Renovated Stand-Alone Office
For Sale
$209,000
1921 Ruddiman Drive, Muskegon, MI 49445
Commercial Sale, Muskegon, MI
Property Size1,200 SF
Lot Size0.20 Acres
Price / SF$174.17
Days on Market46
Property Features for 1921 Ruddiman Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
RPO
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Elementary school district
North Muskegon
Middle school district
North Muskegon
High school district
North Muskegon
Standard status
Active
APN
23-585-005-0001-00
Size
1,200 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH MUSKEGON CITY TORRENT & ARMS ETC LOT 1 BLK 5.5681.89
Tax Annual Amount
5682
Legal Description
NORTH MUSKEGON CITY TORRENT & ARMS ETC LOT 1 BLK 5.5681.89
Utilities
Heating system
Forced Air
Amenities
full basement
landscaped grounds
Building Details
Year built
1950
Number of units
1
Building materials
Vinyl Siding, Brick, Stone
Roof type
Composition
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Added: Aug 5
Changed: Sep 16
Last Checked: Sep 19 at 11:06PM
MLS# 26040683
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 stand-alone office building offers 1,200 square feet with a recently renovated main level arranged around four private offices, a reception area, and a kitchen. The property also includes a full basement with storage space and a restroom. Vinyl siding, brick, stone, forced-air heating, and a composition roof are among the recorded building features. Constructed in 1950, the property sits on a 0.2-acre parcel.
The grounds are landscaped and maintained, with an asphalt parking lot providing on-site parking. The property is located near the four corners in North Muskegon and is close to the Whitehall Road commercial corridor.
The grounds are landscaped and maintained, with an asphalt parking lot providing on-site parking. The property is located near the four corners in North Muskegon and is close to the Whitehall Road commercial corridor.
Key Highlights
- 1,200 SF stand‑alone office building
- Recently renovated main floor
- 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
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Open Analytics
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 office property with private offices, reception space, kitchen, basement storage, and on-site parking.
Where is this office building located?
The property is located at 1921 Ruddiman Drive 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; Recently renovated main floor; Four private offices plus reception area and kitchen
