Warehouse Condo Units with Overhead
For Sale
$1,090,000
460 Cleveland Avenue, Holland, MI 49423
Commercial Sale, Holland, MI
Property Size5,760 SF
Lot Size1.11 Acres
Price / SF$189.24
Days on Market827
Property Features for 460 Cleveland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
RMU
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
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
5,760 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
3
Building materials
Metal Siding
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Thomas S Postma · License #6502135442
(616) 283-2411
Added: Jun 10, 2024
Changed: Sep 12
Last Checked: Sep 14 at 8:06PM
MLS# 24029234
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 under-construction warehouse condominium project includes 11 units with multiple acquisition configurations ranging from 1,920 to 5,760 square feet. Each unit is planned with ceiling clearance exceeding 22 feet, a 14-foot by 16-foot powered overhead door, and service doors at the front and rear. Metal siding, forced-air heating, broadband, and cable availability are identified for the property. The project is situated on 1.11 acres and carries a 2025 year built designation.
Located at 460 Cleveland Avenue in Holland, Michigan, the property is near Lake Macatawa, providing a practical setting for users requiring warehouse or flex space. Five condominium units are under contract, with six units remaining. Bathroom facilities are also included in the listed property information.
Located at 460 Cleveland Avenue in Holland, Michigan, the property is near Lake Macatawa, providing a practical setting for users requiring warehouse or flex space. Five condominium units are under contract, with six units remaining. Bathroom facilities are also included in the listed property information.
Key Highlights
- 11 warehouse condominium units in an under‑construction project
- Available configurations range from 1,920 to 5,760 SF
- Ceiling height exceeds 22 feet
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
$96,976
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
8.90%
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%
$1,939,520
$1.9M
Cap Rate 7%
$1,385,371
$1.4M
Cap Rate 9%
$1,077,511
$1.1M
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
−$10.3K −$1.79/SF
EGI
$114.1K $19.81/SF
− OpEx
−$17.1K −$2.97/SF
NOI
$97.0K $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%
$1,939,520
Cap Rate 7%
$1,385,371
Cap Rate 9%
$1,077,511
Alternative Uses
Best Use
Warehouse
$1.39M
$1.21M – $1.62M
NOI $96,976 @ 7.0% cap · market cap 8.90%
Second Best
Industrial
$1.21M
$1.06M – $1.42M
NOI $85,001 @ 7.0% cap · market cap 7.80%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
22 ft
Clear height
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Drummond Marine — 435 W 17th St, Holland, MI 49423
Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction warehouse condominium units offer flexible sizing, service doors, and convenient access near Lake Macatawa.
Where is this warehouse located?
The property is located at 460 Cleveland Avenue 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: 11 warehouse condominium units in an under‑construction project; Available configurations range from 1,920 to 5,760 SF; Ceiling height exceeds 22 feet
