Renovated Stand-Alone Office
For Sale
$209,000
1921 RUDDIMAN DR, Muskegon, MI 49445
Four private offices, reception space, a kitchen, and basement storage support a practical small-office layout.
Property Size1,200 SF
Price / SF$174.17
Days on Market12
Property Features for 1921 RUDDIMAN DR
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Industrial
Additional Details
Office Units
1
Amenities
full basement
on-site parking
3
Composition
66132
Building Details
Year Built
1950
Buildings
1
Building Size
1,200 SF
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan Bench · License #6501293444
(231) 578-2508
Source:
Xome
Added: Aug 1
Changed: Aug 10
Last Checked: Aug 11 at 5:08AM
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 Core Realty Partners LLC
Investment Insights
Based on property information with market context.
This stand-alone office building contains 1,200 square feet and was built in 1950. The renovated main level includes four private offices, a reception area, and a kitchen. A full basement adds storage space and includes a restroom, expanding the property's functional workspace and storage capacity.
The grounds are landscaped and maintained, with an asphalt parking lot providing on-site parking. The property is near the Four Corners area and the Whitehall Road commercial corridor in North Muskegon.
The grounds are landscaped and maintained, with an asphalt parking lot providing on-site parking. The property is near the Four Corners area and the Whitehall Road commercial corridor in North Muskegon.
Key Highlights
- 1,200 SF stand‑alone office building built in 1950
- Recently renovated main floor with modern finishes
- Four private offices plus reception area and kitchen
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
$13,220
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
6.33%
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%
$264,400
$264.4K
Cap Rate 7%
$188,857
$188.9K
Cap Rate 9%
$146,889
$146.9K
Market Conditions
NOI Build-Up for 1,200 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
$20.4K $17.04/SF
− Vacancy
−$2.8K −$2.35/SF
EGI
$17.6K $14.69/SF
− OpEx
−$4.4K −$3.67/SF
NOI
$13.2K $11.02/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$264,400
Cap Rate 7%
$188,857
Cap Rate 9%
$146,889
Alternative Uses
Best Use
Office B
$188.9K
$165.3K – $220.3K
NOI $13,220 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$11.27M
$9.86M – $13.15M
NOI $788,847 @ 7.0% cap · market cap 377.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four private offices, reception space, a kitchen, and basement storage support a practical small-office layout.
Where is this office building located?
The property is located at 1921 RUDDIMAN DR Muskegon, MI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: 1,200 SF stand‑alone office building built in 1950; Recently renovated main floor with modern finishes; Four private offices plus reception area and kitchen
