Downtown Muskegon Mixed-Use
For Sale
Contact for pricing
221 webster ave, Muskegon, MI 49440
Six-story mixed-use property with retail and office spaces for sale.
Property Size48,621 SF
Price / SF$136.77
Days on Market197
Property Features for 221 webster ave
General Information
Standard status
Active
Size
48,621 SF
Property subtype
Retail, Office, Mixed Use
Zoning
Form Based Code Neighborhood Core
Occupancy
97%
Net Operating Income
$592,772
Building Details
Year Renovated
2025
Buildings
1
Stories
6
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Michael Visser · License #6501368970
(616) 327-2800
Source:
Crexi
Added: Mar 24
Changed: Aug 22
Last Checked: Aug 26 at 12:18PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
CORE Plaza is a six-story, 48,621 SF mixed-use asset located in downtown Muskegon. The property has undergone a complete redevelopment, establishing itself as a commercial destination. The property features a blend of uses including a food hall and boutique retail suites on the 1st and 2nd floors, along with coworking and professional office suites on the upper floors. Significant capital improvements have been made in the last 4 years. The property qualified for multiple tax incentives that are able to transfer to a buyer upon sale, including an Obsolete Property Rehabilitation Exemption (OPRA) as well as Brownfield Plan, through which the property owner is reimbursed annually for costs incurred during redevelopment.
Key Highlights
- Premier commercial destination in downtown Muskegon after complete redevelopment.
- Diverse income stream from food hall, retail, coworking, and office suites.
- Transferable tax incentives including Obsolete Property Rehabilitation Exemption (OPRA).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$535,626
Cap Rate
8.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,712,520
$10.7M
Cap Rate 7%
$7,651,800
$7.7M
Cap Rate 9%
$5,951,400
$6.0M
Market Conditions
NOI Build-Up for 48,621 SF
Gross rent
$828.5K $17.04/SF
− Vacancy
−$114.3K −$2.35/SF
EGI
$714.2K $14.69/SF
− OpEx
−$178.5K −$3.67/SF
NOI
$535.6K $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 Rate 5%
$10,712,520
Cap Rate 7%
$7,651,800
Cap Rate 9%
$5,951,400
Alternative Uses
Best Use
Office B
$7.65M
$6.70M – $8.93M
NOI $535,626 @ 7.0% cap · market cap 8.05%
Second Best
Mixed Use
$6.00M
$5.25M – $7.00M
NOI $419,969 @ 7.0% cap · market cap 6.32%
Theoretical Best
Hotel Hospitality
$456.60M
$399.53M – $532.70M
NOI $31,962,100 @ 7.0% cap · market cap 480.63%
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
1,387
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Mixed-use property - Six-story mixed-use property with retail and office spaces for sale.
Where is this mixed-use property located?
The property is located at 221 webster ave Muskegon, MI.
What is the asking price?
The asking price for this property is $6,650,000.
What are key features of this property?
This property features: Premier commercial destination in downtown Muskegon after complete redevelopment.; Diverse income stream from food hall, retail, coworking, and office suites.; Transferable tax incentives including Obsolete Property Rehabilitation Exemption (OPRA).
