Downtown Restaurant
For Sale
$297,000
557 W Western Ave, Muskegon, MI 49440
Historic-district building with restaurant and specialty food-service history near Muskegon Lake.
Property Size1,131 SF
Price / SF$262.60
Days on Market65
Property Features for 557 W Western Ave
General Information
Standard status
Active
Size
1,131 SF
Building Details
Year Built
1900
Listing Agency:
Besteman Properties Group Inc.
Listed By:
Mark Besteman, Susan Besteman
Source:
Katie-k
Added: Aug 3
Changed: Oct 5
Last Checked: Oct 5 at 11:19PM
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 Besteman Properties Group Inc.
Investment Insights
Based on property information with market context.
Built in 1900, this downtown Muskegon building is positioned within the Muskegon Historic District and has supported restaurant and specialty food-service operations, including ice cream and sandwich service. The property sits between the Muskegon Heritage Museum of Business & Industry and Mike's Tavern, with views toward Muskegon Lake and cruise ships.
The surrounding downtown setting includes activity at Muskegon Lumberjacks games, performances at the Frauenthal Center, and Bike Time events. The property address is 557 W Western Ave, Muskegon, MI 49440.
The surrounding downtown setting includes activity at Muskegon Lumberjacks games, performances at the Frauenthal Center, and Bike Time events. The property address is 557 W Western Ave, Muskegon, MI 49440.
Key Highlights
- Restaurant and ice cream/sandwich shop history
- Located in the Muskegon Historic District
- Views of Muskegon Lake and cruise ships
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,620
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$292,400
$292.4K
Cap Rate 7%
$208,857
$208.9K
Cap Rate 9%
$162,444
$162.4K
Market Conditions
NOI Build-Up for 1,131 SF
Gross rent
$21.4K $18.96/SF
− Vacancy
−$558 −$0.49/SF
EGI
$20.9K $18.47/SF
− OpEx
−$6.3K −$5.54/SF
NOI
$14.6K $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 Rate 5%
$292,400
Cap Rate 7%
$208,857
Cap Rate 9%
$162,444
Alternative Uses
Best Use
Retail
$208.9K
$182.8K – $243.7K
NOI $14,620 @ 7.0% cap · market cap 4.92%
Second Best
Specialty Retail
$179.7K
$157.2K – $209.7K
NOI $12,579 @ 7.0% cap · market cap 4.24%
Theoretical Best
Hotel Hospitality
$10.62M
$9.29M – $12.39M
NOI $743,488 @ 7.0% cap · market cap 250.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
3,232 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic-district building with restaurant and specialty food-service history near Muskegon Lake.
Where is this conventional restaurant located?
The property is located at 557 W Western Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $297,000.
What are key features of this property?
This property features: Restaurant and ice cream/sandwich shop history; Located in the Muskegon Historic District; Views of Muskegon Lake and cruise ships
