Self Storage Condo
For Sale
$1,090,000
460 Cleveland Avenue # Unit 3 Holland, Holland, MI 49423
New storage condo units feature 22' ceilings and 14' x 16' overhead doors with front and rear service doors.
Property Size5,760 SF
Price / SF$189.24
Days on Market31
Property Features for 460 Cleveland Avenue # Unit 3 Holland
General Information
Standard status
Active
Size
5,760 SF
Zoning
RMU
Warehouse & Industrial
Clear Height
22 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$28,864
Amenities
Yes
3
1
No
Broadband
Non-Applicable
1.11
5760.0
Building Details
Building Size
5,760 SF
Year Built
2025
Buildings
1
Listing Agency:
(269) 399-5881
Listed By:
Jose Sigala
(269) 399-5881
Source:
Remax-executive
Added: Jul 10
Changed: Aug 8
Last Checked: Aug 9 at 4:55AM
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 Jose Sigala
Investment Insights
Based on property information with market context.
This offering consists of 11 newly built self-storage building/condo units with multiple buying options ranging from 1,920 to 5,760 SF. Each unit has a 22’+ ceiling height and a 14' x 16' overhead door with an operator, along with front and rear service doors for access and flexibility.
The property is described as being located close to Lake Macatawa, which may be relevant for storage needs associated with boats.
As of the public remarks, five condo units are under contract and six condo units remain available.
The property is described as being located close to Lake Macatawa, which may be relevant for storage needs associated with boats.
As of the public remarks, five condo units are under contract and six condo units remain available.
Key Highlights
- 11 newly built storage condo units with multiple sizes: 1,920 to 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
$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
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
Current Use
Lease Details
22 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
61
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - New storage condo units feature 22' ceilings and 14' x 16' overhead doors with front and rear service doors.
Where is this self storage facility located?
The property is located at 460 Cleveland Avenue # Unit 3 Holland 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 newly built storage condo units with multiple sizes: 1,920 to 5,760 SF; 22'+ ceiling height in the units; 14' x 16' overhead door with operator plus front and rear service doors
