Dual-Tenant Retail
For Sale
$1,291,587
2039 E Apple Ave, Muskegon, MI 49442
Fully leased 2-tenant NNN retail center with T-Mobile and a drive-thru restaurant, totaling 4,772 square feet on 1.21 acres.
Property Size4,772 SF
Lot Size1.21 Acres
Price / SF$270.66
Days on Market129
Property Features for 2039 E Apple Ave
General Information
Standard status
Active
Size
4,772 SF
Lot size
1.21 Acres
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Traffic Count
80,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8.25%
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
Detroit Office
(248) 415-2634
Listed By:
Darin Gross · License #MI: 6501384871
(248) 415-2634
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 23
Last Checked: Jul 23 at 5:10PM
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 Detroit Office
Investment Insights
Based on property information with market context.
T-Mobile 2 Tenant Center is a fully leased, dual-tenant retail property structured as a triple-net (NNN) investment. The property contains 4,772 square feet across 1.21 acres and is 100% occupied. Tenancy includes T-Mobile, an authorized retail location, and Pita Place, a Mediterranean restaurant that operates with a drive-thru.
T-Mobile occupies 2,472 square feet under an NNN lease through May 2027. Pita Place occupies 2,300 square feet under an NNN lease through April 2029 and includes annual rent increases with two five-year renewal options.
The center is located along E Apple Avenue (M-46) near U.S. Route 31 and I-96, with combined traffic exposure reported at nearly 80,000 vehicles per day. The corridor is supported by nearby major retail including Walmart Supercenter, ALDI, Family Dollar, Dollar Tree, CVS, and Walgreens, and the adjacent Walmart Supercenter serves as a key anchor.
T-Mobile occupies 2,472 square feet under an NNN lease through May 2027. Pita Place occupies 2,300 square feet under an NNN lease through April 2029 and includes annual rent increases with two five-year renewal options.
The center is located along E Apple Avenue (M-46) near U.S. Route 31 and I-96, with combined traffic exposure reported at nearly 80,000 vehicles per day. The corridor is supported by nearby major retail including Walmart Supercenter, ALDI, Family Dollar, Dollar Tree, CVS, and Walgreens, and the adjacent Walmart Supercenter serves as a key anchor.
Key Highlights
- Dual‑tenant retail center built in 2004, totaling 4,772 SF on 1.21 acres at 2039 E Apple Avenue (M‑46) in Muskegon, MI
- 100% occupied under triple‑net (NNN) leases for both tenants, supporting minimal landlord responsibility
- T‑Mobile occupies 2,472 SF (52% of GLA) under an NNN lease through May 2027
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
$61,687
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
4.78%
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%
$1,233,740
$1.2M
Cap Rate 7%
$881,243
$881.2K
Cap Rate 9%
$685,411
$685.4K
Market Conditions
NOI Build-Up for 4,772 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
$90.5K $18.96/SF
− Vacancy
−$2.4K −$0.49/SF
EGI
$88.1K $18.47/SF
− OpEx
−$26.4K −$5.54/SF
NOI
$61.7K $12.93/SF
Area
Muskegon County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,233,740
Cap Rate 7%
$881,243
Cap Rate 9%
$685,411
Alternative Uses
Best Use
Retail
$881.2K
$771.1K – $1.03M
NOI $61,687 @ 7.0% cap · market cap 4.78%
Second Best
Specialty Retail
$758.2K
$663.5K – $884.6K
NOI $53,076 @ 7.0% cap · market cap 4.11%
Theoretical Best
Hotel Hospitality
$44.81M
$39.21M – $52.28M
NOI $3,136,981 @ 7.0% cap · market cap 242.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
80,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fully leased 2-tenant NNN retail center with T-Mobile and a drive-thru restaurant, totaling 4,772 square feet on 1.21 acres.
Where is this nnn property located?
The property is located at 2039 E Apple Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $1,291,587.
What are key features of this property?
This property features: Dual‑tenant retail center built in 2004, totaling 4,772 SF on 1.21 acres at 2039 E Apple Avenue (M‑46) in Muskegon, MI; 100% occupied under triple‑net (NNN) leases for both tenants, supporting minimal landlord responsibility; T‑Mobile occupies 2,472 SF (52% of GLA) under an NNN lease through May 2027
