Medical Office Space with Exam
For Sale
$450,000
Pending
620 Butternut Dr, Holland, MI 49424
Existing exam, operating, and X-ray rooms provide a clinical office configuration.
Property Size3,435 SF
Days on Market25
Property Features for 620 Butternut Dr
General Information
Standard status
Pending
Size
3,435 SF
Total Parking Spaces
15
Property subtype
Office
Zoning
C-2
Amenities
dedicated exam rooms
operating room
X-ray room
pylon signage visibility
15 Parking Spaces
Building Details
Year Built
1960
Buildings
1
Building Size
3,435 SF
Listing Agency:
NAI Wisinski of West Michigan
(616) 262-8532
Listed By:
Jason Makowski
(616) 262-8532
Source:
Carwm.resimplifi
Added: Aug 7
Changed: Aug 31
Last Checked: Aug 31 at 12:43PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This 3,435-square-foot medical office property includes exam rooms, an operating room, and a dedicated X-ray room. Previously used as a veterinary facility, the building offers an established clinical layout within a 1960 structure. C-2 zoning is in place, and on-site parking serves the property.
The building is located at 620 Butternut Dr in Holland, MI 49424. Pylon signage is present at the property, providing an additional identification feature for occupants and visitors. The existing room configuration and medical-oriented improvements create a defined office setting for a medical or veterinary professional.
The building is located at 620 Butternut Dr in Holland, MI 49424. Pylon signage is present at the property, providing an additional identification feature for occupants and visitors. The existing room configuration and medical-oriented improvements create a defined office setting for a medical or veterinary professional.
Key Highlights
- 3,435 SF medical office building
- Exam rooms, operating room, and dedicated X‑ray room
- Former veterinary facility with an established clinical layout
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
$37,841
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
8.41%
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%
$756,820
$756.8K
Cap Rate 7%
$540,586
$540.6K
Cap Rate 9%
$420,456
$420.5K
Market Conditions
NOI Build-Up for 3,435 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
$58.5K $17.04/SF
− Vacancy
−$8.1K −$2.35/SF
EGI
$50.5K $14.69/SF
− OpEx
−$12.6K −$3.67/SF
NOI
$37.8K $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%
$756,820
Cap Rate 7%
$540,586
Cap Rate 9%
$420,456
Alternative Uses
Best Use
Office B
$540.6K
$473.0K – $630.7K
NOI $37,841 @ 7.0% cap · market cap 8.41%
Second Best
Healthcare Medical
$406.9K
$356.0K – $474.7K
NOI $28,483 @ 7.0% cap · market cap 6.33%
Theoretical Best
Multifamily LT 5
$42.72M
$37.38M – $49.83M
NOI $2,990,061 @ 7.0% cap · market cap 664.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Balanced
Demand for This Use
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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Similar Off Market Nearby
- Emergency Veterinary Care Centers — 369 136th Ave, Holland, MI 49424
- Ottawa Animal Hospital West — 620 Butternut Dr, Holland, MI 49424
- Bergstrom Diane DVM — 620 Butternut Dr, Holland, MI 49424
- Swift Wendy DVM — 620 Butternut Dr, Holland, MI 49424
Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing exam, operating, and X-ray rooms provide a clinical office configuration.
Where is this medical office space located?
The property is located at 620 Butternut Dr Holland, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,435 SF medical office building; Exam rooms, operating room, and dedicated X‑ray room; Former veterinary facility with an established clinical layout
