Retail Center on High-Traffic
For Sale
Contact for pricing
12659 Riley St, Holland, MI 49424
Multi-tenant retail center with high visibility and strong traffic counts.
Property Size50,401 SF
Lot Size7.60 Acres
Price / SF$168.65
Days on Market191
Property Features for 12659 Riley St
General Information
Standard status
Active
Size
50,401 SF
Lot size
7.60 Acres
Property subtype
Office, Retail
Zoning
PUD
Listing Agency:
Lakeshore Commercial Real Estates
(616) 283-2411
Listed By:
Thomas Postma · License #MI 6502135442
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Jul 21 at 10:28AM
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 multi-tenant retail shopping center presents an investment opportunity within a major regional retail corridor. Located at the northwest corner of US-31 and Riley Street, the property benefits from visibility, traffic counts, and access to a primary north–south arterial. The center includes three buildings totaling 50,401 square feet, with 49,285 square feet rentable, on a 7.6-acre site. The property is surrounded by national and regional retailers.
Key Highlights
- Exceptional visibility and direct access at the signalized northwest corner of US‑31 and Riley Street.
- Located in a major regional retail corridor with strong traffic counts.
- Three buildings totaling 50,401 square feet on 7.6 acres, offering scale and long‑term flexibility.
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
$523,207
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
6.16%
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%
$10,464,140
$10.5M
Cap Rate 7%
$7,474,386
$7.5M
Cap Rate 9%
$5,813,411
$5.8M
Market Conditions
NOI Build-Up for 50,401 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
$780.2K $15.48/SF
− Vacancy
−$32.8K −$0.65/SF
EGI
$747.4K $14.83/SF
− OpEx
−$224.2K −$4.45/SF
NOI
$523.2K $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%
$10,464,140
Cap Rate 7%
$7,474,386
Cap Rate 9%
$5,813,411
Alternative Uses
Best Use
Retail
$7.47M
$6.54M – $8.72M
NOI $523,207 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$626.75M
$548.41M – $731.21M
NOI $43,872,507 @ 7.0% cap · market cap 516.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49424, MI
47,963
Population
19,906
Households
2.4
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
57.3 sq mi
ZIP Area
837
Density / Sq Mi
$82,353
Median Household Income
$41,316
Median Earnings
$1,157
Median Rent
$270,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Secretary of State Self-service Station — 3320 W Shr Dr, Holland, MI 49424
- Felch Street Plaza — 12635 Felch St, Holland, MI 49424
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail center with high visibility and strong traffic counts.
Where is this shopping center located?
The property is located at 12659 Riley St Holland, MI.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Exceptional visibility and direct access at the signalized northwest corner of US‑31 and Riley Street.; Located in a major regional retail corridor with strong traffic counts.; Three buildings totaling 50,401 square feet on 7.6 acres, offering scale and long‑term flexibility.
