Flex Space with High
For Sale
$752,120
460 Cleveland Ave, Holland, MI 49423
Newly built condominium storage units offer flexible acquisition options and access near Lake Macatawa.
Property Size3,840 SF
Price / SF$195.86
Days on Market812
Property Features for 460 Cleveland Ave
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Industrial
Zoning
RMU
Additional Details
Clear Height
22 ft
Listing Agency:
Lakeshore Commercial Real Estate
(616) 283-2411
Listed By:
Thomas Postma · License #6501355882
(616) 283-2411
Source:
Carwm.resimplifi
Added: Jun 10, 2024
Changed: Aug 28
Last Checked: Aug 30 at 1:30PM
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 Estate
Investment Insights
Based on property information with market context.
This newly constructed flex-space condominium offering includes 11 storage units with configurations ranging from 1,920 to 5,760 square feet. Each unit features ceiling clearance exceeding 22 feet, a 14' x 16' powered overhead door, and service doors at both the front and rear. The property is zoned RMU.
Five units are under contract, leaving six units available. The site at 460 Cleveland Ave in Holland is near Lake Macatawa, providing a relevant setting for users requiring storage-oriented commercial space.
Five units are under contract, leaving six units available. The site at 460 Cleveland Ave in Holland is near Lake Macatawa, providing a relevant setting for users requiring storage-oriented commercial space.
Key Highlights
- 11 newly built storage condominium units
- Unit sizes range from 1,920 to 5,760 SF
- 22'+ ceiling height
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
$64,651
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
8.60%
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%
$1,293,020
$1.3M
Cap Rate 7%
$923,586
$923.6K
Cap Rate 9%
$718,344
$718.3K
Market Conditions
NOI Build-Up for 3,840 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
$82.9K $21.60/SF
− Vacancy
−$6.9K −$1.79/SF
EGI
$76.1K $19.81/SF
− OpEx
−$11.4K −$2.97/SF
NOI
$64.7K $16.84/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,293,020
Cap Rate 7%
$923,586
Cap Rate 9%
$718,344
Alternative Uses
Best Use
Warehouse
$923.6K
$808.1K – $1.08M
NOI $64,651 @ 7.0% cap · market cap 8.60%
Second Best
Industrial
$809.5K
$708.3K – $944.5K
NOI $56,667 @ 7.0% cap · market cap 7.53%
Theoretical Best
Multifamily LT 5
$47.75M
$41.78M – $55.71M
NOI $3,342,601 @ 7.0% cap · market cap 444.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
Location Intelligence
Trade Area within ½ mile
528
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly built condominium storage units offer flexible acquisition options and access near Lake Macatawa.
Where is this flex space located?
The property is located at 460 Cleveland Ave Holland, MI.
What is the asking price?
The asking price for this property is $752,120.
What are key features of this property?
This property features: 11 newly built storage condominium units; Unit sizes range from 1,920 to 5,760 SF; 22'+ ceiling height
