Dual-Tenant Retail
2039 E Apple Ave Muskegon, MI 49442
For Sale
$1,291,587
Fully leased 2-tenant NNN retail center with T-Mobile and a drive-thru restaurant, totaling 4,772 square feet on 1.21 acres.
Property Size4,772 SF
Lot Size1.21 Acres
Price / SF$270.66
Days on Market112
Property Features for 2039 E Apple Ave
General Information
- Standard status
- Active
- Size
- 4,772 SF
- Lot size
- 1.21 Acres
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 2004
Listing Agency:
Detroit Office
(248) 415-2634
Listed By:
Darin Gross · License #MI: 6501384871
(248) 415-2634
Source:
Marcusmillichap
Added: Apr 3
Changed: Jul 23
Last Checked: Jul 23 at 5:10PM
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 Detroit Office
Investment Insights
Based on property information with market context.
T-Mobile 2 Tenant Center is a fully leased, dual-tenant retail property structured as a triple-net (NNN) investment. The property contains 4,772 square feet across 1.21 acres and is 100% occupied. Tenancy includes T-Mobile, an authorized retail location, and Pita Place, a Mediterranean restaurant that operates with a drive-thru.
T-Mobile occupies 2,472 square feet under an NNN lease through May 2027. Pita Place occupies 2,300 square feet under an NNN lease through April 2029 and includes annual rent increases with two five-year renewal options.
The center is located along E Apple Avenue (M-46) near U.S. Route 31 and I-96, with combined traffic exposure reported at nearly 80,000 vehicles per day. The corridor is supported by nearby major retail including Walmart Supercenter, ALDI, Family Dollar, Dollar Tree, CVS, and Walgreens, and the adjacent Walmart Supercenter serves as a key anchor.
T-Mobile occupies 2,472 square feet under an NNN lease through May 2027. Pita Place occupies 2,300 square feet under an NNN lease through April 2029 and includes annual rent increases with two five-year renewal options.
The center is located along E Apple Avenue (M-46) near U.S. Route 31 and I-96, with combined traffic exposure reported at nearly 80,000 vehicles per day. The corridor is supported by nearby major retail including Walmart Supercenter, ALDI, Family Dollar, Dollar Tree, CVS, and Walgreens, and the adjacent Walmart Supercenter serves as a key anchor.
Key Highlights
- Dual‑tenant retail center built in 2004, totaling 4,772 SF on 1.21 acres at 2039 E Apple Avenue (M‑46) in Muskegon, MI
- 100% occupied under triple‑net (NNN) leases for both tenants, supporting minimal landlord responsibility
- T‑Mobile occupies 2,472 SF (52% of GLA) under an NNN lease through May 2027
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.5k | $18.96 |
| − Vacancy | −$2.4k | −$0.49 |
| EGI | $88.1k | $18.47 |
| − OpEx | −$26.4k | −$5.54 |
| NOI | $61.7k | $12.93 |
4,772 SF · lease $18.96/SF/yr · vacancy 2.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$881.2K
$771.1K – $1.03M
NOI $61,687 @ 7.0% cap · market cap 4.78%
Second Best
Specialty Retail
$758.2K
$663.5K – $884.6K
NOI $53,076 @ 7.0% cap · market cap 4.11%
Theoretical Best
Hotel Hospitality
$44.81M
$39.21M – $52.28M
NOI $3,136,981 @ 7.0% cap · market cap 242.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Strip malls
FAQs
What type of property is this?
NNN property - Fully leased 2-tenant NNN retail center with T-Mobile and a drive-thru restaurant, totaling 4,772 square feet on 1.21 acres.
Where is this nnn property located?
The property is located at 2039 E Apple Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $1,291,587.
What are key features of this property?
This property features: Dual‑tenant retail center built in 2004, totaling 4,772 SF on 1.21 acres at 2039 E Apple Avenue (M‑46) in Muskegon, MI; 100% occupied under triple‑net (NNN) leases for both tenants, supporting minimal landlord responsibility; T‑Mobile occupies 2,472 SF (52% of GLA) under an NNN lease through May 2027
