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    Property profile & analytics

    240 North River Ave Holland, MI 49424

    • Office buildings
    • 6,436 SF
    • 0.09 lot acres
    For Lease
    View listing
    $8 SF/Yr
    Last Sale
    May 12, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2403340
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • LVZ Financial Planning / Investment Service / Financial Consultant
    • Heritage Financial Planning / Financial Planner

    Property Details for 240 North River Ave

    Year built
    1967
    Lot size
    0.09 lot acres
    Property size
    6,436 SF
    Zone code
    C-3
    Property type
    Office buildings
    APN
    70-16-29-328-020
    APU
    701629328020

    Description

    Lakewood Plaza, a single-story, 12,258 square foot retail strip center, presents a compelling investment opportunity in Holland, Michigan. Located at 240 N River Ave, this property boasts a prime location at the southwest corner of River Avenue and Lakewood Boulevard, benefiting from exceptional visibility and accessibility. The 2.89-acre lot features a single building with 5,000 square feet currently available for lease. The high-traffic intersection sees an average daily traffic count exceeding 24,500 vehicles, ensuring significant exposure for potential tenants. The property benefits from its proximity to a robust mix of national and regional retailers, including McDonald's, Wendy's, CVS, Taco Bell, and numerous banks and restaurants. This strategic location within a thriving community offers access to a substantial consumer base. Holland, MI boasts a median household income of $61,081, and the property sits within a five-mile radius of a population exceeding 98,072, indicating a strong and growing market. Easy ingress and egress from both River Avenue and Lakewood Boulevard further enhance the property's appeal. This is an exceptional opportunity to acquire a well-positioned retail property in a high-growth area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,054,000
      Market price range: $603k - $1.36M
      AI Estimate
      $1,019,000
      Market price range: $379k - $1.24M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $880,000
      Current use
      RETAIL STORES
      $1,260,000
      Change: +43% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $835,000
      Change: -5% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Holland
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.1093
    Latitude
    42.7886
    CBSA code
    24340
    CBSA name
    GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $29,063
    $0.00
    $0.00
    $447,200
    -
    $0.00
    $0.00
    $894,400

    Comparable in this City

    • Value Estimation
      $3,215,000
      15,897 SF

      250 8th St

      OFFICE BUILDING • 15,897 SF
      250 8th St, Holland, MI 49423-3535
      View Details
    • Value Estimation
      $17,735,000
      132,127 SF

      10717 Adams St

      OFFICE BUILDING • 132,127 SF
      10717 Adams St, Holland, MI 49423-9079
      View Details
    • Value Estimation
      $4,555,000
      22,938 SF

      151 Central Ave

      OFFICE BUILDING • 22,938 SF
      151 Central Ave, Holland, MI 49423-2831
      View Details
    • Value Estimation by Request
      996 SF

      227 17th St

      OFFICE BUILDING • 996 SF
      227 17th St, Holland, MI 49423-4116
      View Details
    • Value Estimation by Request
      932 SF

      217 24th St Ste, Unit 203

      OFFICE BUILDING • 932 SF
      217 24th St Ste, Holland, MI 49423-4973
      View Details
    • Value Estimation
      $1,760,000
      15,252 SF

      1176 Lincoln Ave

      OFFICE BUILDING • 15,252 SF
      1176 Lincoln Ave, Holland, MI 49423-5302
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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    • $25 SF/Yr
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      Downtown Holland Office Space Available

      Three-story office building in downtown Holland with multiple lease options.
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    • $28 SF/Yr
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      Downtown Holland Office Space Available

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    • $26 SF/Yr
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      Downtown Holland Class A Office

      Class A office space in downtown Holland with parking.
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      View Details
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    240 North River Ave
    Holland, MI 49424
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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