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    Prime Land Near US 31 Title is generated by Realmo AI

    12501 Greenly St, Holland, MI 49424

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    20.65 acres of commercial land with development potential.

    Type:Land
    Lot size:
    20.65 Acres
    Added:
    Mar 28, 2022
    Days on Market:
    1517
    Last Refresh:
    May 12 at 10:53 pm

    Property Features for 12501 Greenly St

    General Information

    Standard status
    Active
    Lot size
    20.65 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Marcel Burgler

    Listing agent Marcel Burgler License #MI 6506026287

    Listing office Prime Development

    Listing date Mar 28, 2022

    Source Crexi

    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 Prime Development

    HighLights

    • Municipal water and sewer available on‑site.
    • High‑growth area with over $100 million in new residential development.
    • Located on Greenly, extended in 2023 due to new Redwood apartment project.
    • Strong demographics: 4.5% population growth and median area HH income of $76,087.
    • Adjacent to Redwood residential development (opened 2024).
    • Close proximity to major retailers including Meijer, Target, and Best Buy.

    Overview

    This 20.65-acre parcel includes approximately 15 acres of upland and is located immediately East of US 31 on Greenly Street. Greenly Street was extended in 2023 due to a new Redwood apartment project. Municipal water and sewer services are available on Greenly Street at the site. The area has seen over $100 million in new residential development in the last two years, with more currently under construction. The area has experienced a 4.5% population growth. The median household income in the area is $76,087. New manufacturing plants, including LG energy, are located in Holland. Commercial neighbors include Meijer, Target, Michael's, Dick's Sporting Goods, Best Buy, and Lake Michigan Credit Union. A new Harvest Health grocery store is now open on the corner of Greenly Street and US 31. The Redwood residential development opened in 2024 immediately North and adjacent to this parcel. Future land use is designated as part Commercial and part Medium Density Residential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Holland
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.0909145
    Latitude
    42.8356162

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    FAQs

    What type of property is this?
    Commercial land - 20.65 acres of commercial land with development potential.
    Where is this commercial land located?
    The property is located at 12501 Greenly St Holland, MI.
    What is the asking price?
    The asking price for this property is $1,725,000.
    What are key features of this property?
    This property features: Municipal water and sewer available on‑site.; High‑growth area with over $100 million in new residential development.; Located on Greenly, extended in 2023 due to new Redwood apartment project.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Marcel Burgler
    Real Estate License ID: MI 6506026287
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    12501 Greenly St, Holland Charter Township, MI 49424
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