Renovated Office
For Sale
$969,900
9-11-300 Washington Ave, Grand Haven, MI 49417
Three ground-floor suites offer private entries, abundant windows, and a broad mix of enclosed and collaborative workspace.
Property Size5,566 SF
Price / SF$174.25
Days on Market271
Property Features for 9-11-300 Washington Ave
General Information
Standard status
Active
Size
5,566 SF
Additional Details
Floor
Ground Floor
Road Access
Yes
Office Units
3
Taxes and HOA fees
Annual Taxes
$21,333
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Exprealty
Added: Dec 2, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:19PM
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 Capstone Real Estate LLC
Investment Insights
Based on property information with market context.
This offering comprises three renovated, ground-level office units totaling 5,566 square feet. The suites range from 1,200 SF to 2,500 SF and are configured with 13 private offices, two conference rooms, an open area for 16 workstations, three kitchen or breakroom areas, and four ADA restrooms. New mechanical systems and interior finishes support the updated configuration, while separate entrances and large windows provide functional access and natural light.
The property occupies the corner of 3rd Street and Washington Avenue in downtown Grand Haven, three blocks from the waterfront. Entry is available from both streets, with parking options in the site lot, along the street, and at a nearby public lot. Long-term tenant leases are currently in place, and the units may also be considered individually.
The property occupies the corner of 3rd Street and Washington Avenue in downtown Grand Haven, three blocks from the waterfront. Entry is available from both streets, with parking options in the site lot, along the street, and at a nearby public lot. Long-term tenant leases are currently in place, and the units may also be considered individually.
Key Highlights
- 5,566 SF across three ground‑floor office units
- Unit sizes range from 1,200 SF to 2,500 SF
- 13 private offices, 2 conference rooms, and open space for 16 workstations
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
$61,317
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
6.32%
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%
$1,226,340
$1.2M
Cap Rate 7%
$875,957
$876.0K
Cap Rate 9%
$681,300
$681.3K
Market Conditions
NOI Build-Up for 5,566 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
$94.8K $17.04/SF
− Vacancy
−$13.1K −$2.35/SF
EGI
$81.8K $14.69/SF
− OpEx
−$20.4K −$3.67/SF
NOI
$61.3K $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%
$1,226,340
Cap Rate 7%
$875,957
Cap Rate 9%
$681,300
Alternative Uses
Best Use
Office B
$876.0K
$766.5K – $1.02M
NOI $61,317 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$69.21M
$60.56M – $80.75M
NOI $4,845,030 @ 7.0% cap · market cap 499.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 49417, MI
32,406
Population
14,709
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
95%
High-School Grad
46.9 sq mi
ZIP Area
691
Density / Sq Mi
$84,476
Median Household Income
$45,392
Median Earnings
$1,101
Median Rent
$287,800
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?
Office units - Three ground-floor suites offer private entries, abundant windows, and a broad mix of enclosed and collaborative workspace.
Where is this office units located?
The property is located at 9-11-300 Washington Ave Grand Haven, MI.
What is the asking price?
The asking price for this property is $969,900.
What are key features of this property?
This property features: 5,566 SF across three ground‑floor office units; Unit sizes range from 1,200 SF to 2,500 SF; 13 private offices, 2 conference rooms, and open space for 16 workstations
