Renovated Historic Office
For Sale
$1,495,000
18 N 5th Street, Grand Haven, MI 49417
COMMERCIAL - Grand Haven, MI
Property Size11,584 SF
Lot Size0.42 Acres
Price / SF$129.06
Days on Market209
Property Features for 18 N 5th Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Civic Center
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Grand Haven
Middle school district
Grand Haven
High school district
Grand Haven
Directions
US-31 to Washington Avenue west. North on 5th to Columbus.
Subdivision
North Ottawa County - N
Standard status
Active
APN
70-03-21-351-008
Size
11,584 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 BLK 11 AKELEY'S ADD ALSO PART OF LOTS 1 THRU 3 BLK 17 MONROE & HARRIS ADD COM W 1/4 COR, TH S 0D 34M 17S W 1022.9
Tax Annual Amount
21702
Legal Description
LOT 1 BLK 11 AKELEY'S ADD ALSO PART OF LOTS 1 THRU 3 BLK 17 MONROE & HARRIS ADD COM W 1/4 COR, TH S 0D 34M 17S W 1022.9
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1937
Floors in Building
2
Number of units
1
Building materials
Brick
Roof type
Composition, Rubber
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Added: Jan 20
Changed: Aug 4
Last Checked: Aug 17 at 10:06AM
MLS# 26002467
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Historic fire barn building for sale in downtown Grand Haven, originally constructed in 1937 and renovated in 2024. A glass vestibule entry opens into a fully refurbished bi-level with 8 offices, a conference room, a large open gathering area with 18' ceilings and exposed ductwork, a full kitchen with original brickwork and a hose tower, and 3 restrooms. An unfinished 2,200 SF second level and a 5,500 SF garage structure provide room for additional redevelopment.
The property sits on a downtown corner lot and overlooks Central Park, with the waterfront located just blocks away. At 18 N 5th Street, the building offers straightforward access for office and redevelopment planning.
The current configuration is centered on the refurbished bi-level office space, while the second level and garage structure are suited for further improvements, supporting a range of redevelopment directions as described in the listing.
The property sits on a downtown corner lot and overlooks Central Park, with the waterfront located just blocks away. At 18 N 5th Street, the building offers straightforward access for office and redevelopment planning.
The current configuration is centered on the refurbished bi-level office space, while the second level and garage structure are suited for further improvements, supporting a range of redevelopment directions as described in the listing.
Key Highlights
- Historic 1937 brick fire barn building, renovated in 2024
- 11,584 SF building with a 3,500 SF fully refurbished bi‑level plus an unfinished 2,200 SF second level
- Main bi‑level includes 8 offices, a conference room, and a large open gathering area with 18' ceilings and exposed ductwork
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
$127,614
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
8.54%
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%
$2,552,280
$2.6M
Cap Rate 7%
$1,823,057
$1.8M
Cap Rate 9%
$1,417,933
$1.4M
Market Conditions
NOI Build-Up for 11,584 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
$197.4K $17.04/SF
− Vacancy
−$27.2K −$2.35/SF
EGI
$170.2K $14.69/SF
− OpEx
−$42.5K −$3.67/SF
NOI
$127.6K $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%
$2,552,280
Cap Rate 7%
$1,823,057
Cap Rate 9%
$1,417,933
Alternative Uses
Best Use
Office B
$1.82M
$1.60M – $2.13M
NOI $127,614 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$144.05M
$126.04M – $168.06M
NOI $10,083,513 @ 7.0% cap · market cap 674.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
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
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Frequently Asked Questions
What type of property is this?
Office building - Historic 1937 building renovated in 2024 featuring an updated bi-level office layout with multiple offices, conference space, and restrooms.
Where is this office building located?
The property is located at 18 N 5th Street Grand Haven, MI.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Historic 1937 brick fire barn building, renovated in 2024; 11,584 SF building with a 3,500 SF fully refurbished bi‑level plus an unfinished 2,200 SF second level; Main bi‑level includes 8 offices, a conference room, and a large open gathering area with 18' ceilings and exposed ductwork
