Building Details

Building Size 5,760 SF

Year Built 2025

Buildings 1

Listed By: Jose Sigala Show Phone

Source: Remax-executive

Added: Jul 10 Changed: Oct 3 Last Checked: Oct 7 at 9:53AM

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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

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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.

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 / Yr

$96,976

Cap Rate

8.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,939,520 $1.9M

Cap Rate 7%

$1,385,371 $1.4M

Cap Rate 9%

$1,077,511 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,760 SF

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 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 (±1% cap)

NOI $96,976 @ 7.0% cap · market cap 8.90%

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

Current Use

Self storage facilities

Suggested Use

Top Pick Parking Lot & Garage Restaurant Hair Salon (Bike/Boat/Book/etc) Store Nail Salon Butcher

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

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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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