Three-Room Office
For Sale
$199,900
6-40 E Lakewood Blvd, Holland, MI 49424
Office condo with reception, conference, and kitchenette areas supports a practical professional layout.
Property Size1,350 SF
Price / SF$148.07
Days on Market22
Property Features for 6-40 E Lakewood Blvd
General Information
Standard status
Active
Size
1,350 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,407
Listing Agency:
Greenridge Realty Holland
(616) 396-1917
Listed By:
Dean Kreps · License #6506047734
(616) 403-5092
Source:
Exprealty
Added: Sep 11
Changed: Sep 17
Last Checked: Oct 1 at 12:02PM
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 Holland
Investment Insights
Based on property information with market context.
Located within Railside Center, this office condo provides 1,350 SF of dedicated workspace. The interior arrangement includes three offices or rooms, a reception area, and a conference room, creating distinct areas for daily office functions and meetings. A small kitchenette is equipped with a sink and mini fridge.
The property is positioned at 6-40 E Lakewood Blvd in Holland, MI. The site offers on-site parking and access to major highways, while the surrounding area is described as having substantial traffic flow and visibility. The combination of a defined office layout, meeting space, kitchenette, and parking creates a ready-to-use setting for a professional office operation.
The property is positioned at 6-40 E Lakewood Blvd in Holland, MI. The site offers on-site parking and access to major highways, while the surrounding area is described as having substantial traffic flow and visibility. The combination of a defined office layout, meeting space, kitchenette, and parking creates a ready-to-use setting for a professional office operation.
Key Highlights
- 1,350 SF office condo at Railside Center
- Three offices or rooms plus reception and conference areas
- Kitchenette includes a sink and mini fridge
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
$14,872
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
7.44%
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%
$297,440
$297.4K
Cap Rate 7%
$212,457
$212.5K
Cap Rate 9%
$165,244
$165.2K
Market Conditions
NOI Build-Up for 1,350 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
$23.0K $17.04/SF
− Vacancy
−$3.2K −$2.35/SF
EGI
$19.8K $14.69/SF
− OpEx
−$5.0K −$3.67/SF
NOI
$14.9K $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%
$297,440
Cap Rate 7%
$212,457
Cap Rate 9%
$165,244
Alternative Uses
Best Use
Office B
$212.5K
$185.9K – $247.9K
NOI $14,872 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$16.79M
$14.69M – $19.59M
NOI $1,175,133 @ 7.0% cap · market cap 587.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
486
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 condo with reception, conference, and kitchenette areas supports a practical professional layout.
Where is this office units located?
The property is located at 6-40 E Lakewood Blvd Holland, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,350 SF office condo at Railside Center; Three offices or rooms plus reception and conference areas; Kitchenette includes a sink and mini fridge
