Grocery and Convenience Store
For Sale
$750,000
877 Washington Avenue, Holland, MI 49423
Commercial Sale, Holland, MI
Property Size4,185 SF
Lot Size0.77 Acres
Price / SF$179.21
Days on Market73
Property Features for 877 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
15
Elementary school district
Holland
Middle school district
Holland
High school district
Holland
Standard status
Active
APN
53-02-05-151-027
Size
4,185 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Com Nw Cor Th S 00deg 00' 00" W 1226.55' Th S 89deg 54' 00" E 50' To Pob Th Cont S 89deg 54' 00" E 200' Th S 00deg 00' 0
Tax Annual Amount
19448
Legal Description
Com Nw Cor Th S 00deg 00' 00" W 1226.55' Th S 89deg 54' 00" E 50' To Pob Th Cont S 89deg 54' 00" E 200' Th S 00deg 00' 0
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1958
Number of units
1
Listing Agency:
New Michigan Realty LLC
(844) 639-6424
Listed By:
Johny Thomas · License #6501433546
(702) 208-3341
Added: Jul 17
Changed: Sep 17
Last Checked: Sep 27 at 7:06PM
MLS# 26036848
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 4,185-square-foot commercial property occupies 0.77 acres at 877 Washington Avenue in Holland, Michigan. Built in 1958, the building was formerly operated as a liquor store and retains a retail configuration suited to grocery, convenience, specialty market, or other neighborhood retail concepts. The property includes a bathroom, forced-air heating, and central air conditioning.
A Beer & Wine (SDM) license is available to a qualified purchaser or operator, subject to approval by the Michigan Liquor Control Commission. The building can support a reopening of the prior retail format or renovation for a different store concept. Its location in Holland provides a commercial setting for an owner-user, retailer, or investor.
A Beer & Wine (SDM) license is available to a qualified purchaser or operator, subject to approval by the Michigan Liquor Control Commission. The building can support a reopening of the prior retail format or renovation for a different store concept. Its location in Holland provides a commercial setting for an owner-user, retailer, or investor.
Key Highlights
- 4,185‑square‑foot commercial building on 0.77 acres
- Former liquor store with existing retail configuration
- Beer & Wine (SDM) license available, subject to Michigan Liquor Control Commission approval
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
$46,547
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
6.21%
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%
$930,940
$930.9K
Cap Rate 7%
$664,957
$665.0K
Cap Rate 9%
$517,189
$517.2K
Market Conditions
NOI Build-Up for 4,185 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
$64.8K $15.48/SF
− Vacancy
−$2.7K −$0.65/SF
EGI
$62.1K $14.83/SF
− OpEx
−$15.5K −$3.71/SF
NOI
$46.5K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$930,940
Cap Rate 7%
$664,957
Cap Rate 9%
$517,189
Alternative Uses
Best Use
Specialty Retail
$665.0K
$581.8K – $775.8K
NOI $46,547 @ 7.0% cap · market cap 6.21%
Second Best
Retail
$620.6K
$543.1K – $724.1K
NOI $43,444 @ 7.0% cap · market cap 5.79%
Theoretical Best
Multifamily LT 5
$52.04M
$45.54M – $60.72M
NOI $3,642,913 @ 7.0% cap · market cap 485.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49423, MI
46,870
Population
19,019
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
77.9 sq mi
ZIP Area
602
Density / Sq Mi
$78,524
Median Household Income
$36,643
Median Earnings
$1,143
Median Rent
$254,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Family Fare Supermarket — 1185 Washington Ave, Holland, MI 49423
- La Consentida Supermarket — 676 Michigan Ave #1, Holland, MI 49423
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Existing retail configuration offers flexibility for grocery, convenience, specialty market, or neighborhood retail use.
Where is this grocery and convenience store located?
The property is located at 877 Washington Avenue Holland, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,185‑square‑foot commercial building on 0.77 acres; Former liquor store with existing retail configuration; Beer & Wine (SDM) license available, subject to Michigan Liquor Control Commission approval
