Flex Space with
For Sale
$262,500
6785 Enterprise Drive #7, Douglas, MI 49406
Heated commercial garage condo with finished office, full bathroom, workshop features, and flexible storage capacity.
Property Size1,750 SF
Price / SF$150
Days on Market13
Property Features for 6785 Enterprise Drive #7
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
16 ft
Mezzanine
250 SF
Drive-In Doors
1
Additional Details
Utilities to Site
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,313
Amenities
finished office
full bathroom with shower
utility sink
car lift
private 3-person sauna
overhead natural gas heating unit
Building Details
Building Size
1,750 SF
Year Built
2005
Units
1
Listing Agency:
BHG Connections
(616) 212-3391
Listed By:
Kevin Schippa · License #6506048199
(616) 212-3391
Source:
Phgrealty
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 BHG Connections
Investment Insights
Based on property information with market context.
This commercial flex-space condo provides approximately 1,750 total square feet across a 1,500-square-foot main floor and a 25-by-10-foot upper mezzanine. The 30-by-50-foot unit has 16-foot ceilings, a 14-foot overhead door, and an open garage area suited to storage, workshop, equipment, collector vehicles, boats, recreational vehicles, and business support functions. A finished office, full bathroom with shower, utility sink, car lift, and private three-person sauna add functional improvements beyond the primary garage area.
Year-round use is supported by an overhead natural gas heating unit. Water and sewer are provided through the association. Built in 2005, the property is located in the Saugatuck-Douglas area near West Michigan lakeshore communities and major area roadways.
Year-round use is supported by an overhead natural gas heating unit. Water and sewer are provided through the association. Built in 2005, the property is located in the Saugatuck-Douglas area near West Michigan lakeshore communities and major area roadways.
Key Highlights
- Approximately 1,750 Total Sq Ft, including a 1,500 Main Floor and 25x10 Upper Mezzanine
- 30' x 50' unit with 16' ceilings
- 14' overhead door and open garage area
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
$9,937
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
3.79%
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%
$198,740
$198.7K
Cap Rate 7%
$141,957
$142.0K
Cap Rate 9%
$110,411
$110.4K
Market Conditions
NOI Build-Up for 1,750 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
$12.0K $6.88/SF
− Vacancy
−$349 −$0.20/SF
EGI
$11.7K $6.68/SF
− OpEx
−$1.8K −$1.00/SF
NOI
$9.9K $5.68/SF
Area
Allegan 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%
$198,740
Cap Rate 7%
$141,957
Cap Rate 9%
$110,411
Alternative Uses
Best Use
Warehouse
$142.0K
$124.2K – $165.6K
NOI $9,937 @ 7.0% cap · market cap 3.79%
Second Best
Industrial
$116.9K
$102.3K – $136.4K
NOI $8,184 @ 7.0% cap · market cap 3.12%
Theoretical Best
Hotel Hospitality
$16.43M
$14.38M – $19.17M
NOI $1,150,402 @ 7.0% cap · market cap 438.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
1
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49406, MI
1,031
Population
921
Households
1.1
Avg Household Size
60
Median Age
66%
College-Educated
99%
High-School Grad
1.5 sq mi
ZIP Area
687
Density / Sq Mi
$95,417
Median Household Income
$78,333
Median Earnings
$470,500
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 - Heated commercial garage condo with finished office, full bathroom, workshop features, and flexible storage capacity.
Where is this flex space located?
The property is located at 6785 Enterprise Drive #7 Douglas, MI.
What is the asking price?
The asking price for this property is $262,500.
What are key features of this property?
This property features: Approximately 1,750 Total Sq Ft, including a 1,500 Main Floor and 25x10 Upper Mezzanine; 30' x 50' unit with 16' ceilings; 14' overhead door and open garage area
