Automotive Body Shop with Paint
New
For Sale
$234,900
851 W McMillan Road, Muskegon, MI 49445
Commercially zoned facility with fenced rear storage and extensive body-repair equipment.
Property Size1,792 SF
Lot Size2.00 Acres
Days on Market4
Property Features for 851 W McMillan Road
General Information
Standard status
Active
Size
1,792 SF
Lot size
2.00 Acres
Property subtype
Commercial
Zoning
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$1,766
Amenities
fenced storage
paint room
Building Details
Building Size
1,792 SF
Year Built
100
Buildings
1
Stories
1792
Units
1
Listing Agency:
Aldyn Breeze Realty LLC
(231) 327-8480
Listed By:
Lynda Lear Balkema · License #6502414997
(231) 327-8480
Source:
Buyatthelake
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 9 at 1:09PM
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 Aldyn Breeze Realty LLC
Investment Insights
Based on property information with market context.
This automotive body shop property includes nearly two acres with a fenced storage area behind the building. Interior improvements include a large paint room, additional storage, and equipment suited to collision and body-repair work. The sale includes a Black Hawk Power Pad System with clamps and chains, two power posts, metal sawhorses, a drill press with grinder, air grinders, sanders, buffers, floor jacks, a Uni-Spotter, Miller Matic 200, sandblasting equipment, torches, and other shop tools. A large rolling tool chest is negotiable separately. The property is zoned Commercial and is located at 851 W McMillan Road in Muskegon, Michigan. The building also has a 2-year-old heater and a 2-year-old fresh-sealed roof.
Key Highlights
- Nearly two acres of automotive service property
- Fenced rear storage area
- Large paint room with additional storage
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
$17,189
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
7.32%
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%
$343,780
$343.8K
Cap Rate 7%
$245,557
$245.6K
Cap Rate 9%
$190,989
$191.0K
Market Conditions
NOI Build-Up for 1,792 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
$25.2K $14.04/SF
− Vacancy
−$604 −$0.34/SF
EGI
$24.6K $13.70/SF
− OpEx
−$7.4K −$4.11/SF
NOI
$17.2K $9.59/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /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%
$343,780
Cap Rate 7%
$245,557
Cap Rate 9%
$190,989
Alternative Uses
Best Use
Retail
$330.9K
$289.6K – $386.1K
NOI $23,165 @ 7.0% cap · market cap 9.86%
Second Best
Industrial
$245.6K
$214.9K – $286.5K
NOI $17,189 @ 7.0% cap · market cap 7.32%
Theoretical Best
Hotel Hospitality
$16.83M
$14.73M – $19.63M
NOI $1,178,011 @ 7.0% cap · market cap 501.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
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
- C & T Auto & Repair — 2915 Whitehall Rd, Muskegon, MI 49445
- Riverside Automotive — 2505 Whitehall Rd, Muskegon, MI 49445
- DAN AUTO SERVICE INC — 2915 Whitehall Rd, Muskegon, MI 49445
- Lundholm Garage — 2950 Whitehall Rd, Muskegon, MI 49445
- Woodring Automotive Repair — 2836 Whitehall Rd, Muskegon, MI 49445
Frequently Asked Questions
What type of property is this?
Auto shop - Commercially zoned facility with fenced rear storage and extensive body-repair equipment.
Where is this auto shop located?
The property is located at 851 W McMillan Road Muskegon, MI.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Nearly two acres of automotive service property; Fenced rear storage area; Large paint room with additional storage
