New Storage Condos Near
For Sale
$1,090,000
460 Cleveland Ave Unit 3, Holland, MI 49423
New storage condos with high ceilings near Lake Macatawa.
Property Size5,760 SF
Lot Size1.11 Acres
Price / SF$189.24
Days on Market152
Property Features for 460 Cleveland Ave Unit 3
General Information
Standard status
Active
Size
5,760 SF
Lot size
1.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,864
Building Details
Year Built
2025
Units
3
Listing Agency:
Lakeshore Commercial Real Estates
(616) 394-4500
Listed By:
Drew Alan Durham · License #6501355882
(616) 394-4500
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:19PM
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 Estates
Investment Insights
Based on property information with market context.
This property features 11 newly constructed storage building/condo units, offering multiple purchase options with sizes ranging from 1,920 to 5,760 square feet. The units boast a ceiling height of over 22 feet and are equipped with a 14' x 16' overhead door with an operator, along with front and rear service doors. The location is near Lake Macatawa. The units have a power supply of 125 AMP, 120/208 V, and a floor load capacity of 500. Currently, 5 condo units are under contract, leaving 6 condo units remaining.
Key Highlights
- Newly built storage condo units (built in 2025) offering modern construction and design.
- Multiple buying options with unit sizes ranging from 1,920 to 5,760 SF, catering to diverse storage needs.
- High ceilings (22'+) provide ample vertical storage space and flexibility.**
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
$85,001
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
7.80%
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%
$1,700,020
$1.7M
Cap Rate 7%
$1,214,300
$1.2M
Cap Rate 9%
$944,456
$944.5K
Market Conditions
NOI Build-Up for 5,760 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
$124.4K $21.60/SF
− Vacancy
−$3.0K −$0.52/SF
EGI
$121.4K $21.08/SF
− OpEx
−$36.4K −$6.32/SF
NOI
$85.0K $14.76/SF
Area
Ottawa County, MI
Vacancy
2.40%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,700,020
Cap Rate 7%
$1,214,300
Cap Rate 9%
$944,456
Alternative Uses
Best Use
Industrial
$1.21M
$1.06M – $1.42M
NOI $85,001 @ 7.0% cap · market cap 7.80%
Second Best
Self Storage
$796.0K
$696.5K – $928.7K
NOI $55,723 @ 7.0% cap · market cap 5.11%
Theoretical Best
Multifamily LT 5
$71.63M
$62.67M – $83.57M
NOI $5,013,901 @ 7.0% cap · market cap 459.99%
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 - New storage condos with high ceilings near Lake Macatawa.
Where is this self storage facility located?
The property is located at 460 Cleveland Ave Unit 3 Holland, MI.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Newly built storage condo units (built in 2025) offering modern construction and design.; Multiple buying options with unit sizes ranging from 1,920 to 5,760 SF, catering to diverse storage needs.; High ceilings (22'+) provide ample vertical storage space and flexibility.**
