Renovated Mixed-Use
New
For Sale
$650,000
578 S Shore, Holland, MI 49423
Updated commercial and residential spaces occupy separate levels with dedicated access.
Property Size2,046 SF
Price / SF$317.69
Days on Market3
Property Features for 578 S Shore
General Information
Standard status
Active
Size
2,046 SF
Total Parking Spaces
17
Property subtype
Commercial
Zoning
MDR
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,767
Building Details
Year Built
1930
Buildings
1
Units
2
Listing Agency:
Greenridge Realty Inc.
(616) 402-2044
Listed By:
Chris Mendels · License #6501398814
(616) 402-2044
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 7:41AM
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 Inc.
Investment Insights
Based on property information with market context.
Located at 578 S Shore in Holland, this mixed-use building combines a commercial lower level with an upper residential apartment. The commercial portion measures 2,046 square feet and is currently configured as a photography studio, with refreshed paint, LVP flooring, a new bathroom, an updated kitchen, track lighting, and new storefront windows. The upper apartment provides 1,100 square feet, two bedrooms, one bathroom, and a separate entrance. Renovations include a new furnace and AC unit, granite countertops, new cabinets, and updated floor coverings.
The property is zoned MDR and includes 17 parking spaces. Built in 1930, the building offers a combination of commercial and residential space within one parcel. The garage south of the building is privately owned and excluded from the property.
The property is zoned MDR and includes 17 parking spaces. Built in 1930, the building offers a combination of commercial and residential space within one parcel. The garage south of the building is privately owned and excluded from the property.
Key Highlights
- 2,046 SF commercial lower level configured as a photography studio
- 1,100 SF upper apartment with 2 bedrooms and 1 bathroom
- 17 parking spaces included
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
$22,539
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
3.47%
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%
$450,780
$450.8K
Cap Rate 7%
$321,986
$322.0K
Cap Rate 9%
$250,433
$250.4K
Market Conditions
NOI Build-Up for 2,046 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
$34.9K $17.04/SF
− Vacancy
−$4.8K −$2.35/SF
EGI
$30.1K $14.69/SF
− OpEx
−$7.5K −$3.67/SF
NOI
$22.5K $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%
$450,780
Cap Rate 7%
$321,986
Cap Rate 9%
$250,433
Alternative Uses
Best Use
Apartment 5plus
$22.65M
$19.82M – $26.42M
NOI $1,585,394 @ 7.0% cap · market cap 243.91%
Second Best
Office B
$322.0K
$281.7K – $375.7K
NOI $22,539 @ 7.0% cap · market cap 3.47%
Theoretical Best
Multifamily LT 5
$25.44M
$22.26M – $29.68M
NOI $1,780,980 @ 7.0% cap · market cap 274.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
180
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 and residential spaces occupy separate levels with dedicated access.
Where is this mixed-use property located?
The property is located at 578 S Shore 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: 2,046 SF commercial lower level configured as a photography studio; 1,100 SF upper apartment with 2 bedrooms and 1 bathroom; 17 parking spaces included
