Duplex with Screened
For Sale
$204,900
1093 W Southern Avenue, Muskegon, MI 49441
Multi Family, Muskegon, MI
Property Size1,600 SF
Lot Size0.11 Acres
Price / SF$128.06
Days on Market116
Property Features for 1093 W Southern Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
5
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bedroom 4, Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Parking
4
Basement
Full
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Using BUS31 tun left on W Laketon, Right onto Barclay, right onto Southern, home is on the right.
Standard status
Active
APN
24-205-492-0007-00
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MUSKEGON REVISED PLAT OF 1903 BLK 492 E 3/4 OF LOT 7
Tax Annual Amount
2449
Legal Description
CITY OF MUSKEGON REVISED PLAT OF 1903 BLK 492 E 3/4 OF LOT 7
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Gravity
Building Details
Year built
1800
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Legacy Real Estate Partners
(616) 402-3595
Listed By:
Terry Puffer · License #6501424238
(231) 855-5001
Added: Jun 3
Changed: Sep 22
Last Checked: Sep 26 at 9:06AM
MLS# 26026737
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains approximately 1,600 finished square feet arranged as two separate residences. The main-floor unit offers three bedrooms and one bathroom, along with a living room, dining area, kitchen, and screened front porch. The upper residence includes two bedrooms, one bathroom, a kitchen, family room, private entrance, and covered porch. A full basement adds storage and utility space.
The property occupies 0.11 acres in Muskegon, with public sewer service and cable availability. Vinyl siding, a composition roof, and gravity heating are among the existing building features. The property was built in 1800 and includes five bedrooms and two bathrooms overall.
The property occupies 0.11 acres in Muskegon, with public sewer service and cable availability. Vinyl siding, a composition roof, and gravity heating are among the existing building features. The property was built in 1800 and includes five bedrooms and two bathrooms overall.
Key Highlights
- Approximately 1,600 finished square feet across two residential units
- Main‑floor unit with 3 bedrooms and 1 bathroom
- Upper unit with 2 bedrooms, 1 bathroom, and a private entrance
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
$15,524
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
7.58%
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%
$310,480
$310.5K
Cap Rate 7%
$221,771
$221.8K
Cap Rate 9%
$172,489
$172.5K
Market Conditions
NOI Build-Up for 1,600 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
$23.4K $14.64/SF
− Vacancy
−$1.2K −$0.78/SF
EGI
$22.2K $13.86/SF
− OpEx
−$6.7K −$4.16/SF
NOI
$15.5K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$310,480
Cap Rate 7%
$221,771
Cap Rate 9%
$172,489
Alternative Uses
Best Use
Multifamily LT 5
$221.8K
$194.1K – $258.7K
NOI $15,524 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$197.9K
$173.2K – $230.9K
NOI $13,856 @ 7.0% cap · market cap 6.76%
Theoretical Best
Hotel Hospitality
$15.03M
$13.15M – $17.53M
NOI $1,051,796 @ 7.0% cap · market cap 513.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit layout includes separate entrances, a full basement, and public sewer service.
Where is this duplex located?
The property is located at 1093 W Southern Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: Approximately 1,600 finished square feet across two residential units; Main‑floor unit with 3 bedrooms and 1 bathroom; Upper unit with 2 bedrooms, 1 bathroom, and a private entrance
