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    The Largest CRE Database in the US with Over 1 Million Listings

    15190 Leonard Rd Spring Lake, MI 49456

    Sponsored
    For Sale
    $479,900

    MULTI_FAMILY - Spring Lake, MI

    Lot size:
    0.46 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 23 at 1:06 pm

    Property Features for 15190 Leonard Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 3, Basement, Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 5, Bedroom 4, Bedroom 2
    Bedrooms
    5
    APN
    70-03-25-100-001
    Parking
    8
    Basement
    Full
    Lot size
    0.46 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Number of units
    3
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Traci Gresham
    Traci Gresham

    Five Star Real Estate-Holland (616) 335-6050

    Listing agent Traci Gresham (616) 268-9900

    Listing date Feb 23, 2026

    MLS# 26006463 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Well-Maintained Triplex in Spring Lake

    This exceptionally well-maintained triplex presents a solid opportunity for investors seeking consistent income in a high-demand Spring Lake location. The property has a strong rental history, producing $4,000 per month in gross income, and benefits from steady tenant demand. All units feature central air and access to a full basement with ample storage and laundry facilities. Conveniently located near area schools and commuter routes, the property sits on a 0.46-acre lot. This triplex presents a stable, well-positioned investment option for expanding an existing portfolio or pursuing a house-hack to launch a rental portfolio.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Law Firm Dental Office Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Auto Parts Store Department Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring Lake
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.165679
    Latitude
    43.059236

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    FAQs

    What type of property is this?
    Triplex - Triplex in high-demand location with strong rental history.
    Where is this triplex located?
    The property is located at 15190 Leonard Rd Spring Lake, MI.
    What is the asking price?
    The asking price for this property is $479,900.
    What are key features of this property?
    This property features: - Strong rental history producing $4,000/month gross income.; - Located in a high-demand Spring Lake location.; - All units have central air.
    (616) 268-9900
    Request Owner's contact information
    15190 Leonard Rd Spring Lake, MI 49456
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    Spring Lake, MI 49456
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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
    15190 Leonard Rd Spring Lake, MI 49456
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    We can help!
    Listing Contact
    Traci Gresham
    Traci Gresham
    Real Estate License ID: 6506048298
    (616) 268-9900 (616) 844-9000 (616) 419-8095
    Learn more
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