Finished Flex Space with Recreation
For Sale
$575,000
791 Case Karsten Drive, Zeeland, MI 49464
Fully finished condo unit with a kitchen, mezzanine, office, storage, and indoor recreation amenities.
Property Size2,128 SF
Price / SF$270.21
Days on Market30
Property Features for 791 Case Karsten Drive
General Information
Standard status
Active
Size
2,128 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$152
Amenities
pickleball court
basketball hoop
golf simulator
projector
full kitchen
countertops
cupboard storage
mezzanine hangout space
office
storage
mounted speakers
LED lights
3
Condo
Building Details
Year Built
2025
Listing Agency:
Coldwell Banker Woodland Schmidt ART Office
(616) 403-3442
Listed By:
Derrek Sterken · License #6501451743
(616) 403-3442
Source:
Xome
Added: Jul 28
Changed: Aug 24
Last Checked: Aug 25 at 6:53AM
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 finished flex space is configured as a private condo unit built in 2025. The interior includes a full kitchen with commercial-grade appliances, solid-surface countertops, and substantial cupboard storage. A built mezzanine provides additional hangout space, while a designated office and separate storage area support practical use.
Recreation improvements include an indoor pickleball area, a mounted basketball hoop, and a Uneekor golf simulator. Entertainment features include a 188'' projector, seven mounted speakers, and LED party lighting. The unit is designed around flexible gathering, recreation, and hosting functions within a finished commercial setting.
Recreation improvements include an indoor pickleball area, a mounted basketball hoop, and a Uneekor golf simulator. Entertainment features include a 188'' projector, seven mounted speakers, and LED party lighting. The unit is designed around flexible gathering, recreation, and hosting functions within a finished commercial setting.
Key Highlights
- Built in 2025 as a finished condo unit
- Indoor pickleball area with mounted basketball hoop
- Uneekor golf simulator and 188'' projector
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
$31,403
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
5.46%
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%
$628,060
$628.1K
Cap Rate 7%
$448,614
$448.6K
Cap Rate 9%
$348,922
$348.9K
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
−$1.1K −$0.52/SF
EGI
$44.9K $21.08/SF
− OpEx
−$13.5K −$6.32/SF
NOI
$31.4K $14.76/SF
Area
Ottawa County, MI
Vacancy
2.40%
Lease Rate
$21.60 /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%
$628,060
Cap Rate 7%
$448,614
Cap Rate 9%
$348,922
Alternative Uses
Best Use
Industrial
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 5.46%
Second Best
Flex RnD
$108.7K
$95.1K – $126.8K
NOI $7,610 @ 7.0% cap · market cap 1.32%
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
Property Profile
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
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 - Fully finished condo unit with a kitchen, mezzanine, office, storage, and indoor recreation amenities.
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 $575,000.
What are key features of this property?
This property features: Built in 2025 as a finished condo unit; Indoor pickleball area with mounted basketball hoop; Uneekor golf simulator and 188'' projector
