Office Condo with Conference
New
For Sale
$199,900
40 E Lakewood Boulevard, Holland, MI 49424
Commercial Sale, Holland, MI
Property Size1,350 SF
Price / SF$148.07
Days on Market2
Property Features for 40 E Lakewood Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
251 COMMERCIAL
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
West Ottawa
Middle school district
West Ottawa
High school district
West Ottawa
Directions
US-31 to Lakewood Blvd; west on Lakewood to location.
Standard status
Active
APN
70-16-20-264-006
Size
1,350 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
UNIT 6 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB PL
Tax Annual Amount
3407
Legal Description
UNIT 6 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB PL
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1998
Floors in Building
1
Number of units
1
Listing Agency:
Greenridge Realty Holland
(616) 396-1917
Listed By:
Dean Kreps · License #6506047734
(616) 403-5092
Added: Sep 11
Last Checked: Sep 12 at 6:06AM
MLS# 26048595
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.
This 1,350-square-foot office condo at Railside Center provides a practical professional-office layout with three offices or rooms, a reception area, conference room, and a compact kitchenette equipped with a sink and mini fridge. The suite also includes one bathroom, broadband access, forced-air heating, and central air conditioning.
The property is located at 40 E Lakewood Boulevard in Holland, Michigan, with access to major highways and ample parking. The building was constructed in 1998, and cable service is available. Its combination of defined work areas, visitor reception space, meeting capacity, and basic office amenities supports a range of professional office configurations.
The property is located at 40 E Lakewood Boulevard in Holland, Michigan, with access to major highways and ample parking. The building was constructed in 1998, and cable service is available. Its combination of defined work areas, visitor reception space, meeting capacity, and basic office amenities supports a range of professional office configurations.
Key Highlights
- 1,350 SF office condo at Railside Center
- Three offices or rooms plus reception and conference areas
- Kitchenette includes a sink and mini fridge
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
$14,872
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
7.44%
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%
$297,440
$297.4K
Cap Rate 7%
$212,457
$212.5K
Cap Rate 9%
$165,244
$165.2K
Market Conditions
NOI Build-Up for 1,350 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
$23.0K $17.04/SF
− Vacancy
−$3.2K −$2.35/SF
EGI
$19.8K $14.69/SF
− OpEx
−$5.0K −$3.67/SF
NOI
$14.9K $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%
$297,440
Cap Rate 7%
$212,457
Cap Rate 9%
$165,244
Alternative Uses
Best Use
Office B
$212.5K
$185.9K – $247.9K
NOI $14,872 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$16.79M
$14.69M – $19.59M
NOI $1,175,133 @ 7.0% cap · market cap 587.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 49424, MI
47,963
Population
19,906
Households
2.4
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
57.3 sq mi
ZIP Area
837
Density / Sq Mi
$82,353
Median Household Income
$41,316
Median Earnings
$1,157
Median Rent
$270,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Configured with private rooms, reception, kitchenette, and conference area.
Where is this office units located?
The property is located at 40 E Lakewood Boulevard Holland, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,350 SF office condo at Railside Center; Three offices or rooms plus reception and conference areas; Kitchenette includes a sink and mini fridge
