Flex Building with Attached
For Sale
$249,900
4319 E Apple Ave, Muskegon, MI 49442
Flex building with retail showrooms, offices, restrooms, kitchen, and an attached warehouse with a garage door and parking.
Property Size4,680 SF
Lot Size1.50 Acres
Price / SF$53.40
Days on Market41
Property Features for 4319 E Apple Ave
General Information
Standard status
Active
Size
4,680 SF
Lot size
1.50 Acres
Property subtype
Commercial
Zoning
C2
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$4,421
Building Details
Year Built
1959
Units
1
Listing Agency:
Greenridge Realty Inc.
(616) 638-5499
Listed By:
Christine Estep
(616) 638-5499
Source:
Elliman
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 9 at 8:00AM
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 Greenridge Realty Inc.
Investment Insights
Based on property information with market context.
This commercial flex property includes 2,880 finished square feet with 2 showrooms, 3 offices, 2 restrooms, and a kitchen. An additional attached 1,800 square feet warehouse space features a garage door and offers room for more space as needed. The site includes plenty of parking and approximately 1.5 acres of land, with additional wooded land behind the building that can be utilized for expansion.
The building is located on E Apple Ave in Egelston Township (Muskegon, MI) and is described as being in a high traffic area. WalkScore is 6 and bikeScore is 27, indicating a car-dependent setting that supports drive-in access and on-site parking. Zoning is C2 for retail use, professional offices, service shops, vehicle services, and storage, among other permitted uses.
With finished showroom and office space paired with a dedicated attached warehouse, the property can fit businesses that need both customer-facing space and practical back-of-house operations. The C2 zoning and on-site land give operators flexibility to align with retail, service, vehicle-related, and storage-oriented models while retaining the ability to expand the site over time.
The building is located on E Apple Ave in Egelston Township (Muskegon, MI) and is described as being in a high traffic area. WalkScore is 6 and bikeScore is 27, indicating a car-dependent setting that supports drive-in access and on-site parking. Zoning is C2 for retail use, professional offices, service shops, vehicle services, and storage, among other permitted uses.
With finished showroom and office space paired with a dedicated attached warehouse, the property can fit businesses that need both customer-facing space and practical back-of-house operations. The C2 zoning and on-site land give operators flexibility to align with retail, service, vehicle-related, and storage-oriented models while retaining the ability to expand the site over time.
Key Highlights
- Commercial flex building on 1.5 acres with room to expand, built in 1959
- 2,880 finished SF includes 2 showrooms, 3 offices, 2 restrooms, and a kitchen
- Attached 1,800 SF warehouse features a garage door and space for additional use
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
$20,204
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
8.08%
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%
$404,080
$404.1K
Cap Rate 7%
$288,629
$288.6K
Cap Rate 9%
$224,489
$224.5K
Market Conditions
NOI Build-Up for 4,680 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
$32.0K $6.84/SF
− Vacancy
−$928 −$0.20/SF
EGI
$31.1K $6.64/SF
− OpEx
−$10.9K −$2.32/SF
NOI
$20.2K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
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%
$404,080
Cap Rate 7%
$288,629
Cap Rate 9%
$224,489
Alternative Uses
Best Use
Retail
$864.3K
$756.2K – $1.01M
NOI $60,498 @ 7.0% cap · market cap 24.21%
Second Best
Warehouse
$778.7K
$681.4K – $908.5K
NOI $54,511 @ 7.0% cap · market cap 21.81%
Theoretical Best
Hotel Hospitality
$43.95M
$38.46M – $51.28M
NOI $3,076,503 @ 7.0% cap · market cap 1,231.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building with retail showrooms, offices, restrooms, kitchen, and an attached warehouse with a garage door and parking.
Where is this flex space located?
The property is located at 4319 E Apple Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Commercial flex building on 1.5 acres with room to expand, built in 1959; 2,880 finished SF includes 2 showrooms, 3 offices, 2 restrooms, and a kitchen; Attached 1,800 SF warehouse features a garage door and space for additional use
