380 W Western Avenue Muskegon, MI 49440
COMMERCIAL - Muskegon, MI
Property Features for 380 W Western Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Bathrooms
- 6
- Rooms
- Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 6, Bathroom 5
- Interior features
- Broadband
- Standard status
- Active
- APN
- 24432000000100
- Size
- 8,714 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2022
- Tax Description
- CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 1 CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 2 SUBJ TO E
- Tax Annual Amount
- 29750
Utilities
- Utilities
- Cable Available
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 2008
- Floors in Building
- 1
- Number of units
- 1
- Building materials
- Brick, Stone
Listing agent David Ten Cate License #6502325769 (616) 847-1031
Listing office Capstone Real Estate LLC PO Box 261, Grand Haven, MI (616) 847-1031
Listing date Jul 31, 2023
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Investment Insights
Based on property information with market context.
The property is situated as a corner location, designed for convenient client access and strong street-level visibility. The first-floor layout and walkable setting support everyday access to surrounding dining, shopping, and local cultural and waterfront activities.
This is a single-ownership structure at the first-floor level, positioned for buyers seeking an immediately occupied office and commercial/retail condominium configuration.
Key Highlights
- Commercial condominium units offered as the entire first floor of a multi‑tenant building
- Units 1 and 2 combine for 8,714 SF of main‑level office/commercial/retail space
- Currently 100% occupied by two professional office tenants and one national food retailer
Local Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $165.2k | $18.96 |
| − Vacancy | −$4.3k | −$0.49 |
| EGI | $160.9k | $18.47 |
| − OpEx | −$48.3k | −$5.54 |
| NOI | $112.6k | $12.93 |
