Mixed-Use Building with
For Sale
$650,000
578 S Shore Drive, Holland, MI 49423
Commercial Sale, Holland, MI
Property Size3,146 SF
Lot Size0.18 Acres
Price / SF$206.61
Days on Market14
Property Features for 578 S Shore Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial (MDR
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Parking
17
Interior features
Broadband
Elementary school district
Holland
Middle school district
Holland
High school district
Holland
Directions
196 to 16th St. west to S Shore Dr. west to property.
Standard status
Active
APN
70-16-31-104-003
Size
3,146 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 9 Exc. 80 Ft. Also 15 Ft of Lot 10 Lugers Add Sec 31 T5N R15W5767
Tax Annual Amount
5767
Legal Description
Lot 9 Exc. 80 Ft. Also 15 Ft of Lot 10 Lugers Add Sec 31 T5N R15W5767
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Building materials
Vinyl Siding
Roof type
Rubber
Listing Agency:
Greenridge Realty
(616) 935-3500
Listed By:
Chris Mendels · License #6501398814
(616) 402-2044
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 26041328
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.
MDR-zoned mixed-use property on 0.18 acres with 3,146 square feet of improvements, including a commercial lower level and an upper two-bedroom, one-bath apartment. The commercial portion is configured as a photography studio and includes a bathroom, kitchen, LVP flooring, track lighting, and new storefront windows. The apartment has its own entrance and features updated floor coverings, cabinetry, granite countertops, and a new furnace and AC unit.
The building dates to 1930 and has vinyl siding, a rubber roof, forced-air heat, central air, and broadband access. Seventeen parking spaces are included. The property is located in Holland, Michigan, and the garage south of the building is privately owned and excluded from the parcel.
The building dates to 1930 and has vinyl siding, a rubber roof, forced-air heat, central air, and broadband access. Seventeen parking spaces are included. The property is located in Holland, Michigan, and the garage south of the building is privately owned and excluded from the parcel.
Key Highlights
- 3,146‑square‑foot mixed‑use property on 0.18 acres
- Commercial lower level configured as a 2,046‑square‑foot photography studio
- Upper 1,100‑square‑foot apartment with 2 bedrooms and 1 bathroom
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
$34,657
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
5.33%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated commercial space and a separate two-bedroom apartment occupy this MDR-zoned property with on-site parking.
Where is this mixed-use property located?
The property is located at 578 S Shore Drive 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 on 0.18 acres; Commercial lower level configured as a 2,046‑square‑foot photography studio; Upper 1,100‑square‑foot apartment with 2 bedrooms and 1 bathroom
