Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    587 Myrtle Ave Holland, MI 49423-6840

    • Auto shops
    • 2,496 SF
    • 0.40 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2469330
    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

    • Blue Collar Studios / Engineering Consultant

    Property Details for 587 Myrtle Ave

    Year built
    1950
    Lot size
    0.40 lot acres
    Property size
    2,496 SF
    Zone code
    C-1
    Property type
    Auto shops
    APN
    70-15-36-302-002
    APU
    701536302002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Holland
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.1565
    Latitude
    42.7749
    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
    $3,820
    $0.00
    $0.00
    $94,400
    -
    $0.00
    $0.00
    $188,800

    Comparable in this City

    • Value Estimation by Request
      3,072 SF

      156 Highland Ave

      AUTO REPAIR, GARAGE • 3,072 SF
      156 Highland Ave, Holland, MI 49423-2951
      View Details
    • Value Estimation by Request
      7,210 SF

      1253 Industrial Ave

      AUTO REPAIR, GARAGE • 7,210 SF
      1253 Industrial Ave, Holland, MI 49423-5372
      View Details
    • Value Estimation by Request
      1,120 SF

      465 8th St

      AUTO REPAIR, GARAGE • 1,120 SF
      465 8th St, Holland, MI 49423-3748
      View Details
    • Value Estimation
      $295,000
      3,015 SF

      4279 58th St Ste, Unit 104

      AUTO REPAIR, GARAGE • 3,015 SF
      4279 58th St Ste, Holland, MI 49423-8713
      View Details
    • Value Estimation
      $340,000
      3,000 SF

      M-40

      AUTO REPAIR, GARAGE • 3,000 SF
      M-40, Holland, MI 49423
      View Details
    • Value Estimation
      $285,000
      1,800 SF

      Holland, MI 49423

      AUTO REPAIR, GARAGE • 1,800 SF
      Holland, MI 49423
      View Details

    Similar Nearby for Sale

    • $2,044,615
      1,665 SF

      Grand Rapids MSA Take 5

      High-yield auto service center investment.
      632 16Th St, Holland, MI 49423
      View Details
    • New
      $1,850,000
      6,000 SF

      Established Liquor Store with Development Potential

      High-volume liquor store with gas station development opportunity.
      877 Washington Ave, Holland, MI 49423
      View Details
    • $1,538,460
      510 SF

      638 16Th St

      Individual retail properties • 510 SF
      638 16Th St, Holland, MI 49423
      View Details
    • $1,350,000
      3,547 SF

      Turn-Key Restaurant Opportunity

      Turn-key restaurant with fixtures, hood, and kitchen equipment included.
      192 W 35Th St, Holland, MI 49423
      View Details
    • $4,800,000
      76,225 SF

      Downtown Holland Commercial Space Available

      Versatile commercial space in downtown Holland with multiple loading docks.
      147 E 6Th St, Holland, MI 49423
      View Details
    • $2,108,000
      23,972 SF

      Retail Property with Two Tenants

      Two-tenant retail property occupied by Save A Lot and Dollar Tree.
      661 E 24Th St, Holland, MI 49423
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      11,188 SF

      Truck Repair and Service Facility

      Well-maintained truck repair facility with access to major routes.
      931 Interchange Dr, Holland, MI 49423
      View Details
    • $11 SF/Yr
      7,326 SF

      Prime Retail Space, Washington Ave.

      Restaurant/Retail Opportunity - High Traffic Location
      1012 Washington Ave, Holland, MI 49423
      View Details
    • $24 SF/Yr
      1,285 SF

      Retail Space in Holland, MI

      Retail space for lease in prime Holland location.
      717 E 24Th St, Holland, MI 49423
      View Details
    • $17 SF/Yr
      1,104 SF

      Retail Space in New Center

      End unit retail space in Holland's Southside with prime location.
      667 Hastings Ave, Holland, MI 49423
      View Details
    • $12 SF/Yr
      2,100 SF

      Retail Space in Holland, MI

      Neighborhood shopping center in thriving retail district near US-31.
      1111 Washington Ave, Holland, MI 49423
      View Details
    • $3,000,000
      6,100 SF

      Turnkey Restaurant on US-31

      Turnkey restaurant or redevelopment opportunity in Holland on US-31.
      633 E 24Th St, Holland, MI 49423
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    587 Myrtle Ave
    Holland, MI 49423-6840
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.