Medical Office with Five
New
For Sale
$629,000
1061 Washington Ave, Holland, MI 49423
A former medical practice layout includes reception, a procedure room, a break room and additional adaptable space.
Property Size3,489 SF
Price / SF$180.28
Days on Market3
Property Features for 1061 Washington Ave
General Information
Standard status
Active
Size
3,489 SF
Building Details
Year Built
1980
Listing Agency:
RE/MAX Lakeshore
Listed By:
Heather Davis
(616) 848-6023
Source:
Katie-k
Added: Oct 4
Last Checked: Oct 5 at 8:34PM
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.
At 1061 Washington Ave in Holland, this 3,489-square-foot medical office was built in 1980. Its interior includes a reception area, break room, procedure room and five separate rooms or offices, along with additional space that can be adapted to a business’s needs. The property previously served as a family medical practice.
The site includes parking for customers, clients and employees. Its existing room configuration and additional interior area provide a practical starting point for a medical or professional office operation.
The site includes parking for customers, clients and employees. Its existing room configuration and additional interior area provide a practical starting point for a medical or professional office operation.
Key Highlights
- 3,489‑square‑foot medical office built in 1980
- Five individual rooms or offices, plus reception, procedure room and break room
- Additional interior space available for adaptation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,436
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,720
$768.7K
Cap Rate 7%
$549,086
$549.1K
Cap Rate 9%
$427,067
$427.1K
Market Conditions
NOI Build-Up for 3,489 SF
Gross rent
$59.5K $17.04/SF
− Vacancy
−$8.2K −$2.35/SF
EGI
$51.2K $14.69/SF
− OpEx
−$12.8K −$3.67/SF
NOI
$38.4K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,720
Cap Rate 7%
$549,086
Cap Rate 9%
$427,067
Alternative Uses
Best Use
Office B
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 6.11%
Second Best
Healthcare Medical
$413.3K
$361.6K – $482.2K
NOI $28,931 @ 7.0% cap · market cap 4.60%
Theoretical Best
Multifamily LT 5
$43.39M
$37.96M – $50.62M
NOI $3,037,066 @ 7.0% cap · market cap 482.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
Balanced
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Swine Veterinary Services-Michigan — 60 Veterans Dr # 7, Holland, MI 49423
- Havenga Kay DVM — 1106 Washington Ave, Holland, MI 49423
- Animal Clinic of Holland PLLC — 1106 Washington Ave, Holland, MI 49423
- Dr. Susan J. Vanderjagt, DVM — 1106 Washington Ave, Holland, MI 49423
Frequently Asked Questions
What type of property is this?
Medical Office Space - A former medical practice layout includes reception, a procedure room, a break room and additional adaptable space.
Where is this medical office space located?
The property is located at 1061 Washington Ave Holland, MI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: 3,489‑square‑foot medical office built in 1980; Five individual rooms or offices, plus reception, procedure room and break room; Additional interior space available for adaptation
