Industrial Warehouse with
For Sale
$1,599,000
851 E Porter Road, Norton Shores, MI 49441
Commercial Sale, Norton Shores, MI
Property Size15,000 SF
Lot Size3.84 Acres
Price / SF$105.90
Days on Market317
Property Features for 851 E Porter Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Parking
47
Interior features
Broadband
Elementary school district
Mona Shores
Middle school district
Mona Shores
High school district
Mona Shores
Directions
Grand Haven Rd to Porter Rd W
Subdivision
Muskegon County - M
Standard status
Active
APN
27-121-100-0008-20
Size
15,099 SF
Lot size
3.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
lengthy on file
Tax Annual Amount
20790
Legal Description
lengthy on file
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
2
Number of units
1
Building materials
Block, Metal Siding
Roof type
Metal
Listing Agency:
Stark Real Estate
(231) 457-4933
Listed By:
Jamie Hughes
(231) 327-0255
Added: Nov 13, 2025
Changed: Sep 16
Last Checked: Sep 26 at 5:06AM
MLS# 25058174
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 15,099-square-foot industrial warehouse occupies 3.84 acres and was built in 2006. The facility features block and metal siding, a metal roof, white steel liner panels on the walls and ceilings, central air, forced-air heating, broadband, and three bathrooms. A high-grade fire sprinkler system supports the building’s industrial configuration.
The warehouse includes an approximately 5,560-square-foot mezzanine with an approximately 8-foot ceiling height. Its single-slope roof provides extra insulation, with a 16-foot low eave and a 20-foot high eave. The site is near Muskegon County Airport, US 31, and I-96, with access to Grand Rapids, Grand Haven, and Holland. The property also has room for an addition of up to approximately 25,000 square feet.
The warehouse includes an approximately 5,560-square-foot mezzanine with an approximately 8-foot ceiling height. Its single-slope roof provides extra insulation, with a 16-foot low eave and a 20-foot high eave. The site is near Muskegon County Airport, US 31, and I-96, with access to Grand Rapids, Grand Haven, and Holland. The property also has room for an addition of up to approximately 25,000 square feet.
Key Highlights
- 15,099‑square‑foot industrial building on 3.84 acres
- Approximately 5,560‑square‑foot mezzanine with an approximately 8‑foot ceiling
- 16‑foot low eave and 20‑foot high eave heights
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
$144,832
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
9.06%
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%
$2,896,640
$2.9M
Cap Rate 7%
$2,069,029
$2.1M
Cap Rate 9%
$1,609,244
$1.6M
Market Conditions
NOI Build-Up for 15,099 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
$212.0K $14.04/SF
− Vacancy
−$5.1K −$0.34/SF
EGI
$206.9K $13.70/SF
− OpEx
−$62.1K −$4.11/SF
NOI
$144.8K $9.59/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /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%
$2,896,640
Cap Rate 7%
$2,069,029
Cap Rate 9%
$1,609,244
Alternative Uses
Best Use
Warehouse
$2.51M
$2.20M – $2.93M
NOI $175,867 @ 7.0% cap · market cap 11.00%
Second Best
Industrial
$2.07M
$1.81M – $2.41M
NOI $144,832 @ 7.0% cap · market cap 9.06%
Theoretical Best
Hotel Hospitality
$141.80M
$124.07M – $165.43M
NOI $9,925,665 @ 7.0% cap · market cap 620.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
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
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Similar Off Market Nearby
- Turrell Storage — 1186 E Ellis Rd, Muskegon, MI 49441
Frequently Asked Questions
What type of property is this?
Warehouse - Well-equipped industrial facility with insulated metal construction, sprinkler protection, and room for future expansion.
Where is this warehouse located?
The property is located at 851 E Porter Road Norton Shores, MI.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 15,099‑square‑foot industrial building on 3.84 acres; Approximately 5,560‑square‑foot mezzanine with an approximately 8‑foot ceiling; 16‑foot low eave and 20‑foot high eave heights
