Flex Space Building with
For Sale
$350,000
7775 SADDLEBAG LAKE RD, Lake Odessa, MI 48849
Flex building with paved parking, including office/showroom space and two bathrooms, zoned C-1.
Property Size4,800 SF
Price / SF$72.92
Days on Market145
Property Features for 7775 SADDLEBAG LAKE RD
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Industrial
Zoning
C-1
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
Metal
150.9175
Building Details
Year Built
1986
Listing Agency:
Five Star Real Estate (M6)
(616) 617-9860
Listed By:
Caren Dermody
(616) 617-9860
Source:
Xome
Added: Mar 21
Changed: Aug 12
Last Checked: Aug 12 at 4:26AM
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 Five Star Real Estate (M6)
Investment Insights
Based on property information with market context.
This flex space building offers a main structure plus an attached office/showroom area, for a total of 3,200 sq. ft. in the main building and an additional 1,600 sq. ft. in the attached space. The attached office/showroom includes two bathrooms, supporting flexible day-to-day use.
The property is located east of Lake Odessa and less than 10 minutes south of I-96, with high exposure along M-66. It is zoned C-1, which offers many different uses, and includes a large, paved parking area to support customers and employees.
For-sale offering includes the combination of flex building space and dedicated office/showroom improvements, along with ample paved parking for ongoing operations.
The property is located east of Lake Odessa and less than 10 minutes south of I-96, with high exposure along M-66. It is zoned C-1, which offers many different uses, and includes a large, paved parking area to support customers and employees.
For-sale offering includes the combination of flex building space and dedicated office/showroom improvements, along with ample paved parking for ongoing operations.
Key Highlights
- Flex building with 3 heating and metal roof, built in 1986
- Total 4,800 sq. ft.: 3,200 sq. ft. main building plus 1,600 sq. ft. attached office/showroom space
- Office/showroom includes 2 bathrooms
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
$22,446
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
6.41%
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%
$448,920
$448.9K
Cap Rate 7%
$320,657
$320.7K
Cap Rate 9%
$249,400
$249.4K
Market Conditions
NOI Build-Up for 4,800 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
$33.0K $6.88/SF
− Vacancy
−$958 −$0.20/SF
EGI
$32.1K $6.68/SF
− OpEx
−$9.6K −$2.00/SF
NOI
$22.4K $4.68/SF
Area
Ionia County, MI
Vacancy
2.90%
Lease Rate
$6.88 /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%
$448,920
Cap Rate 7%
$320,657
Cap Rate 9%
$249,400
Alternative Uses
Best Use
Office B
$737.5K
$645.3K – $860.4K
NOI $51,623 @ 7.0% cap · market cap 14.75%
Second Best
Flex RnD
$725.3K
$634.7K – $846.2K
NOI $50,772 @ 7.0% cap · market cap 14.51%
Theoretical Best
Specialty Retail
$914.6K
$800.3K – $1.07M
NOI $64,024 @ 7.0% cap · market cap 18.29%
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
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48849, MI
5,904
Population
2,295
Households
2.6
Avg Household Size
42
Median Age
18%
College-Educated
94%
High-School Grad
83.7 sq mi
ZIP Area
71
Density / Sq Mi
$79,423
Median Household Income
$41,516
Median Earnings
$772
Median Rent
$212,900
Median Home Value
Market
Vacancy Rate% for Office 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 - Flex building with paved parking, including office/showroom space and two bathrooms, zoned C-1.
Where is this flex space located?
The property is located at 7775 SADDLEBAG LAKE RD Lake Odessa, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Flex building with 3 heating and metal roof, built in 1986; Total 4,800 sq. ft.: 3,200 sq. ft. main building plus 1,600 sq. ft. attached office/showroom space; Office/showroom includes 2 bathrooms
