Restaurant with Entertainment
For Sale
$399,900
1300 W Sherman Boulevard, Muskegon, MI 49441
Commercial Sale, Muskegon, MI
Property Size2,505 SF
Lot Size1.09 Acres
Price / SF$159.64
Days on Market576
Property Features for 1300 W Sherman Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Head north on US-31 N. Take the Sherman Blvd exit (Exit 112A). Turn left onto Sherman Blvd and continue west for about 3.8 miles. Your destination will be on the right.
Subdivision
Muskegon County - M
Standard status
Active
APN
24-036-300-0011-00
Size
2,505 SF
Lot size
1.09 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
DIST:24 SEC/TWN/RNG/MER:SEC 36 TWN 10N RNG 17W CITY OF MUSKEGONSEC 36 T10N R17WS 263 FT OF E 1/2 SE 1/4 SW 1/4 EXC E 30
Tax Annual Amount
8097
Legal Description
DIST:24 SEC/TWN/RNG/MER:SEC 36 TWN 10N RNG 17W CITY OF MUSKEGONSEC 36 T10N R17WS 263 FT OF E 1/2 SE 1/4 SW 1/4 EXC E 30
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Number of units
1
Listing Agency:
Legacy Real Estate Partners
(616) 402-3595
Listed By:
Darrin Miller
(231) 683-5597
Added: Feb 27, 2025
Changed: Sep 23
Last Checked: Sep 26 at 9:06AM
MLS# 25007045
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 conventional restaurant property includes a 2,505-square-foot building on 1.09 acres, with seating for over 100 guests. The improvements include updated floors, exterior work, a newer deck, bathrooms, and a kitchen. Central air, forced-air heating, broadband, and cable availability are also in place.
Located at 1300 W Sherman Boulevard in Muskegon, the property fronts a main street described as carrying substantial traffic. The site includes ample parking and exterior area for potential expansion or development. The operation includes business items, inventory, amenities, and a license, along with entertainment features such as live music, comedy, DJs, karaoke, pool tables, a jukebox, keno, and televisions for sporting events. The building was constructed in 1950.
Located at 1300 W Sherman Boulevard in Muskegon, the property fronts a main street described as carrying substantial traffic. The site includes ample parking and exterior area for potential expansion or development. The operation includes business items, inventory, amenities, and a license, along with entertainment features such as live music, comedy, DJs, karaoke, pool tables, a jukebox, keno, and televisions for sporting events. The building was constructed in 1950.
Key Highlights
- 2,505‑square‑foot restaurant building on 1.09 acres
- Seating for over 100 guests
- Located at 1300 W Sherman Boulevard, Muskegon, MI 49441
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
$27,862
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
6.97%
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%
$557,240
$557.2K
Cap Rate 7%
$398,029
$398.0K
Cap Rate 9%
$309,578
$309.6K
Market Conditions
NOI Build-Up for 2,505 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
$38.8K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$37.1K $14.83/SF
− OpEx
−$9.3K −$3.71/SF
NOI
$27.9K $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%
$557,240
Cap Rate 7%
$398,029
Cap Rate 9%
$309,578
Alternative Uses
Best Use
Specialty Retail
$398.0K
$348.3K – $464.4K
NOI $27,862 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$23.52M
$20.58M – $27.45M
NOI $1,646,718 @ 7.0% cap · market cap 411.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
59k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Home Improvements & Furnishings 46%
The Home Depot
Home Improvements & Furnishings
26,924 visits/mo
0.4 miles
Wesco
Shops & Services
25,602 visits/mo
0.2 miles
Lake Michigan Credit Union
Shops & Services
6,072 visits/mo
0.5 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established venue includes a newer deck, updated kitchen and bathrooms, and space for gatherings and live entertainment.
Where is this conventional restaurant located?
The property is located at 1300 W Sherman Boulevard Muskegon, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,505‑square‑foot restaurant building on 1.09 acres; Seating for over 100 guests; Located at 1300 W Sherman Boulevard, Muskegon, MI 49441
