Bank Building with
For Sale
$695,000
815 E Main Avenue, Zeeland, MI 49464
COMMERCIAL - Zeeland, MI
Property Size2,304 SF
Lot Size2.52 Acres
Price / SF$301.65
Days on Market205
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: Aug 4
Last Checked: Aug 16 at 10:06PM
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.
This 2,304 square-foot former bank branch building sits on a 2.52-acre site and is built with brick construction. The property includes forced-air heating and central air conditioning, and it has broadband available. The facility is covered by a composition roof and was built in 2005.
The building is positioned at the east entrance to the city of Zeeland, with easy access to I-196. A large parking lot and a drive-thru are already in place, supporting a range of commercial uses such as retail, office, food service, or redevelopment. No recorded use restrictions are listed for the property.
The space is presented as a versatile commercial option with existing drive-thru infrastructure and a straightforward site layout geared toward customer access and visibility.
The building is positioned at the east entrance to the city of Zeeland, with easy access to I-196. A large parking lot and a drive-thru are already in place, supporting a range of commercial uses such as retail, office, food service, or redevelopment. No recorded use restrictions are listed for the property.
The space is presented as a versatile commercial option with existing drive-thru infrastructure and a straightforward site layout geared toward customer access and visibility.
Key Highlights
- 2,304 SF former bank branch building on 2.52‑acre site
- Brick construction with composition roof
- Drive‑thru in place plus large parking lot
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
Property Profile
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 - Brick bank-branch building with central air and forced-air heat, plus drive-thru service and a large parking lot.
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 $695,000.
What are key features of this property?
This property features: 2,304 SF former bank branch building on 2.52‑acre site; Brick construction with composition roof; Drive‑thru in place plus large parking lot
