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 Market185
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: Oct 8
Last Checked: Nov 4 at 12:06PM
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.
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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 / 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.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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
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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 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
