460 Cleveland Ave Unit 3, Holland, MI 49423

Building Details

Year Built 2025 More

Units 3 More

Listing Agency: Lakeshore Commercial Real Estate

Listed By: Drew Alan Durham · License #6501355882 Show Phone

Source: Elliman

Added: Mar 11 Changed: Aug 8 Last Checked: Aug 12 at 6:14AM

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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 / Yr

$85,001

Cap Rate

7.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,700,020 $1.7M

Cap Rate 7%

$1,214,300 $1.2M

Cap Rate 9%

$944,456 $944.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,760 SF

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 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 (±1% cap)

NOI $85,001 @ 7.0% cap · market cap 7.80%

Second Best

Self Storage

$796.0K

$696.5K – $928.7K (±1% cap)

NOI $55,723 @ 7.0% cap · market cap 5.11%

Theoretical Best

Multifamily LT 5

$71.63M

$62.67M – $83.57M (±1% cap)

NOI $5,013,901 @ 7.0% cap · market cap 459.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Self storage facilities

Suggested Use

Top Pick Hair Salon Law Firm Nail Salon Auto Parts Store Building Supply Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

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Self Storage Condo Units

460 Cleveland Avenue # Unit 3, Holland, MI 49423

$1,090,000

5,760 SF

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Industrial Condo Unit

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Flex Space with Mezzanine Storage

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Flex Space with RV Bay

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Commercial Flex Space

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Industrial Warehouse Suite

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Flex Space with Commercial Garage

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Warehouse Building with Office Space

1373 Lincoln Avenue, Holland, MI 49423

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Gated Self-Storage Facility

4298 58th (Blue Star Hwy), Holland, MI 49423

$3,700,000

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Office-Industrial Flex Condo

11261 James Street, Holland, MI 49424

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Self-Storage Facility with Five Buildings

4298 58th (Blue Star Hwy) Street, Holland, MI 49423

$3,700,000

44,700 SF

View details

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.**