 49'26'' E 181.14'; TH S 22DEG 58'05'' E 178.9'; TH S 01DEG 14'25'' E 150'; TH S 88DEG 45'35'' W 356.35'; TH N 01DEG 14'25'' W 482.32' TO POB SEC 2 T3N R16W SURVEY: 3.27 AC (2024) SPLIT/COMBINED ON
Utilities
Utilities
Cable Available
Amenities
Two bathrooms
Office space
Kitchen/break area
Storage area
Overhead door access
Listing Agency:
Wildlife Realty
(231) 652-7000
Listed By:
Blake Kenneth VerWoert · License #6502424945
(616) 308-3122
Added: May 28
Changed: Aug 18
Last Checked: Aug 20 at 10:06AM
MLS# 26025441
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.
This 4,000-square-foot flex property includes a commercial building completed in 2006 with poured-wall construction and a configurable interior. The layout provides office space, a kitchen or break area, storage, two bathrooms, and overhead door access. Its design supports retail, showroom, service, warehouse, or mixed commercial use, with municipal water and sewer serving the site.
The property is located at 6398 Blue Star Highway in Saugatuck, near Exit 41 from US-196. C-3 commercial zoning, access near a traffic signal, and proximity to the highway provide a practical setting for commercial operations. The site also includes underground utilities, an up-to-date survey, and available cable service.
The property is located at 6398 Blue Star Highway in Saugatuck, near Exit 41 from US-196. C-3 commercial zoning, access near a traffic signal, and proximity to the highway provide a practical setting for commercial operations. The site also includes underground utilities, an up-to-date survey, and available cable service.
Key Highlights
- 4,000‑square‑foot commercial building completed in 2006
- C‑3 commercial zoning near Exit 41 from US‑196
- Poured‑wall construction with a flexible commercial layout
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
$41,524
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
3.61%
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%
$830,480
$830.5K
Cap Rate 7%
$593,200
$593.2K
Cap Rate 9%
$461,378
$461.4K
Market Conditions
NOI Build-Up for 4,000 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
$61.9K $15.48/SF
− Vacancy
−$2.6K −$0.65/SF
EGI
$59.3K $14.83/SF
− OpEx
−$17.8K −$4.45/SF
NOI
$41.5K $10.38/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$830,480
Cap Rate 7%
$593,200
Cap Rate 9%
$461,378
Alternative Uses
Best Use
Retail
$593.2K
$519.1K – $692.1K
NOI $41,524 @ 7.0% cap · market cap 3.61%
Second Best
Warehouse
$324.5K
$283.9K – $378.6K
NOI $22,714 @ 7.0% cap · market cap 1.98%
Theoretical Best
Hotel Hospitality
$37.56M
$32.87M – $43.82M
NOI $2,629,489 @ 7.0% cap · market cap 228.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49453, MI
2,950
Population
2,113
Households
1.4
Avg Household Size
53
Median Age
52%
College-Educated
98%
High-School Grad
10.4 sq mi
ZIP Area
284
Density / Sq Mi
$101,250
Median Household Income
$49,970
Median Earnings
$766
Median Rent
$487,400
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?
Flex space - Versatile commercial building with office, kitchen, storage, and warehouse functionality near US-196 access.
Where is this flex space located?
The property is located at 6398 Blue Star Highway Saugatuck, MI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 4,000‑square‑foot commercial building completed in 2006; C‑3 commercial zoning near Exit 41 from US‑196; Poured‑wall construction with a flexible commercial layout
