Office Building with
For Sale
$695,000
815 E Main Avenue, Zeeland, MI 49464
Commercial Sale, Zeeland, MI
Property Size2,304 SF
Lot Size2.52 Acres
Price / SF$301.65
Days on Market246
Property Features for 815 E Main Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
I-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
20
Interior features
Broadband
Elementary school district
Zeeland
Middle school district
Zeeland
High school district
Zeeland
Subdivision
Holland/Saugatuck - H
Standard status
Active
APN
70-17-17-300-030
Size
2,304 SF
Lot size
2.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Attached Document
Tax Annual Amount
21382
Legal Description
See Attached Document
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2005
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
Coldwell Banker Woodland Schmidt Saugatuck
(269) 857-1705
Listed By:
Nico Leo · License #6501212845
(810) 602-0564
Added: Jan 23
Changed: Sep 7
Last Checked: Sep 26 at 4:06AM
MLS# 26002777
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.
Built in 2005, this 2,304-square-foot office building occupies a 2.52-acre property and features brick construction. The improvements include a drive-through, parking lot, two bathrooms, forced-air heating, central air conditioning, a composition roof, broadband availability, and cable availability. The property was formerly a Macatawa Bank Branch office.
Located at the east entrance to Zeeland, the property provides access to I-196. No use restrictions are recorded for the property. The address is 815 E Main Avenue, Zeeland, MI 49464, in Ottawa County.
Located at the east entrance to Zeeland, the property provides access to I-196. No use restrictions are recorded for the property. The address is 815 E Main Avenue, Zeeland, MI 49464, in Ottawa County.
Key Highlights
- 2,304 square feet of office space on 2.52 acres
- Existing drive‑through and large parking lot
- Brick construction with central air and forced‑air heating
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
3.69%
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 3.69%
Second Best
Office B
$362.6K
$317.3K – $423.0K
NOI $25,382 @ 7.0% cap · market cap 3.65%
Theoretical Best
Multifamily LT 5
$28.65M
$25.07M – $33.43M
NOI $2,005,561 @ 7.0% cap · market cap 288.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
355
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with existing parking, central air, and convenient access to I-196.
Where is this office building located?
The property is located at 815 E Main Avenue Zeeland, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,304 square feet of office space on 2.52 acres; Existing drive‑through and large parking lot; Brick construction with central air and forced‑air heating
