Office/Retail Condominium with Central
For Sale
$169,900
56 E Lakewood Boulevard, Holland, MI 49424
COMMERCIAL - Holland, MI
Property Size1,030 SF
Price / SF$164.95
Days on Market10
Property Features for 56 E Lakewood Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
PUD
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
West Ottawa
Middle school district
West Ottawa
High school district
West Ottawa
Standard status
Active
APN
70-16-20-264-012
Size
1,030 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
UNIT 12 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB P
Tax Annual Amount
2912
Legal Description
UNIT 12 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB P
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1999
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Coldwell Banker Woodland Schmidt · Coldwell Banker Real Estate
(616) 396-5221
Listed By:
David K DeYoung · License #6506043942
(616) 218-6699
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# 26038897
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.
Own a business space in the Railside Center on Holland’s north side. This 1,030-square-foot office/retail condominium is finished and described as ready for immediate occupancy for an owner-occupant or investor. The interior includes a bathroom and broadband service.
The property is located at 56 E Lakewood Boulevard, near the high-traffic intersection of Lakewood Boulevard and Douglas Avenue, with over 30,000 vehicles passing daily. It also provides easy access to US-31. Built in 1999, the space features vinyl siding and a composition roof.
Mechanical and utility details include forced-air heating and central air cooling, with cable available. Room configuration is limited to bathroom 1 as provided in the information.
The property is located at 56 E Lakewood Boulevard, near the high-traffic intersection of Lakewood Boulevard and Douglas Avenue, with over 30,000 vehicles passing daily. It also provides easy access to US-31. Built in 1999, the space features vinyl siding and a composition roof.
Mechanical and utility details include forced-air heating and central air cooling, with cable available. Room configuration is limited to bathroom 1 as provided in the information.
Key Highlights
- 1,030 SF office/retail condominium at Railside Center
- Near Lakewood Boulevard & Douglas Avenue with over 30,000 vehicles passing daily
- Easy access to US‑31
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
$11,347
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
6.68%
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%
$226,940
$226.9K
Cap Rate 7%
$162,100
$162.1K
Cap Rate 9%
$126,078
$126.1K
Market Conditions
NOI Build-Up for 1,030 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
$17.6K $17.04/SF
− Vacancy
−$2.4K −$2.35/SF
EGI
$15.1K $14.69/SF
− OpEx
−$3.8K −$3.67/SF
NOI
$11.3K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$226,940
Cap Rate 7%
$162,100
Cap Rate 9%
$126,078
Alternative Uses
Best Use
Office B
$162.1K
$141.8K – $189.1K
NOI $11,347 @ 7.0% cap · market cap 6.68%
Second Best
Retail
$152.7K
$133.7K – $178.2K
NOI $10,692 @ 7.0% cap · market cap 6.29%
Theoretical Best
Multifamily LT 5
$12.81M
$11.21M – $14.94M
NOI $896,583 @ 7.0% cap · market cap 527.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 49424, MI
47,963
Population
19,906
Households
2.4
Avg Household Size
38
Median Age
34%
College-Educated
89%
High-School Grad
57.3 sq mi
ZIP Area
837
Density / Sq Mi
$82,353
Median Household Income
$41,316
Median Earnings
$1,157
Median Rent
$270,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office/retail condominium at Railside Center with central air, forced-air heat, broadband, and cable available.
Where is this office units located?
The property is located at 56 E Lakewood Boulevard Holland, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,030 SF office/retail condominium at Railside Center; Near Lakewood Boulevard & Douglas Avenue with over 30,000 vehicles passing daily; Easy access to US‑31
