Flex Space with Truck
For Sale
$999,000
10841 Paw Paw Drive, Holland, MI 49424
COMMERCIAL - Holland, MI
Property Size10,380 SF
Lot Size1.11 Acres
Price / SF$96.24
Days on Market213
Property Features for 10841 Paw Paw Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C-2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Zeeland
Middle school district
Zeeland
High school district
Zeeland
Subdivision
Holland/Saugatuck - H
Standard status
Active
APN
70-16-23-300-051
Size
10,380 SF
Lot size
1.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF SW 1/4 COM S 0D 28M 48S E 877.6 FT, S 89D 41M 14S W 220 FT, S 265 FT & S 89D 41M 14S W 183.46 FT FROM CEN 1/4 C
Tax Annual Amount
8304
Legal Description
PART OF SW 1/4 COM S 0D 28M 48S E 877.6 FT, S 89D 41M 14S W 220 FT, S 265 FT & S 89D 41M 14S W 183.46 FT FROM CEN 1/4 C
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
private offices
conference room
break areas
Building Details
Year built
1986
Floors in Building
1
Number of units
1
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Thomas S Postma · License #6502135442
(616) 394-4500
Added: Jan 14
Changed: Aug 4
Last Checked: Aug 15 at 6:06AM
MLS# 26001690
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 10,380-square-foot flex property sits on 1.11 acres and was built in 1986. The building combines private offices with functional warehouse space, a conference room, break areas, and a bathroom. Loading infrastructure includes one overhead door and two truck docks, while the 13-foot ceiling supports a range of commercial operations. Forced-air heating, central air, and natural gas availability are also provided.
The property is positioned between Holland and Zeeland near Chicago Drive, with access to US-31. Retail stores, restaurants, and other businesses are located nearby, providing a commercial setting for office, service, storage, or light industrial use.
The property is positioned between Holland and Zeeland near Chicago Drive, with access to US-31. Retail stores, restaurants, and other businesses are located nearby, providing a commercial setting for office, service, storage, or light industrial use.
Key Highlights
- 10,380‑square‑foot flex building on 1.11 acres
- One overhead door and two truck docks
- 13‑foot ceiling height
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
$37,122
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
3.72%
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%
$742,440
$742.4K
Cap Rate 7%
$530,314
$530.3K
Cap Rate 9%
$412,467
$412.5K
Market Conditions
NOI Build-Up for 10,380 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
$62.3K $6.00/SF
− Vacancy
−$5.2K −$0.50/SF
EGI
$57.1K $5.50/SF
− OpEx
−$20.0K −$1.93/SF
NOI
$37.1K $3.58/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
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%
$742,440
Cap Rate 7%
$530,314
Cap Rate 9%
$412,467
Alternative Uses
Best Use
Industrial
$2.19M
$1.91M – $2.55M
NOI $153,179 @ 7.0% cap · market cap 15.33%
Second Best
Office B
$1.63M
$1.43M – $1.91M
NOI $114,350 @ 7.0% cap · market cap 11.45%
Theoretical Best
Multifamily LT 5
$129.08M
$112.94M – $150.59M
NOI $9,035,468 @ 7.0% cap · market cap 904.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
2
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49424, MI
47,963
Population
19,906
Households
2.4
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
57.3 sq mi
ZIP Area
837
Density / Sq Mi
$82,353
Median Household Income
$41,316
Median Earnings
$1,157
Median Rent
$270,000
Median Home Value
Market
Vacancy Rate% for Office 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 - Office and warehouse areas include private offices, a conference room, and break areas.
Where is this flex space located?
The property is located at 10841 Paw Paw Drive Holland, MI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 10,380‑square‑foot flex building on 1.11 acres; One overhead door and two truck docks; 13‑foot ceiling height
