Updated Mixed-Use
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 Market15
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 21
Last Checked: Aug 21 at 3:06PM
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.
This 3,146-square-foot mixed-use building, constructed in 1930, combines a 2,046-square-foot commercial lower level with a 1,100-square-foot upper apartment. The commercial area is currently used as a photography studio and includes updated flooring, paint, a bathroom, kitchen, track lighting, and storefront windows. The apartment has two bedrooms and one bathroom, along with a separate entrance, new furnace and AC unit, granite countertops, updated cabinets, and new floor coverings.
The property occupies 0.18 acres and provides 17 parking spaces. It is zoned MDR and features vinyl siding, a rubber roof, forced-air heating, central air, and broadband availability. The lower level and apartment have undergone extensive renovations, and the property may offer the possibility of conversion to additional residential units.
The property occupies 0.18 acres and provides 17 parking spaces. It is zoned MDR and features vinyl siding, a rubber roof, forced-air heating, central air, and broadband availability. The lower level and apartment have undergone extensive renovations, and the property may offer the possibility of conversion to additional residential units.
Key Highlights
- 3,146 SF mixed‑use building on 0.18 acres
- 2,046 SF commercial lower level with photography studio improvements
- 1,100 SF upper 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
Office B
$495.1K
$433.2K – $577.6K
NOI $34,657 @ 7.0% cap · market cap 5.33%
Second Best
Mixed Use
$388.2K
$339.7K – $452.9K
NOI $27,174 @ 7.0% cap · market cap 4.18%
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
Office units
1
Residential units
Single-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 - Commercial space with a renovated upper apartment, separate entrance, and 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 SF mixed‑use building on 0.18 acres; 2,046 SF commercial lower level with photography studio improvements; 1,100 SF upper apartment with 2 bedrooms and 1 bathroom
