Former Bank Branch
For Sale
$350,000
3035 Heights Ravenna Road, Muskegon, MI 49444
Original vault adds a distinctive feature to this commercial space.
Property Size2,203 SF
Price / SF$158.87
Days on Market651
Property Features for 3035 Heights Ravenna Road
General Information
Standard status
Active
Size
2,203 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$5,668
Amenities
3
447.41'x333'
Building Details
Year Built
1979
Listing Agency:
Homeflex Realty, Inc
(231) 780-7811
Listed By:
Mitchell Smith
Source:
Xome
Added: Nov 20, 2024
Changed: Aug 30
Last Checked: Aug 31 at 2:43PM
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 Homeflex Realty, Inc
Investment Insights
Based on property information with market context.
This 2,203-square-foot commercial property was constructed in 1979 and previously operated as a bank branch. An original bank vault remains within the building, adding a distinctive feature to the existing interior configuration.
The property is located at 3035 Heights Ravenna Road in Muskegon, Michigan 49444. Exterior dimensions are listed as 447.41 feet by 333 feet, providing additional physical context for the site.
The property is located at 3035 Heights Ravenna Road in Muskegon, Michigan 49444. Exterior dimensions are listed as 447.41 feet by 333 feet, providing additional physical context for the site.
Key Highlights
- 2,203‑square‑foot commercial property
- Previously operated as a bank branch
- Original bank vault remains in the building
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
$28,478
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
8.14%
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%
$569,560
$569.6K
Cap Rate 7%
$406,829
$406.8K
Cap Rate 9%
$316,422
$316.4K
Market Conditions
NOI Build-Up for 2,203 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
$41.8K $18.96/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$40.7K $18.47/SF
− OpEx
−$12.2K −$5.54/SF
NOI
$28.5K $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%
$569,560
Cap Rate 7%
$406,829
Cap Rate 9%
$316,422
Alternative Uses
Best Use
Retail
$406.8K
$356.0K – $474.6K
NOI $28,478 @ 7.0% cap · market cap 8.14%
Second Best
Specialty Retail
$350.0K
$306.3K – $408.4K
NOI $24,503 @ 7.0% cap · market cap 7.00%
Theoretical Best
Hotel Hospitality
$20.69M
$18.10M – $24.14M
NOI $1,448,191 @ 7.0% cap · market cap 413.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
27k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Wesco
Shops & Services
18,394 visits/mo
0.3 miles
Dollar General
Shops & Services
8,131 visits/mo
0.2 miles
Demographics for 49444, MI
26,281
Population
11,635
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
1,064
Density / Sq Mi
$52,143
Median Household Income
$34,423
Median Earnings
$941
Median Rent
$159,200
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?
Bank - Original vault adds a distinctive feature to this commercial space.
Where is this bank located?
The property is located at 3035 Heights Ravenna Road Muskegon, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,203‑square‑foot commercial property; Previously operated as a bank branch; Original bank vault remains in the building
