Liquor Store With Rear
For Sale
$1,249,000
877 Washington Avenue, Holland, MI 49423
Established retail business offering beer, wine, spirits, tobacco, lottery, and convenience merchandise.
Property Size4,185 SF
Days on Market22
Property Features for 877 Washington Avenue
General Information
Standard status
Active
Size
4,185 SF
Total Parking Spaces
15
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$19,448
Building Details
Building Size
4,185 SF
Year Built
1958
Buildings
1
Stories
4185
Units
1
Listing Agency:
New Michigan Realty LLC
(702) 208-3341
Listed By:
Johny Thomas · License #6501433546
(702) 208-3341
Source:
Buyatthelake
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 11:30AM
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 New Michigan Realty LLC
Investment Insights
Based on property information with market context.
This established liquor store operates from a retail property in Holland, Michigan, with merchandise spanning beer, wine, spirits, tobacco, lottery products, and convenience items. The business has operated in a building constructed in 1958 and serves customers through a broad product mix.
Additional office and storage space is situated at the rear of the building, creating flexibility for on-site administrative or storage use. The property is located at 877 Washington Avenue, providing a defined address for the retail operation and its supporting space.
Additional office and storage space is situated at the rear of the building, creating flexibility for on-site administrative or storage use. The property is located at 877 Washington Avenue, providing a defined address for the retail operation and its supporting space.
Key Highlights
- Broad product mix includes beer, wine, spirits, tobacco, lottery, and convenience items
- Rear portion of the building includes additional office and storage space
- Building constructed in 1958
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
$46,547
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
3.73%
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%
$930,940
$930.9K
Cap Rate 7%
$664,957
$665.0K
Cap Rate 9%
$517,189
$517.2K
Market Conditions
NOI Build-Up for 4,185 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
$64.8K $15.48/SF
− Vacancy
−$2.7K −$0.65/SF
EGI
$62.1K $14.83/SF
− OpEx
−$15.5K −$3.71/SF
NOI
$46.5K $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%
$930,940
Cap Rate 7%
$664,957
Cap Rate 9%
$517,189
Alternative Uses
Best Use
Specialty Retail
$665.0K
$581.8K – $775.8K
NOI $46,547 @ 7.0% cap · market cap 3.73%
Second Best
Retail
$620.6K
$543.1K – $724.1K
NOI $43,444 @ 7.0% cap · market cap 3.48%
Theoretical Best
Multifamily LT 5
$52.04M
$45.54M – $60.72M
NOI $3,642,913 @ 7.0% cap · market cap 291.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49423, MI
46,870
Population
19,019
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
77.9 sq mi
ZIP Area
602
Density / Sq Mi
$78,524
Median Household Income
$36,643
Median Earnings
$1,143
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Family Fare Supermarket — 1185 Washington Ave, Holland, MI 49423
- La Consentida Supermarket — 676 Michigan Ave #1, Holland, MI 49423
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Established retail business offering beer, wine, spirits, tobacco, lottery, and convenience merchandise.
Where is this grocery and convenience store located?
The property is located at 877 Washington Avenue Holland, MI.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Broad product mix includes beer, wine, spirits, tobacco, lottery, and convenience items; Rear portion of the building includes additional office and storage space; Building constructed in 1958
