Flex Space with Heated
For Sale
$199,900
1984 Jefferson Street, Muskegon, MI 49441
COMMERCIAL - Muskegon, MI
Property Size1,160 SF
Lot Size0.29 Acres
Price / SF$172.33
Days on Market139
Property Features for 1984 Jefferson Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
L-1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
US-31 to Laketon exit, west to Jefferson, South to address
Standard status
Active
APN
24-232-004-0011-00
Size
1,160 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MUSKEGON DESC AS PARCEL C ON DEED 3734/785 DENNIS SMITH & COS SOUTH SIDE ADD LOTS 11 & 12 BLK 4 & W 1/2 VAC
Tax Annual Amount
3787
Legal Description
CITY OF MUSKEGON DESC AS PARCEL C ON DEED 3734/785 DENNIS SMITH & COS SOUTH SIDE ADD LOTS 11 & 12 BLK 4 & W 1/2 VAC
Utilities
Utilities
Cable Available
Heating system
Space Heater, Forced Air
Cooling system
Central Air
Amenities
lobby area
private office
full bathroom with shower
heated garage
overhead door
Building Details
Year built
2021
Number of units
1
Building materials
Metal Siding
Roof type
Composition
Listing Agency:
Five Star Real Estate GH
(616) 414-9192
Listed By:
Mark D Vriesman
(616) 502-4541
Added: Apr 6
Changed: Aug 14
Last Checked: Aug 22 at 4:06PM
MLS# 26013747
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 1,160-square-foot flex property sits on 0.29 acres and was built in 2021. The metal-sided building includes a lobby, private office, full bathroom with shower, and a 20-by-30-foot heated garage. A 10-by-10-foot overhead door supports access to the garage area, while forced-air heat, a space heater, and central air provide building systems suited to varied operations. The property was originally designed for cannabis distribution and is also described as suitable for auto detailing, light manufacturing, machine shop, warehousing, storage, or private use.
Additional features include broadband, cable availability, and a composition roof. The property is located in Muskegon, Michigan, with Jefferson Street access.
Additional features include broadband, cable availability, and a composition roof. The property is located in Muskegon, Michigan, with Jefferson Street access.
Key Highlights
- 1,160 square feet on a 0.29‑acre parcel
- 2021 construction with metal siding and composition roof
- 20x30 heated garage with a 10x10 overhead door
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
$11,127
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
5.57%
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%
$222,540
$222.5K
Cap Rate 7%
$158,957
$159.0K
Cap Rate 9%
$123,633
$123.6K
Market Conditions
NOI Build-Up for 1,160 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
$16.3K $14.04/SF
− Vacancy
−$391 −$0.34/SF
EGI
$15.9K $13.70/SF
− OpEx
−$4.8K −$4.11/SF
NOI
$11.1K $9.59/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /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%
$222,540
Cap Rate 7%
$158,957
Cap Rate 9%
$123,633
Alternative Uses
Best Use
Industrial
$159.0K
$139.1K – $185.5K
NOI $11,127 @ 7.0% cap · market cap 5.57%
Second Best
Flex RnD
$71.5K
$62.6K – $83.5K
NOI $5,008 @ 7.0% cap · market cap 2.51%
Theoretical Best
Hotel Hospitality
$10.89M
$9.53M – $12.71M
NOI $762,552 @ 7.0% cap · market cap 381.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial 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?
Flex space - Metal-sided commercial building with lobby, private office, full bathroom, and adaptable garage access.
Where is this flex space located?
The property is located at 1984 Jefferson Street Muskegon, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,160 square feet on a 0.29‑acre parcel; 2021 construction with metal siding and composition roof; 20x30 heated garage with a 10x10 overhead door
