Renovated Office
For Sale
$209,000
1921 Ruddiman Dr, Muskegon, MI 49445
Updated professional setting with private offices, reception space, a kitchen, basement storage, and on-site parking.
Property Size1,200 SF
Price / SF$174.17
Days on Market14
Property Features for 1921 Ruddiman Dr
General Information
Standard status
Active
Size
1,200 SF
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Core Realty Partners LLC
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Source:
Katie-k
Added: Sep 13
Changed: Sep 23
Last Checked: Sep 24 at 10:57AM
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 property offers 1,200 square feet with a recently updated main level arranged around four private offices, a reception area, and a kitchen. A full basement adds storage capacity and includes a restroom. The building was constructed in 1950, while the principal office area has been renovated with contemporary finishes.
The property includes landscaped grounds and an asphalt parking lot for on-site parking. Its North Muskegon setting is near the Four Corners area and the Whitehall Road commercial corridor, providing access to established commercial surroundings.
The property includes landscaped grounds and an asphalt parking lot for on-site parking. Its North Muskegon setting is near the Four Corners area and the Whitehall Road commercial corridor, providing access to established commercial surroundings.
Key Highlights
- 1,200 SF stand‑alone office property
- Renovated main floor with modern finishes
- Four private offices, 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
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Current Use
Location Intelligence
Trade Area within ½ mile
267
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Updated professional setting with private offices, reception space, a kitchen, basement storage, and on-site parking.
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 property; Renovated main floor with modern finishes; Four private offices, reception area, and kitchen
