Flex Space with
For Sale
$1,350,000
4518 128th Ave, Holland, MI 49424
Industrial condominium with office, manufacturing, loading, and vehicle parking areas in an established industrial park.
Property Size13,068 SF
Price / SF$103.31
Days on Market139
Property Features for 4518 128th Ave
General Information
Standard status
Active
Size
13,068 SF
Total Parking Spaces
50
Property subtype
Industrial
Zoning
I-1
Amenities
50 Parking Spaces
Building Details
Year Built
1996
Listing Agency:
Lakeshore Commercial Real Estate
(616) 283-2411
Listed By:
Thomas Postma · License #6502135442
(616) 283-2411
Source:
Carwm.resimplifi
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 30 at 1:11PM
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.
Condo Unit 3 offers 13,068 SF of flex space, including 1,404 SF of office area and 11,664 SF dedicated to manufacturing. The 1996 building includes air conditioning throughout the office and manufacturing areas, a 15-foot clear height, private offices, a breakroom, conference room, two restrooms, one loading dock, and approximately 1,458 SF of mezzanine space. I-1 zoning supports its industrial setting.
Located at 4518 128th Ave in Holland, the property provides access to US-31 and is positioned within an established industrial park surrounded by manufacturing facilities. Signage is available, and the site includes 50 parking spaces for autos and trucks.
Located at 4518 128th Ave in Holland, the property provides access to US-31 and is positioned within an established industrial park surrounded by manufacturing facilities. Signage is available, and the site includes 50 parking spaces for autos and trucks.
Key Highlights
- 13,068 SF Condo Unit 3 with 1,404 SF of office and 11,664 SF of manufacturing space
- Approximately 1,458 SF mezzanine with 15' clear height
- One loading dock and 50 parking spaces for autos and trucks
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
$46,735
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
3.46%
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%
$934,700
$934.7K
Cap Rate 7%
$667,643
$667.6K
Cap Rate 9%
$519,278
$519.3K
Market Conditions
NOI Build-Up for 13,068 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
$78.4K $6.00/SF
− Vacancy
−$6.5K −$0.50/SF
EGI
$71.9K $5.50/SF
− OpEx
−$25.2K −$1.93/SF
NOI
$46.7K $3.58/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
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%
$934,700
Cap Rate 7%
$667,643
Cap Rate 9%
$519,278
Alternative Uses
Best Use
Industrial
$2.75M
$2.41M – $3.21M
NOI $192,846 @ 7.0% cap · market cap 14.28%
Second Best
Flex RnD
$667.6K
$584.2K – $778.9K
NOI $46,735 @ 7.0% cap · market cap 3.46%
Theoretical Best
Multifamily LT 5
$162.50M
$142.19M – $189.59M
NOI $11,375,289 @ 7.0% cap · market cap 842.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial condominium with office, manufacturing, loading, and vehicle parking areas in an established industrial park.
Where is this flex space located?
The property is located at 4518 128th Ave 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: 13,068 SF Condo Unit 3 with 1,404 SF of office and 11,664 SF of manufacturing space; Approximately 1,458 SF mezzanine with 15' clear height; One loading dock and 50 parking spaces for autos and trucks
