Finished Flex Space with Recreation
For Sale
$575,000
791 Case Karsten Drive 1-2, Zeeland, MI 49464
Finished interior includes a kitchen, mezzanine, office, storage, and multiple recreation features.
Property Size2,128 SF
Price / SF$270.21
Days on Market35
Property Features for 791 Case Karsten Drive 1-2
General Information
Standard status
Active
Size
2,128 SF
Amenities
full kitchen with commercial grade appliances
solid surface countertops
cupboard storage
built mezzanine with hangout space
designated office
storage space
7 mounted speakers
led party lights
188 inch projector
mounted basketball hoop
Uneekor golf simulator
Building Details
Year Built
2025
Listing Agency:
Coldwell Banker Woodland Schmidt ART Office
Listed By:
Derrek Sterken · License #6501451743
(616) 403-3442
Source:
Katie-k
Added: Aug 12
Changed: Sep 13
Last Checked: Sep 14 at 2:04PM
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 Coldwell Banker Woodland Schmidt ART Office
Investment Insights
Based on property information with market context.
This 2128-square-foot flex space, built in 2025, offers a finished interior configured for recreation, hosting, and everyday use. Improvements include a full kitchen with commercial-grade appliances, solid-surface countertops, and substantial cabinet storage. A built mezzanine adds an elevated gathering area, while dedicated office and storage spaces support practical operations.
Recreation amenities include an indoor pickleball area, mounted basketball hoop, Uneekor golf simulator, and an 188'' projector. The unit also features 7 mounted speakers and LED party lighting. The property is located at 791 Case Karsten Drive 1-2 in Zeeland, Michigan.
Recreation amenities include an indoor pickleball area, mounted basketball hoop, Uneekor golf simulator, and an 188'' projector. The unit also features 7 mounted speakers and LED party lighting. The property is located at 791 Case Karsten Drive 1-2 in Zeeland, Michigan.
Key Highlights
- 2128 square feet of finished flex space
- Built in 2025
- Full kitchen with commercial‑grade appliances and solid‑surface countertops
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
$35,827
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
6.23%
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%
$716,540
$716.5K
Cap Rate 7%
$511,814
$511.8K
Cap Rate 9%
$398,078
$398.1K
Market Conditions
NOI Build-Up for 2,128 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
$46.0K $21.60/SF
− Vacancy
−$3.8K −$1.79/SF
EGI
$42.1K $19.81/SF
− OpEx
−$6.3K −$2.97/SF
NOI
$35.8K $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%
$716,540
Cap Rate 7%
$511,814
Cap Rate 9%
$398,078
Alternative Uses
Best Use
Warehouse
$511.8K
$447.8K – $597.1K
NOI $35,827 @ 7.0% cap · market cap 6.23%
Second Best
Industrial
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 5.46%
Theoretical Best
Multifamily LT 5
$26.46M
$23.15M – $30.87M
NOI $1,852,358 @ 7.0% cap · market cap 322.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
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
View Realmo Analytics
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 - Finished interior includes a kitchen, mezzanine, office, storage, and multiple recreation features.
Where is this flex space located?
The property is located at 791 Case Karsten Drive 1-2 Zeeland, MI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2128 square feet of finished flex space; Built in 2025; Full kitchen with commercial‑grade appliances and solid‑surface countertops
