Single-Tenant Office
For Sale
$174,900
992 Witham Road, Muskegon, MI 49445
COMMERCIAL - Muskegon, MI
Property Size1,223 SF
Lot Size2.90 Acres
Price / SF$143.01
Days on Market138
Property Features for 992 Witham Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Reeths-Puffer
Middle school district
Reeths-Puffer
High school district
Reeths-Puffer
Standard status
Active
APN
09-107-300-0001-00
Size
1,223 SF
Lot size
2.90 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Attached.
Tax Annual Amount
2359
Legal Description
Attached.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2013
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 29 at 11:06AM
MLS# 26015524
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 well-maintained single-tenant office property includes private offices, a reception area, a conference room, and a kitchenette. The building is described as efficiently designed for office use and is currently occupied by a State Farm Insurance Agency.
The property is positioned at the intersection of Witham and Dykstra, with immediate proximity to the Whitehall Road commercial corridor. Recent capital improvements include a newly paved asphalt drive and parking lot, supporting continued curb appeal and long-term usability.
The offering is identified as PPN 10-007-0036-10 VL Parcel and consists of an office building totaling 1,223 square feet, situated on approximately 2.9 acres.
The property is positioned at the intersection of Witham and Dykstra, with immediate proximity to the Whitehall Road commercial corridor. Recent capital improvements include a newly paved asphalt drive and parking lot, supporting continued curb appeal and long-term usability.
The offering is identified as PPN 10-007-0036-10 VL Parcel and consists of an office building totaling 1,223 square feet, situated on approximately 2.9 acres.
Key Highlights
- Single‑tenant office building occupied by a State Farm Insurance Agency
- Lease has approximately three years remaining on the initial lease term
- Year built 2013 with forced‑air heating and central air cooling
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
$13,473
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
7.70%
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%
$269,460
$269.5K
Cap Rate 7%
$192,471
$192.5K
Cap Rate 9%
$149,700
$149.7K
Market Conditions
NOI Build-Up for 1,223 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
$20.8K $17.04/SF
− Vacancy
−$2.9K −$2.35/SF
EGI
$18.0K $14.69/SF
− OpEx
−$4.5K −$3.67/SF
NOI
$13.5K $11.02/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$269,460
Cap Rate 7%
$192,471
Cap Rate 9%
$149,700
Alternative Uses
Best Use
Office B
$192.5K
$168.4K – $224.6K
NOI $13,473 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$11.49M
$10.05M – $13.40M
NOI $803,966 @ 7.0% cap · market cap 459.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-tenant office building with private offices, reception, conference room, and kitchenette, plus recent parking improvements.
Where is this office building located?
The property is located at 992 Witham Road Muskegon, MI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Single‑tenant office building occupied by a State Farm Insurance Agency; Lease has approximately three years remaining on the initial lease term; Year built 2013 with forced‑air heating and central air cooling
