Industrial Warehouse with
For Sale
$999,000
10841 Paw Paw Drive, Holland, MI 49424
Warehouse with one overhead door, two truck docks, and 13' ceilings, plus private offices and a conference room.
Property Size10,380 SF
Days on Market211
Property Features for 10841 Paw Paw Drive
General Information
Standard status
Active
Size
10,380 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
13 ft
Dock-High Doors
2
Amenities
private offices
conference room
break areas
Building Details
Building Size
10,380 SF
Year Built
1986
Units
1
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Thomas S Postma · License #6502135442
(616) 394-4500
Source:
Homesforsaleinmich
Added: Jan 14
Changed: Aug 7
Last Checked: Aug 12 at 12:20PM
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 Lakeshore Commercial Real Estate
Investment Insights
Based on property information with market context.
This industrial warehouse includes one overhead door, two truck docks, and approximately 13' ceiling height, along with private offices, a conference room, and break areas. The building is currently available for sale and for lease.
Located centrally between Holland and Zeeland off of Chicago Drive, the property provides convenient access to Chicago Drive and is close to US-31. It is also near retail stores, restaurants, and other local businesses.
The interior office and meeting space is complemented by the functional loading configuration for warehouse operations.
Located centrally between Holland and Zeeland off of Chicago Drive, the property provides convenient access to Chicago Drive and is close to US-31. It is also near retail stores, restaurants, and other local businesses.
The interior office and meeting space is complemented by the functional loading configuration for warehouse operations.
Key Highlights
- Commercial warehouse built in 1986
- Features 1 overhead door and 2 truck docks
- 13' ceiling height in the warehouse space
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
Warehouse
$2.50M
$2.18M – $2.91M
NOI $174,759 @ 7.0% cap · market cap 17.49%
Second Best
Industrial
$2.19M
$1.91M – $2.55M
NOI $153,179 @ 7.0% cap · market cap 15.33%
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
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse with one overhead door, two truck docks, and 13' ceilings, plus private offices and a conference room.
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: Commercial warehouse built in 1986; Features 1 overhead door and 2 truck docks; 13' ceiling height in the warehouse space
