115 Clover StHolland, MI 49423

Property Details for 115 Clover St

Lot size

8.34 AC

Property size (Sq ft)

53,804 SF

Zone code

C-2

Property type

Office buildings

APN

70-16-28-276-043

APU

701628276043

Description

This exceptional Holland, Michigan commercial property, situated on eight acres, offers 54,400 square feet of versatile office space across two, three-story buildings. The property, built in 1980 and extensively renovated in 2012, boasts a Class A designation and features a mix of creative, executive, and traditional office layouts. Currently 75% occupied with five tenants under a modified net lease with 10.1 years remaining (commencing January 1, 2024, and expiring December 31, 2034), the property generates a strong NOI of $430,092, representing an 8.04% cap rate. The asking price is $5,350,000 ($98.35/sq ft). Amenities include 164 parking spaces, ample green space, and a prime location on US-31, a block from Chicago Drive, providing easy access to Grand Rapids and surrounding areas. The property's flexible zoning allows for various uses, including retail, medical, fitness, and daycare. Each floor offers designated break rooms and restrooms. Interior features include open concepts, exposed brick, floor-to-ceiling windows, and conference rooms accommodating 50-75 people. The current owner is open to dividing the property into two separate parcels, each with its own building, presenting an attractive opportunity for smaller investors. Annual rent bumps are set at 2%.

• CAP approach

  CAP return

  Valuation

  6%

  $9,826,919

  6.5%

  $9,071,002

  7%

  $8,423,073

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,007,971

  Geo Method

  $7,007,971

• Alternative Use

  Use

  Valuation

  Residential

  $11,248,042

  Hospitality

  $10,303,146

  Educational

  $8,572,097

  Medical

  $8,866,904

  Retail

  $13,334,373

Location Insight

City

Holland

County

Ottawa

State

Michigan

Latitude

42.7936

Longitude

-86.0828

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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