Renovated Office
For Sale
$969,900
300 Washington #9-11, Grand Haven, MI 49417
Three ground-floor office units offer private entries, abundant daylight, flexible work areas, and updated building systems.
Property Size5,566 SF
Days on Market40
Property Features for 300 Washington #9-11
General Information
Standard status
Active
Size
5,566 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,333
Building Details
Building Size
5,566 SF
Year Built
2023
Buildings
1
Stories
3
Units
3
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
Source:
Erareardonrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 2:30PM
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 Capstone Real Estate LLC
Investment Insights
Based on property information with market context.
Located at 300 Washington #9-11 in Grand Haven, this 5,566 SF office offering comprises three ground-floor units in a 2023 building. The spaces were renovated with updated mechanical systems and finishes, and each unit has its own entrance and large windows. Together, the units provide 13 private offices, 2 conference rooms, an open workspace for 16 stations, 3 kitchen/breakrooms, and 4 ADA restrooms.
Access is available from both Washington Avenue and 3rd Street, with parking options in the site lot, along the street, and in a nearby public parking lot. The property is positioned in downtown Grand Haven, 3 blocks from the waterfront. Long-term tenant leases are in place, with potential for future rate increases.
Access is available from both Washington Avenue and 3rd Street, with parking options in the site lot, along the street, and in a nearby public parking lot. The property is positioned in downtown Grand Haven, 3 blocks from the waterfront. Long-term tenant leases are in place, with potential for future rate increases.
Key Highlights
- 5,566 SF offering with three ground‑floor office units
- Three units range from 1200 SF to 2500 SF
- 13 private offices and 2 conference rooms
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
$61,317
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
6.32%
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%
$1,226,340
$1.2M
Cap Rate 7%
$875,957
$876.0K
Cap Rate 9%
$681,300
$681.3K
Market Conditions
NOI Build-Up for 5,566 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
$94.8K $17.04/SF
− Vacancy
−$13.1K −$2.35/SF
EGI
$81.8K $14.69/SF
− OpEx
−$20.4K −$3.67/SF
NOI
$61.3K $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%
$1,226,340
Cap Rate 7%
$875,957
Cap Rate 9%
$681,300
Alternative Uses
Best Use
Office B
$876.0K
$766.5K – $1.02M
NOI $61,317 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$69.21M
$60.56M – $80.75M
NOI $4,845,030 @ 7.0% cap · market cap 499.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 49417, MI
32,406
Population
14,709
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
95%
High-School Grad
46.9 sq mi
ZIP Area
691
Density / Sq Mi
$84,476
Median Household Income
$45,392
Median Earnings
$1,101
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Three ground-floor office units offer private entries, abundant daylight, flexible work areas, and updated building systems.
Where is this office units located?
The property is located at 300 Washington #9-11 Grand Haven, MI.
What is the asking price?
The asking price for this property is $969,900.
What are key features of this property?
This property features: 5,566 SF offering with three ground‑floor office units; Three units range from 1200 SF to 2500 SF; 13 private offices and 2 conference rooms
