Four-Unit Residential Income
For Sale
Contact for pricing
1223 Terrace Street, Muskegon, MI 49442
Four renovated units with recent roof and boiler updates, including a vacant 1BR for straightforward showings.
Property Size4,000 SF
Price / SF$100
Days on Market141
Property Features for 1223 Terrace Street
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Retail, Multifamily
Zoning
RM-1
Additional Details
Multifamily Units
4
Building Details
Year Renovated
2022
Units
4
Tenancy
Multi
Listing Agency:
Bella Bay Realty
Listed By:
Kevin Cole · License #6501392397
(616) 575-1800
Source:
Crexi
Added: May 27
Changed: Oct 13
Last Checked: Oct 12 at 5:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bella Bay Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property offers a mix of unit types across two-bedroom to three-bedroom layouts, with current rental amounts ranging from $850 to $1,200. Unit A is a large 1BR/1BA and is currently vacant, making it convenient for easy showings. Unit B is a 3BR/2BA, Unit C is a 2BR/1BA, and Unit D is a 1BR/1BA. Between 2021 and 2024, all units were fully remodeled, with a new roof installed in 2022 and a new boiler added in 2023.
The property is located at 1223 Terrace Street in Muskegon, near downtown, and the immediate area has been seeing renovation. The combination of updated interiors and relatively recent building systems supports a turn-key presentation for tenants.
For investors and owner-occupiers, the attraction here is straightforward: four separately tenanted units with completed remodel work and updated roof and boiler. With Unit A available now, qualified buyers and serious renters can evaluate the property in person without waiting for a current lease to expire. The seller notes long-term, on-time tenants and is seeking serious inquiries only.
The property is located at 1223 Terrace Street in Muskegon, near downtown, and the immediate area has been seeing renovation. The combination of updated interiors and relatively recent building systems supports a turn-key presentation for tenants.
For investors and owner-occupiers, the attraction here is straightforward: four separately tenanted units with completed remodel work and updated roof and boiler. With Unit A available now, qualified buyers and serious renters can evaluate the property in person without waiting for a current lease to expire. The seller notes long-term, on-time tenants and is seeking serious inquiries only.
Key Highlights
- 4‑unit investment property at 1223 Terrace St, Muskegon, near downtown
- All units fully remodeled between 2021 and 2024
- Vacant Unit A: $1,000/month large 1BR/1BA, available for easy showings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,641
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$692,820
$692.8K
Cap Rate 7%
$494,871
$494.9K
Cap Rate 9%
$384,900
$384.9K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$66.7K $16.68/SF
− Vacancy
−$3.7K −$0.93/SF
EGI
$63.0K $15.75/SF
− OpEx
−$28.3K −$7.09/SF
NOI
$34.6K $8.66/SF
Area
Muskegon County, MI
Vacancy
5.60%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$692,820
Cap Rate 7%
$494,871
Cap Rate 9%
$384,900
Alternative Uses
Best Use
Multifamily LT 5
$554.4K
$485.1K – $646.9K
NOI $38,811 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$494.9K
$433.0K – $577.4K
NOI $34,641 @ 7.0% cap · market cap 8.66%
Theoretical Best
Hotel Hospitality
$37.56M
$32.87M – $43.82M
NOI $2,629,489 @ 7.0% cap · market cap 657.37%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,276
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four renovated units with recent roof and boiler updates, including a vacant 1BR for straightforward showings.
Where is this quadplex located?
The property is located at 1223 Terrace Street Muskegon, MI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 4‑unit investment property at 1223 Terrace St, Muskegon, near downtown; All units fully remodeled between 2021 and 2024; Vacant Unit A: $1,000/month large 1BR/1BA, available for easy showings
