Renovated
For Sale
$219,900
1465 Barclay Street, Muskegon, MI 49441
Two updated residential units include separate layouts, basement laundry, and dedicated electric and gas meters.
Property Size700 SF
Price / SF$314.14
Days on Market154
Property Features for 1465 Barclay Street
General Information
Standard status
Active
Size
700 SF
Property subtype
Residential Income / Multi Family
Zoning
R-2
Net Operating Income
$14,988
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,590
Amenities
Forced Air, Natural Gas
true
No
Yes
In Basement
1
Sidewalks
Building Details
Year Built
1800
Buildings
1
Listing Agency:
Five Star Real Estate (Courtland)
(616) 884-4200
Listed By:
Emmett C TerBeek · License #6501406870
(616) 884-4200
Source:
Compass
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 30 at 11:14PM
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 Five Star Real Estate (Courtland)
Investment Insights
Based on property information with market context.
Located at 1465 Barclay Street in Muskegon’s Nims neighborhood, this R-2-zoned duplex contains two renovated residential units. The lower apartment offers 3 bedrooms, 1 bathroom, a kitchen, and access to a full basement with laundry. The upper apartment includes 1 bedroom and 1 bathroom in a compact layout.
The property has forced-air heating, natural gas service, separate electric and gas meters, vinyl siding, and a composition exterior finish. Built in 1800, it provides a two-unit configuration suited to an owner-occupant or rental operation. The Muskegon Lakeshore Trail is within walking distance, while downtown attractions, bars, restaurants, and Lake Michigan beaches are minutes away.
The property has forced-air heating, natural gas service, separate electric and gas meters, vinyl siding, and a composition exterior finish. Built in 1800, it provides a two-unit configuration suited to an owner-occupant or rental operation. The Muskegon Lakeshore Trail is within walking distance, while downtown attractions, bars, restaurants, and Lake Michigan beaches are minutes away.
Key Highlights
- Two‑unit duplex with renovated interiors
- Lower unit includes 3 bedrooms, 1 bathroom, and full basement access
- Upper unit provides 1 bedroom and 1 bathroom
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
$6,792
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
3.09%
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%
$135,840
$135.8K
Cap Rate 7%
$97,029
$97.0K
Cap Rate 9%
$75,467
$75.5K
Market Conditions
NOI Build-Up for 700 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
$10.2K $14.64/SF
− Vacancy
−$545 −$0.78/SF
EGI
$9.7K $13.86/SF
− OpEx
−$2.9K −$4.16/SF
NOI
$6.8K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /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%
$135,840
Cap Rate 7%
$97,029
Cap Rate 9%
$75,467
Alternative Uses
Best Use
Multifamily LT 5
$97.0K
$84.9K – $113.2K
NOI $6,792 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$86.6K
$75.8K – $101.0K
NOI $6,062 @ 7.0% cap · market cap 2.76%
Theoretical Best
Hotel Hospitality
$6.57M
$5.75M – $7.67M
NOI $460,161 @ 7.0% cap · market cap 209.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residential units include separate layouts, basement laundry, and dedicated electric and gas meters.
Where is this duplex located?
The property is located at 1465 Barclay Street Muskegon, MI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two‑unit duplex with renovated interiors; Lower unit includes 3 bedrooms, 1 bathroom, and full basement access; Upper unit provides 1 bedroom and 1 bathroom
