Former Bank Branch with
For Sale
$750,000
815 E Main Avenue, Zeeland, MI 49464
Former Macatawa Bank branch office with a large parking lot and drive-thru configuration on the east entrance to Zeeland.
Property Size2,304 SF
Price / SF$325.52
Days on Market199
Property Features for 815 E Main Avenue
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Amenities
3
Composition
333330
Building Details
Year Built
2005
Listing Agency:
(810) 602-0564
Listed By:
Coldwell Banker Woodland Schmidt Saugatuck
(810) 602-0564
Source:
Xome
Added: Jan 22
Changed: Aug 8
Last Checked: Aug 9 at 4:54AM
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 Coldwell Banker Woodland Schmidt Saugatuck
Investment Insights
Based on property information with market context.
This 2,304-square-foot commercial property is a former Macatawa Bank branch office and is offered with a large parking lot and drive-thru in place. The site provides a versatile interior footprint for a range of commercial uses, and there are no recorded use restrictions noted for the property.
The property is positioned at the east entrance to the city of Zeeland and has easy access to I-196, supporting straightforward customer and employee access.
Designed as a bank branch with drive-thru infrastructure, the configuration can support users looking for an established commercial layout with off-street parking and vehicle service capability.
The property is positioned at the east entrance to the city of Zeeland and has easy access to I-196, supporting straightforward customer and employee access.
Designed as a bank branch with drive-thru infrastructure, the configuration can support users looking for an established commercial layout with off-street parking and vehicle service capability.
Key Highlights
- 2,304 SF former Macatawa Bank branch office with a large parking lot and drive‑thru configuration
- Strategically positioned at the east entrance to the city of Zeeland with easy access to I‑196
- Former bank branch setup supports a range of commercial uses, including retail, office, and food service
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
$25,626
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
3.42%
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%
$512,520
$512.5K
Cap Rate 7%
$366,086
$366.1K
Cap Rate 9%
$284,733
$284.7K
Market Conditions
NOI Build-Up for 2,304 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
$35.7K $15.48/SF
− Vacancy
−$1.5K −$0.65/SF
EGI
$34.2K $14.83/SF
− OpEx
−$8.5K −$3.71/SF
NOI
$25.6K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$512,520
Cap Rate 7%
$366,086
Cap Rate 9%
$284,733
Alternative Uses
Best Use
Specialty Retail
$366.1K
$320.3K – $427.1K
NOI $25,626 @ 7.0% cap · market cap 3.42%
Second Best
Office B
$362.6K
$317.3K – $423.0K
NOI $25,382 @ 7.0% cap · market cap 3.38%
Theoretical Best
Multifamily LT 5
$28.65M
$25.07M – $33.43M
NOI $2,005,561 @ 7.0% cap · market cap 267.41%
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
191
Businesses Nearby
Explore this area
Business Placement
Demographics for 49464, MI
29,654
Population
11,001
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
73.1 sq mi
ZIP Area
406
Density / Sq Mi
$97,573
Median Household Income
$47,030
Median Earnings
$976
Median Rent
$316,700
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?
Bank - Former Macatawa Bank branch office with a large parking lot and drive-thru configuration on the east entrance to Zeeland.
Where is this bank located?
The property is located at 815 E Main Avenue Zeeland, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,304 SF former Macatawa Bank branch office with a large parking lot and drive‑thru configuration; Strategically positioned at the east entrance to the city of Zeeland with easy access to I‑196; Former bank branch setup supports a range of commercial uses, including retail, office, and food service
