Multi-Tenant Retail Shopping
For Sale
$5,060,000
1149 S Washington Avenue, Holland, MI 49423
Four-building retail center on US-31 Business near a Family Fare, offering storefront exposure along S Washington Ave.
Property Size43,243 SF
Lot Size3.30 Acres
Price / SF$117.01
Days on Market103
Property Features for 1149 S Washington Avenue
General Information
Standard status
Active
Size
43,243 SF
Total Parking Spaces
130
Lot size
3.30 Acres
Zoning
C-2
Taxes and HOA fees
Annual Taxes
$71,005
Building Details
Year Built
2005
Buildings
2
Tenancy
Multi
Listed By:
Daniel Bradley
(616) 512-2669
Source:
Grhomegroup.idxbroker
Added: Jul 6
Changed: Oct 15
Last Checked: Oct 16 at 5:37AM
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 Daniel Bradley
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Investment Insights
Based on property information with market context.
This multi-tenant retail shopping center includes four buildings totaling 43,243 square feet, with 40,642 square feet identified as rentable, all situated on 3.3 acres. The configuration supports multiple storefronts within a single ownership platform, providing room for tenant mix planning over time.
The property is located on US-31 Business Route (S Washington Ave) and is described as adjacent to Holland’s south side Family Fare. It sits just north of Exit 47 I-196/US-31, placing it in a retail corridor setting with direct access to a primary route for customers traveling along S Washington Ave.
For retailers, this center offers an established storefront environment in a shopping district along a high-visibility commercial artery. For investors, the four-building, multi-tenant layout can support ongoing leasing activity and tenant turnover scenarios within a single, larger retail asset.
The property is located on US-31 Business Route (S Washington Ave) and is described as adjacent to Holland’s south side Family Fare. It sits just north of Exit 47 I-196/US-31, placing it in a retail corridor setting with direct access to a primary route for customers traveling along S Washington Ave.
For retailers, this center offers an established storefront environment in a shopping district along a high-visibility commercial artery. For investors, the four-building, multi-tenant layout can support ongoing leasing activity and tenant turnover scenarios within a single, larger retail asset.
Key Highlights
- Four‑building multi‑tenant retail shopping center totaling 43,243 SF (40,642 rentable) on 3.3 acres
- Built in 2005
- Located on S Washington Ave (US‑31 Business Route) adjacent to Holland’s south side Family Fare
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$448,901
Cap Rate
8.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,978,020
$9.0M
Cap Rate 7%
$6,412,871
$6.4M
Cap Rate 9%
$4,987,789
$5.0M
Market Conditions
NOI Build-Up for 43,243 SF
Gross rent
$669.4K $15.48/SF
− Vacancy
−$28.1K −$0.65/SF
EGI
$641.3K $14.83/SF
− OpEx
−$192.4K −$4.45/SF
NOI
$448.9K $10.38/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,978,020
Cap Rate 7%
$6,412,871
Cap Rate 9%
$4,987,789
Alternative Uses
Best Use
Retail
$6.41M
$5.61M – $7.48M
NOI $448,901 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$537.74M
$470.52M – $627.36M
NOI $37,641,690 @ 7.0% cap · market cap 743.91%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
438
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
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Shopping center - Four-building retail center on US-31 Business near a Family Fare, offering storefront exposure along S Washington Ave.
Where is this shopping center located?
The property is located at 1149 S Washington Avenue Holland, MI.
What is the asking price?
The asking price for this property is $5,060,000.
What are key features of this property?
This property features: Four‑building multi‑tenant retail shopping center totaling 43,243 SF (40,642 rentable) on 3.3 acres; Built in 2005; Located on S Washington Ave (US‑31 Business Route) adjacent to Holland’s south side Family Fare
