Manufacturing Condo with
For Sale
$1,350,000
4518 128th Avenue #3, Holland, MI 49424
Industrial condominium with dedicated offices, conditioned production areas, loading access, and support spaces for manufacturing operations.
Property Size13,068 SF
Days on Market40
Property Features for 4518 128th Avenue #3
General Information
Standard status
Active
Size
13,068 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,162
Building Details
Building Size
13,068 SF
Year Built
1996
Buildings
1
Stories
1
Units
3
Listing Agency:
Lakeshore Commercial Real Estate
(616) 283-2411
Listed By:
Thomas S Postma · License #6502135442
Source:
Erareardonrealty
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 is a 13,068-square-foot manufacturing property completed in 1996. The layout includes 11,664 square feet of manufacturing space and 1,404 square feet of office area, with air conditioning serving both portions of the building. Private offices, a breakroom, and a conference room provide dedicated administrative and employee support areas, while approximately 1,458 square feet of mezzanine space adds usable capacity. A loading dock and 15-foot clear height support industrial operations.
The property is positioned within an established industrial park at 4518 128th Ave Unit 3 in Holland, Michigan, alongside other manufacturing facilities. The combination of production space, office improvements, loading access, and mezzanine area creates a practical configuration for an industrial user.
The property is positioned within an established industrial park at 4518 128th Ave Unit 3 in Holland, Michigan, alongside other manufacturing facilities. The combination of production space, office improvements, loading access, and mezzanine area creates a practical configuration for an industrial user.
Key Highlights
- 13,068 SF manufacturing condominium completed in 1996
- 11,664 SF of manufacturing space plus 1,404 SF of office space
- Approximately 1,458 SF of mezzanine space
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
57
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
Market
Vacancy Rate% for Industrial 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?
Manufacturing property - Industrial condominium with dedicated offices, conditioned production areas, loading access, and support spaces for manufacturing operations.
Where is this manufacturing property located?
The property is located at 4518 128th Avenue #3 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 manufacturing condominium completed in 1996; 11,664 SF of manufacturing space plus 1,404 SF of office space; Approximately 1,458 SF of mezzanine space
