Brick Office
New
For Sale
$225,000
1497 W Laketon, Muskegon, MI 49441
COMMERCIAL - Muskegon, MI
Property Size720 SF
Lot Size0.20 Acres
Price / SF$312.50
Days on Market6
Property Features for 1497 W Laketon
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
LFBC-LC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Standard status
Active
APN
24-205-527-0001-00
Size
720 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DIST:24 CITY/MUNI/TWP:MUSKEGON CITY SUBD:CITY OF MUSKEGON REVISED PLAT (OF 1903) SEC/TWN/RNG/MER:SEC 05 TWN 9N RNG 17W C
Tax Annual Amount
2286
Legal Description
DIST:24 CITY/MUNI/TWP:MUSKEGON CITY SUBD:CITY OF MUSKEGON REVISED PLAT (OF 1903) SEC/TWN/RNG/MER:SEC 05 TWN 9N RNG 17W C
Utilities
Utilities
Cable Available
Heating system
Forced Air
Amenities
multiple entrances
on-site parking
Building Details
Year built
1900
Number of units
1
Building materials
Brick
Listing Agency:
Medendorp Real Estate Group
(231) 777-7355
Listed By:
David Medendorp · License #6505367065
(231) 206-3367
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 26041228
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 720-square-foot office property is a brick building constructed in 1900, with a Tudor-style exterior, multiple entrances, and a bathroom. Forced-air heating, broadband, and cable availability support basic commercial operations, while on-site parking serves the property.
The 0.2-acre site is located in Muskegon, Michigan, near Lake Michigan, Pere Marquette Beach, and downtown Muskegon. LFBC zoning provides the property’s stated commercial land-use designation.
The building’s compact footprint, corner-lot position, separate entrances, and recognizable brick design create a straightforward office-oriented commercial asset with existing physical features in place.
The 0.2-acre site is located in Muskegon, Michigan, near Lake Michigan, Pere Marquette Beach, and downtown Muskegon. LFBC zoning provides the property’s stated commercial land-use designation.
The building’s compact footprint, corner-lot position, separate entrances, and recognizable brick design create a straightforward office-oriented commercial asset with existing physical features in place.
Key Highlights
- 720 square feet of office space
- 0.2‑acre corner lot in Muskegon, MI
- LFBC (Lakefront Business Commercial) zoning
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
$9,307
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
4.14%
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%
$186,140
$186.1K
Cap Rate 7%
$132,957
$133.0K
Cap Rate 9%
$103,411
$103.4K
Market Conditions
NOI Build-Up for 720 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
$13.7K $18.96/SF
− Vacancy
−$355 −$0.49/SF
EGI
$13.3K $18.47/SF
− OpEx
−$4.0K −$5.54/SF
NOI
$9.3K $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%
$186,140
Cap Rate 7%
$132,957
Cap Rate 9%
$103,411
Alternative Uses
Best Use
Retail
$133.0K
$116.3K – $155.1K
NOI $9,307 @ 7.0% cap · market cap 4.14%
Second Best
Office B
$113.3K
$99.2K – $132.2K
NOI $7,932 @ 7.0% cap · market cap 3.53%
Theoretical Best
Hotel Hospitality
$6.76M
$5.92M – $7.89M
NOI $473,308 @ 7.0% cap · market cap 210.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
659
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Corner-lot property with multiple entrances, on-site parking, and LFBC zoning.
Where is this office units located?
The property is located at 1497 W Laketon Muskegon, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 720 square feet of office space; 0.2‑acre corner lot in Muskegon, MI; LFBC (Lakefront Business Commercial) zoning
