Renovated Two-Building Office
New
For Sale
$4,900,000
115 121 & 127 Clover Street, Holland, MI 49423
C-2-zoned office property with multiple suites and substantial on-site parking.
Property Size53,804 SF
Days on Market4
Property Features for 115 121 & 127 Clover Street
General Information
Standard status
Active
Size
53,804 SF
Total Parking Spaces
164
Property subtype
Office
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
53,804 SF
Year Built
1980
Year Renovated
2025
Buildings
2
Listing Agency:
(248) 324-2000
Listed By:
Elisabeth Addison
Source:
Friedmanrealestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 5:53AM
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 Elisabeth Addison
Investment Insights
Based on property information with market context.
This office property includes two freestanding buildings constructed in 1980, with suites available for office-based operations and other C-2-supported commercial uses. The buildings underwent renovations in 2025 and provide 165+ parking spaces across the property.
Located at 115, 121, and 127 Clover Street in Holland, the property sits directly off Clover Street, just west of US Hwy 31. C-2 zoning is identified as Community Commercial and allows a range of uses, including office and retail. Available suites may accommodate physical therapy, gym, government office, and private business operations, subject to applicable requirements.
Located at 115, 121, and 127 Clover Street in Holland, the property sits directly off Clover Street, just west of US Hwy 31. C-2 zoning is identified as Community Commercial and allows a range of uses, including office and retail. Available suites may accommodate physical therapy, gym, government office, and private business operations, subject to applicable requirements.
Key Highlights
- Two freestanding office buildings constructed in 1980
- 2025 renovations completed
- 165+ on‑site parking spaces
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
$446,148
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
9.11%
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%
$8,922,960
$8.9M
Cap Rate 7%
$6,373,543
$6.4M
Cap Rate 9%
$4,957,200
$5.0M
Market Conditions
NOI Build-Up for 53,804 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
$787.7K $14.64/SF
− Vacancy
−$44.1K −$0.82/SF
EGI
$743.6K $13.82/SF
− OpEx
−$297.4K −$5.53/SF
NOI
$446.1K $8.29/SF
Area
Ottawa County, MI
Vacancy
5.60%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
40.00%
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%
$8,922,960
Cap Rate 7%
$6,373,543
Cap Rate 9%
$4,957,200
Alternative Uses
Best Use
Office B
$8.47M
$7.41M – $9.88M
NOI $592,724 @ 7.0% cap · market cap 12.10%
Second Best
Retail
$7.98M
$6.98M – $9.31M
NOI $558,533 @ 7.0% cap · market cap 11.40%
Theoretical Best
Multifamily LT 5
$669.07M
$585.43M – $780.58M
NOI $46,834,713 @ 7.0% cap · market cap 955.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - C-2-zoned office property with multiple suites and substantial on-site parking.
Where is this office building located?
The property is located at 115 121 & 127 Clover Street Holland, MI.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Two freestanding office buildings constructed in 1980; 2025 renovations completed; 165+ on‑site parking spaces
