Turnkey Office Building
For Sale
$115,000
60 E Lakewood Boulevard #70, Holland, MI 49424
Well-maintained office suites with modern finishes and ample on-site parking, offered for sale with turnkey setup.
Property Size555 SF
Days on Market181
Property Features for 60 E Lakewood Boulevard #70
General Information
Standard status
Active
Size
555 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,518
Building Details
Building Size
555 SF
Year Built
2003
Units
1
Listing Agency:
West Edge Real Estate LLC
(616) 355-3737
Listed By:
Stephen D Grilley · License #6502396112
(616) 355-3737
Source:
Carolbollo
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 11 at 1:38PM
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 West Edge Real Estate LLC
Investment Insights
Based on property information with market context.
This well-maintained commercial office building offers professional office suites with modern finishes. The property is presented as a turnkey asset designed for functionality and long-term appeal, and it includes ample on-site parking for convenient day-to-day access.
The building is located at 60 E Lakewood Boulevard #70 in Holland Charter Township, MI 49424. Public remarks note convenient access to major roadways and public transportation, along with proximity to nearby amenities.
The offering is described as having stable occupancy and a solid operating history, positioned for both immediate income and future growth potential.
The building is located at 60 E Lakewood Boulevard #70 in Holland Charter Township, MI 49424. Public remarks note convenient access to major roadways and public transportation, along with proximity to nearby amenities.
The offering is described as having stable occupancy and a solid operating history, positioned for both immediate income and future growth potential.
Key Highlights
- Commercial office building built in 2003
- Well‑maintained office suites with modern finishes
- Offered for sale with a turnkey setup
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
$6,114
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
5.32%
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%
$122,280
$122.3K
Cap Rate 7%
$87,343
$87.3K
Cap Rate 9%
$67,933
$67.9K
Market Conditions
NOI Build-Up for 555 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
$9.5K $17.04/SF
− Vacancy
−$1.3K −$2.35/SF
EGI
$8.2K $14.69/SF
− OpEx
−$2.0K −$3.67/SF
NOI
$6.1K $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%
$122,280
Cap Rate 7%
$87,343
Cap Rate 9%
$67,933
Alternative Uses
Best Use
Office B
$87.3K
$76.4K – $101.9K
NOI $6,114 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$6.90M
$6.04M – $8.05M
NOI $483,110 @ 7.0% cap · market cap 420.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
377
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 - Well-maintained office suites with modern finishes and ample on-site parking, offered for sale with turnkey setup.
Where is this office units located?
The property is located at 60 E Lakewood Boulevard #70 Holland, MI.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Commercial office building built in 2003; Well‑maintained office suites with modern finishes; Offered for sale with a turnkey setup
