Commercial Office Building with
For Sale
Contact for pricing
121 Clover St, Holland, MI 49423
Office building with warehouse centrally located near Holland/Zeeland communities.
Property Size22,400 SF
Lot Size4.00 Acres
Price / SF$120.54
Days on Market948
Property Features for 121 Clover St
General Information
Standard status
Active
Size
22,400 SF
Class
A
Total Parking Spaces
80
Lot size
4.00 Acres
Property subtype
Office
Zoning
Commercial Office
Occupancy
50%
Lease Type
Modified Gross
Investment Type
Owner/User
Net Operating Income
$122,400
Building Details
Year Built
1988
Year Renovated
2019
Buildings
2
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Lakeshore Commercial Real Estates
Listed By:
Myra Keuning · License #6501255501
Source:
Crexi
Added: Jan 16, 2024
Changed: Aug 13
Last Checked: Aug 19 at 3:07PM
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 Estates
Investment Insights
Based on property information with market context.
This commercial office building is centrally located to the Holland/Zeeland communities, situated on US-31 just off Chicago Drive. The property features approximately 4 acres of landscaped green space. The main building offers 22,800 square feet of space, with 11,400 square feet per floor. The first floor has an open floor plan suitable for lite assembly, physical therapy, or storage. The second floor includes conference rooms and approximately 9 built-out offices. An adjacent 5,500 square foot separate building serves as a warehouse garage, equipped with a 12-foot overhead door and a loading dock, as well as offices and a restroom. This property is suitable for owner-occupied space for a growing office and assembly company.
Key Highlights
- Centrally located between Holland and Zeeland with high visibility on US‑31.
- Large 4‑acre landscaped property with a total of 22,800 sf in the main building.
- Versatile first floor suitable for lite assembly, physical therapy, or storage.
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
$246,766
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
9.14%
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%
$4,935,320
$4.9M
Cap Rate 7%
$3,525,229
$3.5M
Cap Rate 9%
$2,741,844
$2.7M
Market Conditions
NOI Build-Up for 22,400 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
$381.7K $17.04/SF
− Vacancy
−$52.7K −$2.35/SF
EGI
$329.0K $14.69/SF
− OpEx
−$82.3K −$3.67/SF
NOI
$246.8K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$4,935,320
Cap Rate 7%
$3,525,229
Cap Rate 9%
$2,741,844
Alternative Uses
Best Use
Warehouse
$5.39M
$4.71M – $6.29M
NOI $377,129 @ 7.0% cap · market cap 13.97%
Second Best
Industrial
$4.72M
$4.13M – $5.51M
NOI $330,559 @ 7.0% cap · market cap 12.24%
Theoretical Best
Multifamily LT 5
$278.55M
$243.73M – $324.98M
NOI $19,498,505 @ 7.0% cap · market cap 722.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Office building with warehouse centrally located near Holland/Zeeland communities.
Where is this office building located?
The property is located at 121 Clover St Holland, MI.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Centrally located between Holland and Zeeland with high visibility on US‑31.; Large 4‑acre landscaped property with a total of 22,800 sf in the main building.; Versatile first floor suitable for lite assembly, physical therapy, or storage.
