New Warehouse Condominium
For Sale
$752,120
460 Cleveland Avenue #Unit 2, Holland, MI 49423
Multiple acquisition configurations are available near Lake Macatawa.
Property Size3,840 SF
Days on Market29
Property Features for 460 Cleveland Avenue #Unit 2
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,864
Building Details
Building Size
3,840 SF
Year Built
2025
Buildings
1
Stories
1
Units
2
Listing Agency:
Lakeshore Commercial Real Estate
(616) 283-2411
Listed By:
Thomas S Postma · License #6502135442
Source:
Erareardonrealty
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 30 at 5:41PM
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.
Built in 2025, this warehouse condominium project contains 11 newly constructed units with multiple purchase configurations. Unit sizes range from 1,920 to 5,760 SF, while each unit includes a 22'+ ceiling height, a 14' x 16' overhead door with operator, and front and rear service doors.
Located at 460 Cleveland Avenue in Holland, the property is near Lake Macatawa. Five condo units are under contract, leaving six units available. The project combines warehouse-style condominium ownership with varied unit sizes and multiple access points.
Located at 460 Cleveland Avenue in Holland, the property is near Lake Macatawa. Five condo units are under contract, leaving six units available. The project combines warehouse-style condominium ownership with varied unit sizes and multiple access points.
Key Highlights
- 11 warehouse condominium units built in 2025
- Unit sizes range from 1,920 - 5,760 SF
- 22'+ ceiling height in each unit
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
—
—
no second resolved use
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Drummond Marine — 435 W 17th St, Holland, MI 49423
Frequently Asked Questions
What type of property is this?
Warehouse - Multiple acquisition configurations are available near Lake Macatawa.
Where is this warehouse located?
The property is located at 460 Cleveland Avenue #Unit 2 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 warehouse condominium units built in 2025; Unit sizes range from 1,920 - 5,760 SF; 22'+ ceiling height in each unit
