Multi-Tenant Shopping
For Sale
$5,060,000
1149 S Washington Avenue, Holland, MI 49423
Commercial Sale, Holland, MI
Property Size43,243 SF
Lot Size3.33 Acres
Price / SF$117.01
Days on Market140
Property Features for 1149 S Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C-2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
130
Interior features
Broadband
Elementary school district
Holland
Middle school district
Holland
High school district
Holland
Standard status
Active
APN
53-02-05-300-103
Size
43,243 SF
Lot size
3.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART SW1/4 SW1/4 COM 1328.16 FT S & 63.14 FT E OF W1/4 COR TH N 80 FT TH E 181.1 FT TH S 80 FT TH E 118.81 FT TH S 435.6
Tax Annual Amount
71006
Legal Description
PART SW1/4 SW1/4 COM 1328.16 FT S & 63.14 FT E OF W1/4 COR TH N 80 FT TH E 181.1 FT TH S 80 FT TH E 118.81 FT TH S 435.6
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2005
Floors in Building
1
Number of units
1
Building materials
Aluminum Siding, Stucco, Brick, Stone
Roof type
Rubber
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Michael Nagelkirk · License #6501194952
(616) 836-1122
Added: May 4
Changed: Sep 7
Last Checked: Sep 20 at 9:06AM
MLS# 26020012
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 multi-tenant shopping center comprises four buildings totaling 43,243 square feet, with 40,642 rentable square feet across a 3.33-acre site. Constructed in 2005, the improvements feature aluminum siding, stucco, brick, and stone, along with rubber roofing, forced-air heating, central air, and broadband availability.
The property is located at 1149 S Washington Avenue in Holland, Michigan, along the US-31 Business Route and just north of Exit 47 on I-196/US-31. It is adjacent to the south-side Family Fare and positioned within an established retail district that includes regional, national, and locally owned businesses. The center’s four-building configuration provides a substantial multi-tenant retail footprint in a prominent commercial corridor.
The property is located at 1149 S Washington Avenue in Holland, Michigan, along the US-31 Business Route and just north of Exit 47 on I-196/US-31. It is adjacent to the south-side Family Fare and positioned within an established retail district that includes regional, national, and locally owned businesses. The center’s four-building configuration provides a substantial multi-tenant retail footprint in a prominent commercial corridor.
Key Highlights
- 43,243‑square‑foot shopping center across four buildings
- 40,642 rentable square feet on a 3.33‑acre site
- Located at 1149 S Washington Avenue in Holland, MI 49423
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
$448,901
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
8.87%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Four-building retail center with established commercial surroundings and access from S Washington Avenue.
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: 43,243‑square‑foot shopping center across four buildings; 40,642 rentable square feet on a 3.33‑acre site; Located at 1149 S Washington Avenue in Holland, MI 49423
