Turn-Key Restaurant
For Sale
$1,350,000
192 W 35th Street, Holland, MI 49423
Turn-key restaurant with fixtures, hood, and kitchen equipment included.
Property Size3,547 SF
Price / SF$380.60
Days on Market330
Property Features for 192 W 35th Street
General Information
Standard status
Active
Size
3,547 SF
Property subtype
Retail
Building Details
Building Size
3,547 SF
Year Built
1971
Listing Agency:
Signature Associates
(616) 822-6310
Listed By:
Joe Rizqallah
(616) 822-6310
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 16
Last Checked: Aug 20 at 5:09AM
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 Signature Associates
Investment Insights
Based on property information with market context.
This turn-key restaurant, available for the first time, presents an opportunity for restaurant owners. It has been in operation for over 40 years and includes fixtures, a hood, and kitchen equipment. The restaurant has seating for 125 patrons. Training is available. The sale is subject to the seller's verification of the potential buyer's financials and experience. The property size is 3547 square feet.
Key Highlights
- Turn‑key restaurant ready for immediate operation.
- Includes all fixtures, hood, and kitchen equipment.
- Established business with over 40 years of operation.
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
$39,451
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
2.92%
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%
$789,020
$789.0K
Cap Rate 7%
$563,586
$563.6K
Cap Rate 9%
$438,344
$438.3K
Market Conditions
NOI Build-Up for 3,547 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
$54.9K $15.48/SF
− Vacancy
−$2.3K −$0.65/SF
EGI
$52.6K $14.83/SF
− OpEx
−$13.2K −$3.71/SF
NOI
$39.5K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$789,020
Cap Rate 7%
$563,586
Cap Rate 9%
$438,344
Alternative Uses
Best Use
Specialty Retail
$563.6K
$493.1K – $657.5K
NOI $39,451 @ 7.0% cap · market cap 2.92%
Second Best
Retail
$526.0K
$460.3K – $613.7K
NOI $36,821 @ 7.0% cap · market cap 2.73%
Theoretical Best
Multifamily LT 5
$44.11M
$38.59M – $51.46M
NOI $3,087,553 @ 7.0% cap · market cap 228.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
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 Retail 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?
Restaurant - Turn-key restaurant with fixtures, hood, and kitchen equipment included.
Where is this restaurant located?
The property is located at 192 W 35th Street Holland, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Turn‑key restaurant ready for immediate operation.; Includes all fixtures, hood, and kitchen equipment.; Established business with over 40 years of operation.
