Downtown Restaurant/Bar Building
For Sale
$1,200,000
1208 8th Street, Muskegon, MI 49440
COMMERCIAL - Muskegon, MI
Property Size6,522 SF
Lot Size0.56 Acres
Price / SF$183.99
Days on Market170
Property Features for 1208 8th Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Lakeshore Drive to 7th, south to property.
Standard status
Active
APN
24-957-019-0031-00
Size
6,522 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Attached.
Tax Annual Amount
2386
Legal Description
Attached.
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1947
Floors in Building
1
Number of units
1
Building materials
Brick, Stone
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Added: Feb 27
Changed: Aug 4
Last Checked: Aug 16 at 6:06AM
MLS# 26007245
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 property is a commercial building improved for restaurant/bar use, featuring new utilities, a new roof, new windows, and renovated restrooms. The interior is currently finished to a white-box condition, with the tenant intending to complete the space for a restaurant/bar venue. The building is 6,522 square feet on a 0.56-acre site.
The property is located at the intersection of W. Western Avenue and 8th Street in downtown Muskegon, across from Muskegon Lake and Heritage Landing, a waterfront gathering place associated with community festivals and events.
The property is located at the intersection of W. Western Avenue and 8th Street in downtown Muskegon, across from Muskegon Lake and Heritage Landing, a waterfront gathering place associated with community festivals and events.
Key Highlights
- Downtown Muskegon building located at W. Western Avenue and 8th Street, across from Muskegon Lake and Heritage Landing waterfront
- Construction materials include brick and stone
- Built in 1947
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
$72,540
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
6.05%
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%
$1,450,800
$1.5M
Cap Rate 7%
$1,036,286
$1.0M
Cap Rate 9%
$806,000
$806.0K
Market Conditions
NOI Build-Up for 6,522 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
$101.0K $15.48/SF
− Vacancy
−$4.2K −$0.65/SF
EGI
$96.7K $14.83/SF
− OpEx
−$24.2K −$3.71/SF
NOI
$72.5K $11.12/SF
Area
Muskegon County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,450,800
Cap Rate 7%
$1,036,286
Cap Rate 9%
$806,000
Alternative Uses
Best Use
Specialty Retail
$1.04M
$906.8K – $1.21M
NOI $72,540 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$61.25M
$53.59M – $71.46M
NOI $4,287,382 @ 7.0% cap · market cap 357.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49440, MI
1,320
Population
860
Households
1.5
Avg Household Size
44
Median Age
36%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
2,200
Density / Sq Mi
$42,500
Median Household Income
$37,067
Median Earnings
$791
Median Rent
$163,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated restaurant/bar building with new utilities, roof, windows, and restrooms; interior is white-box for tenant buildout.
Where is this conventional restaurant located?
The property is located at 1208 8th Street Muskegon, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Downtown Muskegon building located at W. Western Avenue and 8th Street, across from Muskegon Lake and Heritage Landing waterfront; Construction materials include brick and stone; Built in 1947
