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    11181 Marwill Avenue West Olive, MI 49460

    View on Map
    Pending
    $535,000

    COMMERCIAL - West Olive, MI

    Type:Office
    Property size:
    4,400 SF
    Lot size:
    1.33 Acres
    Added:
    Jul 29, 2025
    Days on Market:
    247
    Last Refresh:
    Apr 1 at 10:06 am

    Property Features for 11181 Marwill Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1
    Parking
    24
    Standard status
    Pending
    APN
    70-08-27-100-008
    Size
    4,400 SF
    Lot size
    1.33 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxDescription
    PART OF NW 1/4 COM N 89D 37M 28S W 33.02 FT FROM N 1/4 COR, TH S 01D 41M 40S E 330 FT, N 89D 37M 28S W 200 FT, N 01D 41
    TaxAnnualAmount
    7132

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    2005
    Floors in Building
    1
    Number of units
    1
    Building materials
    Vinyl Siding, Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    David Ten Cate

    Listing agent David Ten Cate License #6502325769

    Listing office Capstone Real Estate LLC PO Box 261, Grand Haven, MI

    Listing date Jul 29, 2025

    MLS# 25037646

    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.

    Overview

    West Olive Commercial/Office Building

    This commercial/office building, featuring an attached drive-through garage, is situated along M-45/Lake Michigan Drive in West Olive. The building provides 4,400 square feet of space, including 14 private offices, a large conference room, a CAD room, a break room/library, an open-concept field office, a mudroom entryway with storage, and two restrooms. An attached 20'x52' drive-through garage includes 12' and 16' overhead doors. The property occupies 1.33 acres and includes a fenced outdoor storage area, ground sign and paved parking. The site is located just East of the M-231/M-45 exchange, is highly visible and easily accessible.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Stantec Environmental Consultant

    Suggested Use

    Restaurant Auto Repair Shop Food Market Grocery & Convenience Store Electrical Service Grocery & Convenience Store Garden Center Daycare Center Restaurant Pet Store & Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West Olive
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.0735684
    Latitude
    42.9715331

    FAQs

    What type of property is this?
    Office building - Commercial/office building with drive-through garage on 1.33 acres.
    Where is this office building located?
    The property is located at 11181 Marwill Avenue West Olive, MI.
    What is the asking price?
    The asking price for this property is $535,000.
    What are key features of this property?
    This property features: High‑visibility location on M‑45/Lake Michigan Drive with easy access and a ground sign.; 4,400 SF building with **14 private offices, a large conference room, and open‑concept field office.**; Attached **20'x52' drive‑through garage** with 12' and 16' overhead doors.
    (616) 847-1031
    We can help!
    Listing Contact
    David Ten Cate
    Real Estate License ID: 6502325769
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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