Mixed-Use Building with
For Sale
$650,000
578 S Shore Dr, Holland, MI 49423
The ground floor is configured for commercial use, with a separately entered two-bedroom apartment above.
Property Size3,146 SF
Price / SF$206.61
Days on Market85
Property Features for 578 S Shore Dr
General Information
Standard status
Active
Size
3,146 SF
Total Parking Spaces
17
Property subtype
Commercial
Zoning
MDR
Units
Unit Mix
1 x 2BR/1B
Multifamily Units
1
Building Details
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
Greenridge Realty
Listed By:
Chris Mendels · License #6501398814
(616) 402-2044
Source:
Vmrealestatemichigan
Added: Jul 14
Changed: Oct 3
Last Checked: Oct 5 at 6:53PM
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 Greenridge Realty
Investment Insights
Based on property information with market context.
Built in 1930, this 3,146-square-foot mixed-use property combines 2,046 square feet of commercial space on the lower level with a 1,100-square-foot apartment upstairs. The apartment has two bedrooms, one bathroom, a separate entrance, a new furnace and AC unit, granite countertops, updated cabinets, and new floor coverings. Improvements to the commercial area include LVP flooring, a refreshed kitchen and bathroom, track lighting, and new storefront windows. The lower level is currently used as a photography studio.
The property is zoned MDR and has 17 parking spaces. The listing identifies the possibility of converting the commercial area to additional residential units. A garage south of the building is privately owned and is not part of the parcel.
The property is zoned MDR and has 17 parking spaces. The listing identifies the possibility of converting the commercial area to additional residential units. A garage south of the building is privately owned and is not part of the parcel.
Key Highlights
- 3,146‑square‑foot mixed‑use property with 2,046 square feet of commercial space and a 1,100‑square‑foot apartment
- Upper‑level apartment has 2 bedrooms, 1 bathroom, and a separate entrance
- 17 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,657
Cap Rate
5.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$693,140
$693.1K
Cap Rate 7%
$495,100
$495.1K
Cap Rate 9%
$385,078
$385.1K
Market Conditions
NOI Build-Up for 3,146 SF
Gross rent
$53.6K $17.04/SF
− Vacancy
−$7.4K −$2.35/SF
EGI
$46.2K $14.69/SF
− OpEx
−$11.6K −$3.67/SF
NOI
$34.7K $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 Rate 5%
$693,140
Cap Rate 7%
$495,100
Cap Rate 9%
$385,078
Alternative Uses
Best Use
Apartment 5plus
$34.83M
$30.47M – $40.63M
NOI $2,437,756 @ 7.0% cap · market cap 375.04%
Second Best
Office B
$495.1K
$433.2K – $577.6K
NOI $34,657 @ 7.0% cap · market cap 5.33%
Theoretical Best
Multifamily LT 5
$39.12M
$34.23M – $45.64M
NOI $2,738,495 @ 7.0% cap · market cap 421.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
160
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The ground floor is configured for commercial use, with a separately entered two-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 578 S Shore Dr Holland, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,146‑square‑foot mixed‑use property with 2,046 square feet of commercial space and a 1,100‑square‑foot apartment; Upper‑level apartment has 2 bedrooms, 1 bathroom, and a separate entrance; 17 parking spaces
