Multi-Tenant Retail Shopping
For Sale
$5,060,000
1149 S Washington Avenue, Holland, MI 49423
Four-building retail center on US-31 Business near a Family Fare, offering storefront exposure along S Washington Ave.
Property Size43,243 SF
Lot Size3.30 Acres
Price / SF$117.01
Days on Market42
Property Features for 1149 S Washington Avenue
General Information
Standard status
Active
Size
43,243 SF
Total Parking Spaces
130
Lot size
3.30 Acres
Zoning
C-2
Taxes and HOA fees
Annual Taxes
$71,005
Building Details
Year Built
2005
Buildings
2
Tenancy
Multi
Listing Agency:
(616) 512-2669
Listed By:
Daniel Bradley
(616) 512-2669
Source:
Grhomegroup.idxbroker
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 8 at 8:14AM
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 Daniel Bradley
Investment Insights
Based on property information with market context.
This multi-tenant retail shopping center includes four buildings totaling 43,243 square feet, with 40,642 square feet identified as rentable, all situated on 3.3 acres. The configuration supports multiple storefronts within a single ownership platform, providing room for tenant mix planning over time.
The property is located on US-31 Business Route (S Washington Ave) and is described as adjacent to Holland’s south side Family Fare. It sits just north of Exit 47 I-196/US-31, placing it in a retail corridor setting with direct access to a primary route for customers traveling along S Washington Ave.
For retailers, this center offers an established storefront environment in a shopping district along a high-visibility commercial artery. For investors, the four-building, multi-tenant layout can support ongoing leasing activity and tenant turnover scenarios within a single, larger retail asset.
The property is located on US-31 Business Route (S Washington Ave) and is described as adjacent to Holland’s south side Family Fare. It sits just north of Exit 47 I-196/US-31, placing it in a retail corridor setting with direct access to a primary route for customers traveling along S Washington Ave.
For retailers, this center offers an established storefront environment in a shopping district along a high-visibility commercial artery. For investors, the four-building, multi-tenant layout can support ongoing leasing activity and tenant turnover scenarios within a single, larger retail asset.
Key Highlights
- Four‑building multi‑tenant retail shopping center totaling 43,243 SF (40,642 rentable) on 3.3 acres
- Built in 2005
- Located on S Washington Ave (US‑31 Business Route) adjacent to Holland’s south side Family Fare
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 on US-31 Business near a Family Fare, offering storefront exposure along S Washington Ave.
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: Four‑building multi‑tenant retail shopping center totaling 43,243 SF (40,642 rentable) on 3.3 acres; Built in 2005; Located on S Washington Ave (US‑31 Business Route) adjacent to Holland’s south side Family Fare
