Remodeled Bar/Restaurant with Rooftop
For Sale
$565,000
609 West Western Avenue, Muskegon, MI 49440
Remodeled bar/restaurant in downtown Muskegon with rooftop deck.
Property Size2,744 SF
Price / SF$205.90
Days on Market150
Property Features for 609 West Western Avenue
General Information
Standard status
Active
Size
2,744 SF
Property subtype
Retail
Listing Agency:
(616) 799-6629
Listed By:
Russ Bono, CCIM · License #MI 6501380200
(616) 799-6629
Source:
Cbre
Added: Mar 25
Changed: Aug 17
Last Checked: Aug 20 at 1:52PM
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 Russ Bono, CCIM
Investment Insights
Based on property information with market context.
This newly remodeled bar and restaurant building is situated in downtown Muskegon, Michigan, offering a location overlooking Muskegon Lake. The property encompasses 2,744 square feet and includes a rooftop deck equipped with restrooms and a bar. Inside, a full kitchen is present. The sale incorporates the real estate, a liquor license, and all furniture, fixtures, and equipment.
Key Highlights
- Includes real estate, liquor license, furniture, fixtures, and equipment.
- Prime location in downtown Muskegon overlooking Muskegon Lake.**
- Features a rooftop deck with restrooms and a bar.**
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
$30,520
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
5.40%
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%
$610,400
$610.4K
Cap Rate 7%
$436,000
$436.0K
Cap Rate 9%
$339,111
$339.1K
Market Conditions
NOI Build-Up for 2,744 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
$42.5K $15.48/SF
− Vacancy
−$1.8K −$0.65/SF
EGI
$40.7K $14.83/SF
− OpEx
−$10.2K −$3.71/SF
NOI
$30.5K $11.12/SF
Area
Muskegon County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$610,400
Cap Rate 7%
$436,000
Cap Rate 9%
$339,111
Alternative Uses
Best Use
Specialty Retail
$436.0K
$381.5K – $508.7K
NOI $30,520 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$25.77M
$22.55M – $30.06M
NOI $1,803,830 @ 7.0% cap · market cap 319.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
3k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
3,232 visits/mo
0.4 miles
Demographics for 49440, MI
1,320
Population
860
Households
1.5
Avg Household Size
44
Median Age
36%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
2,200
Density / Sq Mi
$42,500
Median Household Income
$37,067
Median Earnings
$791
Median Rent
$163,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Block — 360 W Western Ave 2nd floor, Muskegon, MI 49440
- No Name Saloon — 609 W Western Ave, Muskegon, MI 49440
- TERRYS TUNES — 1077 Jefferson St Apt 812, Muskegon, MI 49440
- Mike's Inn — 545 W Western Ave, Muskegon, MI 49440
- Topshelf Liquor Bar & Pizza — 500 W Western Ave, Muskegon, MI 49440
Frequently Asked Questions
What type of property is this?
Bar & Pub - Remodeled bar/restaurant in downtown Muskegon with rooftop deck.
Where is this bar & pub located?
The property is located at 609 West Western Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Includes real estate, liquor license, furniture, fixtures, and equipment.; Prime location in downtown Muskegon overlooking Muskegon Lake.**; Features a rooftop deck with restrooms and a bar.**
