Small-Bay Flex
New
For Sale
$175,000
791 Case Karsten Drive, Zeeland, MI 49464
Commercial Sale, Zeeland, MI
Property Size800 SF
Price / SF$218.75
Days on Market1
Property Features for 791 Case Karsten Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Industrial
Interior features
Broadband
Elementary school district
Zeeland
Middle school district
Zeeland
High school district
Zeeland
Standard status
Active
APN
70-17-18-226-027
Size
800 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1. DRAWFORM PLAT - UNIT 27
Tax Annual Amount
525
Legal Description
LOT 1. DRAWFORM PLAT - UNIT 27
Utilities
Heating system
Forced Air
Building Details
Year built
2026
Floors in Building
1
Number of units
1
Building materials
Metal Siding
Listing Agency:
Coldwell Banker Woodland Schmidt ART Office
(616) 772-5478
Listed By:
Derrek Sterken · License #6501451743
(616) 403-3442
Added: Sep 10
Last Checked: Sep 10 at 9:06PM
MLS# 26048085
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 800-square-foot flex unit is configured as a 20' x 40' commercial space within a 2026 construction project. The under-construction property will include steel walls, a unit heater, forced-air heating, broadband, a cold-water spigot, and plumbing for a bathroom. Construction is scheduled for completion in October.
The unit is positioned just off Riley St in Zeeland, providing a dedicated setting for storage, a workshop, hobby activities, vehicle or recreational equipment storage, or a small business. Its open format and utility-related improvements support a range of practical commercial and personal uses identified for the space.
The unit is positioned just off Riley St in Zeeland, providing a dedicated setting for storage, a workshop, hobby activities, vehicle or recreational equipment storage, or a small business. Its open format and utility-related improvements support a range of practical commercial and personal uses identified for the space.
Key Highlights
- 800 SF unit measuring 20' x 40'
- Under construction with completion scheduled for October
- Unit heater and forced‑air heating
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
$13,469
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
7.70%
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%
$269,380
$269.4K
Cap Rate 7%
$192,414
$192.4K
Cap Rate 9%
$149,656
$149.7K
Market Conditions
NOI Build-Up for 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
$17.3K $21.60/SF
− Vacancy
−$1.4K −$1.79/SF
EGI
$15.8K $19.81/SF
− OpEx
−$2.4K −$2.97/SF
NOI
$13.5K $16.84/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$21.60 /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%
$269,380
Cap Rate 7%
$192,414
Cap Rate 9%
$149,656
Alternative Uses
Best Use
Warehouse
$192.4K
$168.4K – $224.5K
NOI $13,469 @ 7.0% cap · market cap 7.70%
Second Best
Industrial
$168.7K
$147.6K – $196.8K
NOI $11,806 @ 7.0% cap · market cap 6.75%
Theoretical Best
Multifamily LT 5
$9.95M
$8.70M – $11.61M
NOI $696,375 @ 7.0% cap · market cap 397.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49464, MI
29,654
Population
11,001
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
73.1 sq mi
ZIP Area
406
Density / Sq Mi
$97,573
Median Household Income
$47,030
Median Earnings
$976
Median Rent
$316,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Under-construction commercial unit with heating, steel construction, broadband, and plumbing for a bathroom.
Where is this flex space located?
The property is located at 791 Case Karsten Drive Zeeland, MI.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 800 SF unit measuring 20' x 40'; Under construction with completion scheduled for October; Unit heater and forced‑air heating
