Steel Flex Warehouse
For Sale
$209,900
C-1-2695 Hein Rd, Muskegon, MI 49445
Steel construction with finished interior, 18' ceilings, and an overhead door supports a wide range of business uses.
Property Size1,500 SF
Price / SF$139.93
Days on Market98
Property Features for C-1-2695 Hein Rd
General Information
Standard status
Active
Size
1,500 SF
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Utilities to Site
Yes
Listing Agency:
RE/MAX Lakeshore
(616) 638-3900
Listed By:
Sandi L Gentry · License #6506045021
(616) 638-3900
Source:
Exprealty
Added: May 19
Changed: Aug 20
Last Checked: Aug 23 at 6:56AM
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 RE/MAX Lakeshore
Investment Insights
Based on property information with market context.
This offering is a 25 x 60 steel unit with a fully finished interior designed for flexible use. The space includes 6-inch concrete floors and 18-foot ceilings with lighting and a ceiling fan. A 14 x 14 overhead door provides straightforward access for equipment and storage needs. The unit is equipped with a full bath and includes 3-phase power, city water and sewer, and two mini-split systems for heating and cooling. Fast fiber internet is also available, supporting modern office and operational requirements.
The property is located just minutes from Highway 31, offering convenient regional access. It sits within a professionally maintained association with monthly dues listed at $75, which covers snow removal and common area upkeep.
For tenants, buyers, and operators, the combination of finished interior, overhead door access, and dedicated utilities makes this unit workable for both light industrial storage and office-oriented setups. The ceiling height and concrete floor construction support businesses that need usable space for operations, while the included bathroom and climate control help the unit function as a practical base for day-to-day work.
The property is located just minutes from Highway 31, offering convenient regional access. It sits within a professionally maintained association with monthly dues listed at $75, which covers snow removal and common area upkeep.
For tenants, buyers, and operators, the combination of finished interior, overhead door access, and dedicated utilities makes this unit workable for both light industrial storage and office-oriented setups. The ceiling height and concrete floor construction support businesses that need usable space for operations, while the included bathroom and climate control help the unit function as a practical base for day-to-day work.
Key Highlights
- 25 x 60 steel unit with fully finished interior and durable 6'' concrete floors
- 18' ceilings with lighting and a ceiling fan
- 14 x 14 overhead door for easy loading and access
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
$14,388
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
6.85%
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%
$287,760
$287.8K
Cap Rate 7%
$205,543
$205.5K
Cap Rate 9%
$159,867
$159.9K
Market Conditions
NOI Build-Up for 1,500 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
$21.1K $14.04/SF
− Vacancy
−$505 −$0.34/SF
EGI
$20.6K $13.70/SF
− OpEx
−$6.2K −$4.11/SF
NOI
$14.4K $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%
$287,760
Cap Rate 7%
$205,543
Cap Rate 9%
$159,867
Alternative Uses
Best Use
Industrial
$205.5K
$179.9K – $239.8K
NOI $14,388 @ 7.0% cap · market cap 6.85%
Second Best
Flex RnD
$92.5K
$81.0K – $107.9K
NOI $6,476 @ 7.0% cap · market cap 3.09%
Theoretical Best
Hotel Hospitality
$14.09M
$12.33M – $16.43M
NOI $986,059 @ 7.0% cap · market cap 469.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
Median Home Value
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 - Steel construction with finished interior, 18' ceilings, and an overhead door supports a wide range of business uses.
Where is this flex space located?
The property is located at C-1-2695 Hein Rd Muskegon, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 25 x 60 steel unit with fully finished interior and durable 6'' concrete floors; 18' ceilings with lighting and a ceiling fan; 14 x 14 overhead door for easy loading and access
