Office Building with On-Site
For Sale
$115,000
60 E Lakewood Boulevard, Holland, MI 49424
Commercial Sale, Holland, MI
Property Size555 SF
Lot Size2.73 Acres
Price / SF$207.21
Days on Market190
Property Features for 60 E Lakewood Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
West Ottawa
Middle school district
West Ottawa
High school district
West Ottawa
Directions
US-31 to Lakewood Blvd, west on Lakewood Blvd to address
Standard status
Active
APN
70-16-20-264-024
Size
555 SF
Lot size
2.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 24 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB
Tax Annual Amount
1518
Legal Description
UNIT 24 RAILSIDE CENTER, AS AMENDED, AS RECORDED IN OTTAWA COUNTY REGISTER OF DEEDS LIBER 2502 PAGES 274-327 CONDO SUB
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
2003
Floors in Building
1
Number of units
1
Listing Agency:
West Edge Real Estate LLC · Real Estate One
(616) 355-3737
Listed By:
Stephen D Grilley · License #6502396112
(616) 355-3737
Added: Feb 12
Changed: Aug 19
Last Checked: Aug 21 at 10:06PM
MLS# 26005086
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 office property includes 555 square feet of building area, a bathroom, forced-air heating, and cable availability. The building was constructed in 2003 and sits on 2.73 acres. On-site parking supports the office use, while the property’s layout includes professional office space.
Located at 60 E Lakewood Boulevard in Holland, Michigan, the property offers access to major roadways and public transportation. Nearby amenities provide additional convenience for occupants and visitors. The site is within Ottawa County and carries the 49424 postal designation.
Located at 60 E Lakewood Boulevard in Holland, Michigan, the property offers access to major roadways and public transportation. Nearby amenities provide additional convenience for occupants and visitors. The site is within Ottawa County and carries the 49424 postal designation.
Key Highlights
- 555 square feet of office building area
- 2.73‑acre site at 60 E Lakewood Boulevard
- Constructed in 2003
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
372
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Built in 2003 with forced-air heating and cable availability.
Where is this office building located?
The property is located at 60 E Lakewood Boulevard 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: 555 square feet of office building area; 2.73‑acre site at 60 E Lakewood Boulevard; Constructed in 2003
