Add Listing
    For Lease
    • 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

    1204 W Western Avenue unit #24 Muskegon, MI 49441

    View on Map
    For Lease
    $5 SF/Yr

    COMMERCIAL - Muskegon, MI

    Type:Office
    Property size:
    34,251 SF
    Lot size:
    9.20 Acres
    Added:
    Mar 18, 2025
    Days on Market:
    385
    Last Refresh:
    Apr 6 at 6:06 am

    Property Features for 1204 W Western Avenue unit #24

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Fireplace
    1
    Standard status
    Active
    APN
    24-025-100-0001-20
    Size
    34,251 SF
    Lot size
    9.20 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    CITY OF MUSKEGON REVISED PLAT OF 1903 PART OF BLKS 577, 578, AND 579 DESC AS COM AT SE COR LOT 4 BLK 577 TH N 87D 52M 58S W 824.34 FT ALG N ROW LN OF WESTERN AVE TO POB TH N 87D 52M 58S W 41.40 FT ALG SD N ROW LN OF WESTERN AVE TH WLY 158.32 FT ALG S D N ROW LN ON A 430.58 FT RAD CURVE TO LEFT CHORD BEARING S 81D 35M 02S W 157.43 FT TH N 31D 10M 06S W 506.57 FT TH N 20D 25M 45S W 6.44 FT TH N 59D

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1953
    Building materials
    Brick, Metal Siding

    We can help!

    Listing Contact
    Skylar Olson

    Listing agent Skylar Olson

    Listing office Greenridge Realty 326 N Beacon Blvd, Grand Rapids, MI

    Listing date Mar 18, 2025

    MLS# 25010665

    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.

    Overview

    Modern Office Hub in Muskegon

    Adelaide Workspace is designed as an innovative hub to foster collaboration and creativity among professionals and entrepreneurs. The property features a modern design and flexible layout intended to provide a conducive environment for productivity. It is presented as an option for startups and established businesses. The space is equipped with high-speed internet, 11 private office spaces available for lease, meeting rooms, and 3 communal areas designed to encourage networking and idea exchange. The property aims to cultivate a vibrant community atmosphere. The property is located in Muskegon, MI, with a total size of 34,251 square feet and a lot size of 9.2 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Serviced offices

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Muskegon
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.2729158
    Latitude
    43.2303792

    Nearby Similar for Lease

    • $13/mo

      Versatile Commercial Space in Muskegon

      Adaptable office or retail space in a high-visibility location.
      420 N Whitehall Road unit: D, Muskegon, MI 49445
      View Details
    • $11/mo

      Muskegon Commercial Space For Lease

      Flexible office or retail space in North Muskegon.
      420 N Whitehall Road unit: E, Muskegon, MI 49445
      View Details
    • Contact for pricing

      Muskegon Commercial Space For Lease

      Versatile commercial space ready for customization in Muskegon, Michigan.
      3101 S Getty Street unit: A, Muskegon, MI 49444
      View Details
    • $14/mo

      Class A Office Space Available

      Modern office space for lease in Muskegon's busy corridor.
      5797 Harvey Street unit: 2C, Muskegon, MI 49444
      View Details
    • Contact for pricing

      Muskegon Commercial Space For Lease

      Versatile commercial space ready for customization in Muskegon, Michigan.
      3101 S Getty Street unit: B, Muskegon, MI 49444
      View Details
    • Contact for pricing

      Remodeled Office Building Near Port

      34,956 SF remodeled office building near Muskegon Lake.
      1161 W Southern Avenue unit: 1-G, Muskegon, MI 49441
      View Details
    • Contact for pricing

      Remodeled Office Building in Muskegon

      Completely remodeled office building near Muskegon Lake and Pere Marquette Park.
      1161 W Southern Avenue unit: 1-B, Muskegon, MI 49441
      View Details
    • $13/mo

      Class A Office Space Available

      Modern office space for lease in Muskegon's Harvey Street corridor.
      5797 Harvey Street unit: 2C/D, Muskegon, MI 49444
      View Details
    • Contact for pricing

      Remodeled Office Building in Muskegon

      High-tech, remodeled office space near Muskegon Lake and Pere Marquette Park.
      1161 W Southern Avenue unit: 1-F, Muskegon, MI 49441
      View Details
    • $14/mo

      Versatile Commercial Space in Muskegon

      Adaptable office or retail spaces in a high-visibility location.
      420 N Whitehall Road unit: C, Muskegon, MI 49445
      View Details
    • Contact for pricing

      Move-in Ready Office Space Available

      Functional office suite with private offices, reception, and parking.
      841 Post Road, Muskegon, MI 49441
      View Details
    • $14/mo

      Muskegon Commercial Space For Lease

      Flexible office or retail space in North Muskegon.
      420 N Whitehall Road unit: B, Muskegon, MI 49445
      View Details

    FAQs

    What type of property is this?
    Serviced office - Innovative workspace fostering collaboration and creativity with flexible layouts.
    Where is this serviced office located?
    The property is located at 1204 W Western Avenue unit #24 Muskegon, MI.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: Modern, flexible workspace fostering collaboration and productivity.; 11 private office spaces available for lease.; Equipped with high‑speed internet and meeting rooms.
    (231) 736-3181
    We can help!
    Listing Contact
    Skylar Olson
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!