Tenant-Occupied
For Sale
$324,900
2224 Denmark Street, Muskegon, MI 49441
The upper unit has a tenant, while the lower unit is available for occupancy or leasing.
Property Size1,409 SF
Days on Market16
Property Features for 2224 Denmark Street
General Information
Standard status
Active
Size
1,409 SF
Total Parking Spaces
2
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,790
Building Details
Building Size
1,409 SF
Year Built
1930
Units
2
Tenancy
Multi
Listing Agency:
Real5
(231) 740-1274
Listed By:
Kristopher Hoffman
(231) 740-1274
Source:
Insiderealty
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 Real5
Investment Insights
Based on property information with market context.
This duplex at 2224 Denmark St includes two residential units, with the upper unit currently occupied by a tenant and the lower unit vacant. Built in 1930, the property offers an existing occupied component alongside a unit available for the next owner’s use or leasing plans.
The property is positioned near Pere Marquette Beach and Lake Michigan, with nearby coastal development and local destinations noted in the surrounding area. Its two-unit configuration supports flexible ownership, whether maintaining the current tenancy while addressing the lower unit or occupying one unit personally.
The property is positioned near Pere Marquette Beach and Lake Michigan, with nearby coastal development and local destinations noted in the surrounding area. Its two-unit configuration supports flexible ownership, whether maintaining the current tenancy while addressing the lower unit or occupying one unit personally.
Key Highlights
- Two‑unit duplex configuration
- Upper unit is occupied by a tenant
- Lower unit is vacant and available for occupancy or leasing
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
$13,671
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
4.21%
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%
$273,420
$273.4K
Cap Rate 7%
$195,300
$195.3K
Cap Rate 9%
$151,900
$151.9K
Market Conditions
NOI Build-Up for 1,409 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
$20.6K $14.64/SF
− Vacancy
−$1.1K −$0.78/SF
EGI
$19.5K $13.86/SF
− OpEx
−$5.9K −$4.16/SF
NOI
$13.7K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$273,420
Cap Rate 7%
$195,300
Cap Rate 9%
$151,900
Alternative Uses
Best Use
Multifamily LT 5
$195.3K
$170.9K – $227.9K
NOI $13,671 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$174.3K
$152.5K – $203.4K
NOI $12,202 @ 7.0% cap · market cap 3.76%
Theoretical Best
Hotel Hospitality
$13.23M
$11.58M – $15.44M
NOI $926,238 @ 7.0% cap · market cap 285.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The upper unit has a tenant, while the lower unit is available for occupancy or leasing.
Where is this duplex located?
The property is located at 2224 Denmark Street Muskegon, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two‑unit duplex configuration; Upper unit is occupied by a tenant; Lower unit is vacant and available for occupancy or leasing
