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    Versatile Commercial Property in Muskegon Title is generated by Realmo AI

    1984 Jefferson Street, Muskegon, MI 49441

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    Claim this Listing
    For Sale
    $199,900

    COMMERCIAL - Muskegon, MI

    Property size:
    1,160 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $172/SF
    Added:
    Apr 6, 2026
    Days on Market:
    47
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for 1984 Jefferson Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1
    Interior features
    Broadband
    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

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air, Space Heater
    Cooling system
    Central Air

    Building Details

    Year built
    2021
    Number of units
    1
    Building materials
    Metal Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Mark D Vriesman

    Listing agent Mark D Vriesman

    Listing office Five Star Real Estate GH 110 1/2 N 3rd St, Grand Haven, MI

    Listing date Apr 6, 2026

    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.

    HighLights

    • Built in 2021, offering modern construction and design.
    • Located in the City of Muskegon's 'marijuana corridor', ideal for cannabis‑related businesses.
    • Versatile commercial space suitable for various uses, including cannabis distribution, auto detailing, light manufacturing, or warehousing.
    • 20x30 heated garage with a 10x10 overhead door for convenient access and year‑round usability.
    • Functional layout includes a lobby, private office, and full bathroom with shower.
    • No HOA fees or restrictive bylaws, providing flexibility for customization.

    Overview

    Located in the marijuana corridor of Muskegon, this commercial property offers flexibility for various uses. Originally designed for cannabis distribution, the space is suitable for similar operations or could accommodate auto detailing, light manufacturing, a machine shop, warehousing, storage, or a private toy barn. The building features a functional layout with a welcoming lobby area, a private office, and a full bathroom with shower. A 20x30 heated garage includes a 10x10 overhead door, providing convenient access and year-round usability. The property is 1,160 square feet in size and sits on a 0.29-acre lot. With no HOA fees or restrictive bylaws, this property offers the freedom to tailor the space to specific needs. The property is located at 1984 Jefferson Street, Muskegon, MI 49441.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $166.6K
    NOI $14,995 @ 9.00% cap · cautious / downside scenario
    Moderate
    $214.2K
    NOI $14,995 @ 7.00% cap · market / base-case scenario
    Aggressive
    $299.9K
    NOI $14,995 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $22.0k $18.96
    − Vacancy −$572 −$0.49
    EGI $21.4k $18.47
    − OpEx −$6.4k −$5.54
    NOI $15.0k $12.93
    1,160 SF · lease $18.96/SF/yr · vacancy 2.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $214.2K
    $187.4K – $249.9K (±1% cap)
    NOI $14,995 @ 7.0% cap · market cap 7.50%
    Second Best
    Warehouse
    $193.0K
    $168.9K – $225.2K (±1% cap)
    NOI $13,511 @ 7.0% cap · market cap 6.76%
    Theoretical Best
    Hotel Hospitality
    $10.89M
    $9.53M – $12.71M (±1% cap)
    NOI $762,552 @ 7.0% cap · market cap 381.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cannabis Properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Muskegon
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.2465612
    Latitude
    43.2163928

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    FAQs

    What type of property is this?
    Cannabis property - Adaptable commercial space ideal for various business ventures.
    Where is this cannabis property 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: Built in 2021, offering modern construction and design.; Located in the City of Muskegon's 'marijuana corridor', ideal for cannabis‑related businesses.; Versatile commercial space suitable for various uses, including cannabis distribution, auto detailing, light manufacturing, or warehousing.
    (616) 502-4541
    We can help!
    Listing Contact
    Mark D Vriesman
    Learn More
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    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
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