Downtown Office
For Sale
$159,000
986 Pine Street, Muskegon, MI 49442
COMMERCIAL - Muskegon, MI
Property Size1,007 SF
Lot Size0.05 Acres
Price / SF$157.89
Days on Market190
Property Features for 986 Pine Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
1
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Take US 31 to Apple Ave, Apple Ave To Pine North
Standard status
Active
APN
24-205-216-0006-00
Size
1,007 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MUSKEGON REVISED PLAT OF 1903 BLOCK 216 LOTS 6
Tax Annual Amount
188
Legal Description
CITY OF MUSKEGON REVISED PLAT OF 1903 BLOCK 216 LOTS 6
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1910
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding, Wood Siding
Roof type
Rubber
Listing Agency:
Medendorp Real Estate Group
(231) 777-7355
Listed By:
David Medendorp · License #6505367065
(231) 206-3367
Added: Feb 14
Changed: Aug 4
Last Checked: Aug 23 at 6:06PM
MLS# 26005459
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 for-sale commercial office building offers a flexible setup suited for professional office use and other professional service-oriented operations. The property is sized at 1,007 square feet and sits on a 0.05-acre lot.
Located at 986 Pine Street in Muskegon, it is directly across from the Muskegon County building and courthouse, providing convenient downtown proximity. The listing notes easy access to restaurants, shops, government offices, and main traffic corridors.
For buyers seeking a centrally located office presence within an established downtown setting, this property’s courthouse-adjacent position supports a high-visibility, office-friendly address.
Located at 986 Pine Street in Muskegon, it is directly across from the Muskegon County building and courthouse, providing convenient downtown proximity. The listing notes easy access to restaurants, shops, government offices, and main traffic corridors.
For buyers seeking a centrally located office presence within an established downtown setting, this property’s courthouse-adjacent position supports a high-visibility, office-friendly address.
Key Highlights
- Prime downtown Muskegon location directly across from the County building and courthouse.
- High visibility and convenient access to restaurants, shops, government offices, and main traffic corridors.
- Versatile commercial building suitable for various professional uses (office, legal, medical, nonprofit, service‑based).
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
$11,125
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
7.00%
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%
$222,500
$222.5K
Cap Rate 7%
$158,929
$158.9K
Cap Rate 9%
$123,611
$123.6K
Market Conditions
NOI Build-Up for 1,007 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
$21.5K $21.36/SF
− Vacancy
−$3.0K −$2.95/SF
EGI
$18.5K $18.41/SF
− OpEx
−$7.4K −$7.36/SF
NOI
$11.1K $11.05/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
40.00%
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%
$222,500
Cap Rate 7%
$158,929
Cap Rate 9%
$123,611
Alternative Uses
Best Use
Healthcare Medical
$158.9K
$139.1K – $185.4K
NOI $11,125 @ 7.0% cap · market cap 7.00%
Second Best
Office B
$158.5K
$138.7K – $184.9K
NOI $11,093 @ 7.0% cap · market cap 6.98%
Theoretical Best
Hotel Hospitality
$9.46M
$8.27M – $11.03M
NOI $661,974 @ 7.0% cap · market cap 416.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,191
Businesses Nearby
Explore this area
Business Placement
Demographics for 49442, MI
45,342
Population
17,759
Households
2.6
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
41.0 sq mi
ZIP Area
1,106
Density / Sq Mi
$50,069
Median Household Income
$33,257
Median Earnings
$889
Median Rent
$116,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Small downtown office building offered for sale, positioned directly across from the county courthouse.
Where is this office units located?
The property is located at 986 Pine Street Muskegon, MI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Prime downtown Muskegon location directly across from the County building and courthouse.; High visibility and convenient access to restaurants, shops, government offices, and main traffic corridors.; Versatile commercial building suitable for various professional uses (office, legal, medical, nonprofit, service‑based).
