Mixed-Use Commercial
For Sale
$1,525,000
380 W Western Avenue Unit Units 1 & 2, Muskegon, MI 49440
Three tenants occupy ground-level space configured for office, commercial, and retail uses.
Property Size8,714 SF
Price / SF$175.01
Days on Market1188
Property Features for 380 W Western Avenue Unit Units 1 & 2
General Information
Standard status
Active
Size
8,714 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Floor
1
Corner Location
Yes
Office Units
2
Tenant in Place
Yes
Property Use
Office/Commercial/Retail
Taxes and HOA fees
Annual Taxes
$29,750
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Capstone Real Estate LLC
Listed By:
David Ten Cate · License #6502325769
(616) 502-1155
Source:
Bestemanproperties
Added: Jul 31, 2023
Changed: Oct 29
Last Checked: Oct 29 at 2:47PM
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 Capstone Real Estate LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Units 1 and 2 comprise 8,714 SF of ground-floor office, commercial, and retail area within a multi-tenant building. The condominium offering is fully leased to two professional office tenants and a national food retailer, providing a mix of service and retail occupancy. The units are located at a corner in downtown Muskegon, within walking distance of restaurants, shops, cultural destinations, and waterfront activities.
Key Highlights
- Units 1 and 2 total 8,714 SF of main‑level commercial space
- 100% occupied by two professional office tenants and one national food retailer
- Corner position in downtown Muskegon
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,645
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,252,900
$2.3M
Cap Rate 7%
$1,609,214
$1.6M
Cap Rate 9%
$1,251,611
$1.3M
Market Conditions
NOI Build-Up for 8,714 SF
Gross rent
$165.2K $18.96/SF
− Vacancy
−$4.3K −$0.49/SF
EGI
$160.9K $18.47/SF
− OpEx
−$48.3K −$5.54/SF
NOI
$112.6K $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%
$2,252,900
Cap Rate 7%
$1,609,214
Cap Rate 9%
$1,251,611
Alternative Uses
Best Use
Retail
$1.61M
$1.41M – $1.88M
NOI $112,645 @ 7.0% cap · market cap 7.39%
Second Best
Office B
$1.37M
$1.20M – $1.60M
NOI $95,997 @ 7.0% cap · market cap 6.29%
Theoretical Best
Hotel Hospitality
$81.83M
$71.60M – $95.47M
NOI $5,728,343 @ 7.0% cap · market cap 375.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,329
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three tenants occupy ground-level space configured for office, commercial, and retail uses.
Where is this mixed-use property located?
The property is located at 380 W Western Avenue Unit Units 1 & 2 Muskegon, MI.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Units 1 and 2 total 8,714 SF of main‑level commercial space; 100% occupied by two professional office tenants and one national food retailer; Corner position in downtown Muskegon
