Duplex with Screened Front
For Sale
$204,900
1093 W Southern Ave, Muskegon, MI 49441
Two-unit duplex with flexible bedroom layouts, private upper entrance, and full basement storage.
Property Size1,600 SF
Price / SF$128.06
Days on Market71
Property Features for 1093 W Southern Ave
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,449
Building Details
Year Built
1800
Units
2
Listing Agency:
Legacy Real Estate Partners
(231) 855-5001
Listed By:
Terry Puffer · License #6501424238
(231) 855-5001
Source:
Elliman
Added: Jun 3
Changed: Aug 7
Last Checked: Aug 11 at 8:53AM
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 Legacy Real Estate Partners
Investment Insights
Based on property information with market context.
This duplex offers an approximately 1,600 finished-square-foot layout with two separate residences. The main floor unit features three bedrooms and one bathroom, along with a large living room, dining area, kitchen, and an inviting screened front porch. The upper unit includes two bedrooms and one bathroom, with a private entrance plus a kitchen, family room, and porches, including a covered porch area.
The property includes a full basement that can be used for storage and utilities. It is conveniently located near downtown Muskegon, as well as schools, parks, shopping, and Lake Michigan amenities.
Well-suited for an owner who wants flexibility, the configuration allows for living in one unit while renting the other, or purchasing as a residential income property. The separate upper access and multi-room unit design support day-to-day usability for tenants, while the full basement adds functional space for belongings and mechanicals.
The property includes a full basement that can be used for storage and utilities. It is conveniently located near downtown Muskegon, as well as schools, parks, shopping, and Lake Michigan amenities.
Well-suited for an owner who wants flexibility, the configuration allows for living in one unit while renting the other, or purchasing as a residential income property. The separate upper access and multi-room unit design support day-to-day usability for tenants, while the full basement adds functional space for belongings and mechanicals.
Key Highlights
- Duplex with two units and approximately 1,600 finished SF
- Main floor unit: 3 bedrooms, 1 full bath, with large living room, dining area, kitchen, and screened front porch
- Upper unit: 2 bedrooms, 1 full bath, with private entrance and covered porch
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
$15,524
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
7.58%
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%
$310,480
$310.5K
Cap Rate 7%
$221,771
$221.8K
Cap Rate 9%
$172,489
$172.5K
Market Conditions
NOI Build-Up for 1,600 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
$23.4K $14.64/SF
− Vacancy
−$1.2K −$0.78/SF
EGI
$22.2K $13.86/SF
− OpEx
−$6.7K −$4.16/SF
NOI
$15.5K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$310,480
Cap Rate 7%
$221,771
Cap Rate 9%
$172,489
Alternative Uses
Best Use
Multifamily LT 5
$221.8K
$194.1K – $258.7K
NOI $15,524 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$197.9K
$173.2K – $230.9K
NOI $13,856 @ 7.0% cap · market cap 6.76%
Theoretical Best
Hotel Hospitality
$15.03M
$13.15M – $17.53M
NOI $1,051,796 @ 7.0% cap · market cap 513.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with flexible bedroom layouts, private upper entrance, and full basement storage.
Where is this duplex located?
The property is located at 1093 W Southern Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: Duplex with two units and approximately 1,600 finished SF; Main floor unit: 3 bedrooms, 1 full bath, with large living room, dining area, kitchen, and screened front porch; Upper unit: 2 bedrooms, 1 full bath, with private entrance and covered porch
