1223 Terrace Street Muskegon, MI 49442
Four renovated units with recent roof and boiler updates, including a vacant 1BR for straightforward showings.
Property Features for 1223 Terrace Street
General Information
- Standard status
- Active
- Size
- 4,000 SF
- Property subtype
- Retail, Multifamily
Listing office Bella Bay Realty (616) 575-1800
Listing date May 27, 2026
Source Crexi
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Investment Insights
Based on property information with market context.
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
Local Financial Insights For Apartment 5plus
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 | $66.7k | $16.68 |
| − Vacancy | −$3.7k | −$0.93 |
| EGI | $63.0k | $15.75 |
| − OpEx | −$28.3k | −$7.09 |
| NOI | $34.6k | $8.66 |
