Industrial Condo with
For Sale
$1,350,000
4518 128th Avenue, Holland, MI 49424
COMMERCIAL - Holland, MI
Property Size13,068 SF
Lot Size2.92 Acres
Price / SF$103.31
Days on Market124
Property Features for 4518 128th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Manufacturing
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
West Ottawa
Middle school district
West Ottawa
High school district
West Ottawa
Standard status
Active
APN
70-16-04-157-003
Size
13,068 SF
Lot size
2.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 3. NORTH HOLLAND INDUSTRIAL CONDO, AS AMENDED, RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2140 PAGES 757-818
Tax Annual Amount
13162
Legal Description
UNIT 3. NORTH HOLLAND INDUSTRIAL CONDO, AS AMENDED, RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2140 PAGES 757-818
Utilities
Utilities
Phone Available
Heating system
Space Heater, Forced Air
Cooling system
Central Air
Amenities
Private offices
Breakroom
Conference room
Building Details
Year built
1996
Floors in Building
1
Number of units
3
Building materials
Block, Metal Siding
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Thomas S Postma · License #6502135442
(616) 394-4500
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 15 at 6:06AM
MLS# 26015160
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 for-sale industrial condo unit includes manufacturing space plus a dedicated office area. The unit features 1,404 SF of office space and 11,664 SF of very clean manufacturing space, along with about 1,458 SF of mezzanine space. The configuration includes one loading dock, air-conditioned office and manufacturing areas, private offices, a breakroom, and a conference room.
The property is located within an established industrial park in Holland, Michigan, surrounded by complementary manufacturing facilities.
Available as Condo Unit 3, the building offers clear height of 15 feet to support a range of light manufacturing and industrial uses.
The property is located within an established industrial park in Holland, Michigan, surrounded by complementary manufacturing facilities.
Available as Condo Unit 3, the building offers clear height of 15 feet to support a range of light manufacturing and industrial uses.
Key Highlights
- Condo Unit 3 industrial space for sale with 13,068 SF total, including 1,404 SF of office and 11,664 SF of manufacturing space
- 11,664 SF manufacturing area includes one loading dock and clear height of 15'
- Air‑conditioned office and manufacturing space with private offices, breakroom, and conference room
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
Office B
$2.06M
$1.80M – $2.40M
NOI $143,962 @ 7.0% cap · market cap 10.66%
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
Lease Details
15 ft
Clear height
1
Dock-high doors
1
Office units
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Balanced
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 Office 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?
Flex space - Industrial condo unit offers clean manufacturing space with an office component, loading dock, and mezzanine.
Where is this flex space located?
The property is located at 4518 128th Avenue 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: Condo Unit 3 industrial space for sale with 13,068 SF total, including 1,404 SF of office and 11,664 SF of manufacturing space; 11,664 SF manufacturing area includes one loading dock and clear height of 15'; Air‑conditioned office and manufacturing space with private offices, breakroom, and conference room
