Storage Condo Building
For Sale
$752,120
460 Cleveland Avenue, Holland, MI 49423
COMMERCIAL - Holland, MI
Property Size3,840 SF
Lot Size1.11 Acres
Price / SF$195.86
Days on Market802
Property Features for 460 Cleveland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
RMU
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Broadband
Elementary school district
Holland
Middle school district
Holland
High school district
Holland
Directions
West on 16th Street to Ottawa Avenue, go South on Ottawa Avenue to building.
Subdivision
Holland/Saugatuck - H
Standard status
Active
APN
70-16-31-209-001
Size
3,840 SF
Lot size
1.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 46 TO 59 INCLUSIVE, ALSO S 1/2 OF VAC 19TH ST & ALL OF VAC ALLEY ADJ TO SD LOTS. WEERSING'S 1ST ADD SEC 31 T5N R15
Tax Annual Amount
28865
Legal Description
LOTS 46 TO 59 INCLUSIVE, ALSO S 1/2 OF VAC 19TH ST & ALL OF VAC ALLEY ADJ TO SD LOTS. WEERSING'S 1ST ADD SEC 31 T5N R15
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
2025
Floors in Building
1
Number of units
2
Building materials
Metal Siding
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Thomas S Postma · License #6502135442
(616) 394-4500
Added: Jun 10, 2024
Changed: Aug 4
Last Checked: Aug 20 at 5:06PM
MLS# 24029227
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 property includes 11 newly built storage building/condo units designed for flexible ownership options. Each unit offers approximately 22+ foot ceiling height, a 14' x 16' overhead door with an operator, and both front and rear service doors.
The facility is located at 460 Cleveland Avenue in Holland, Michigan, in Ottawa County. The public remarks note proximity to Lake Macatawa for users who store boats.
The offering includes multiple unit sizes ranging from 1,920 to 5,760 square feet, with 5 condo units reported under contract and 6 remaining as of the latest update in the remarks.
The facility is located at 460 Cleveland Avenue in Holland, Michigan, in Ottawa County. The public remarks note proximity to Lake Macatawa for users who store boats.
The offering includes multiple unit sizes ranging from 1,920 to 5,760 square feet, with 5 condo units reported under contract and 6 remaining as of the latest update in the remarks.
Key Highlights
- 11 newly built storage building/condo units with multiple size options from 1,920 - 5,760 SF
- 22'+ ceiling height in the units
- 14' x 16' overhead door with operator plus front and rear service doors
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
$64,651
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
8.60%
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%
$1,293,020
$1.3M
Cap Rate 7%
$923,586
$923.6K
Cap Rate 9%
$718,344
$718.3K
Market Conditions
NOI Build-Up for 3,840 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
$82.9K $21.60/SF
− Vacancy
−$6.9K −$1.79/SF
EGI
$76.1K $19.81/SF
− OpEx
−$11.4K −$2.97/SF
NOI
$64.7K $16.84/SF
Area
Ottawa County, MI
Vacancy
8.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,293,020
Cap Rate 7%
$923,586
Cap Rate 9%
$718,344
Alternative Uses
Best Use
Warehouse
$923.6K
$808.1K – $1.08M
NOI $64,651 @ 7.0% cap · market cap 8.60%
Second Best
Self Storage
$530.7K
$464.4K – $619.2K
NOI $37,149 @ 7.0% cap · market cap 4.94%
Theoretical Best
Multifamily LT 5
$47.75M
$41.78M – $55.71M
NOI $3,342,601 @ 7.0% cap · market cap 444.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 49423, MI
46,870
Population
19,019
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
77.9 sq mi
ZIP Area
602
Density / Sq Mi
$78,524
Median Household Income
$36,643
Median Earnings
$1,143
Median Rent
$254,800
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?
Self storage facility - Newly built storage condo units feature 22-foot ceilings and overhead doors, with front and rear service doors.
Where is this self storage facility located?
The property is located at 460 Cleveland Avenue Holland, MI.
What is the asking price?
The asking price for this property is $752,120.
What are key features of this property?
This property features: 11 newly built storage building/condo units with multiple size options from 1,920 - 5,760 SF; 22'+ ceiling height in the units; 14' x 16' overhead door with operator plus front and rear service doors
