Downtown Grand Haven Investment
For Sale
$785,000
300 Washington #10 and #11, Grand Haven, MI 49417
Three renovated commercial units in a landmark building for sale.
Property Size5,566 SF
Price / SF$141.03
Days on Market128
Property Features for 300 Washington #10 and #11
General Information
Standard status
Active
Size
5,566 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,665
Building Details
Year Built
2023
Units
2
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Elliman
Added: Apr 24
Changed: Aug 28
Last Checked: Aug 29 at 10:11AM
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.
This investment opportunity features 5,566 square feet in a landmark building located in downtown Grand Haven, 3 blocks from the waterfront. Situated at the corner of 3rd and Washington Avenue, the property comprises three ground-floor commercial units that have been completely renovated with new mechanical systems and finishes. The units range in size from 1200 to 2500 square feet, each with a private entrance and large windows providing natural light. Combined, the three units include 13 private offices, 2 conference rooms, a large open workspace accommodating 16 stations, 3 kitchen/breakrooms, and 4 ADA restrooms. The site is accessible from both Washington Avenue and 3rd Street, with parking available in the site lot, on-street, and in a nearby public parking lot. Long-term tenant leases are in place with potential for future rate increases. The location has a bike score of 63, indicating it is bikeable, and a walk score of 76, indicating it is very walkable.
Key Highlights
- Prime downtown Grand Haven location, just 3 blocks from the waterfront.
- Three fully renovated commercial units with new mechanical systems and finishes.
- Totaling 5,566 SF with a combination of private offices, conference rooms, open workspace, and kitchen/breakrooms.
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
$57,780
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
7.36%
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%
$1,155,600
$1.2M
Cap Rate 7%
$825,429
$825.4K
Cap Rate 9%
$642,000
$642.0K
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
$86.2K $15.48/SF
− Vacancy
−$3.6K −$0.65/SF
EGI
$82.5K $14.83/SF
− OpEx
−$24.8K −$4.45/SF
NOI
$57.8K $10.38/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$1,155,600
Cap Rate 7%
$825,429
Cap Rate 9%
$642,000
Alternative Uses
Best Use
Retail
$825.4K
$722.3K – $963.0K
NOI $57,780 @ 7.0% cap · market cap 7.36%
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 617.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Three renovated commercial units in a landmark building for sale.
Where is this storefront property located?
The property is located at 300 Washington #10 and #11 Grand Haven, MI.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Prime downtown Grand Haven location, just 3 blocks from the waterfront.; Three fully renovated commercial units with new mechanical systems and finishes.; Totaling 5,566 SF with a combination of private offices, conference rooms, open workspace, and kitchen/breakrooms.
