Storefront Property with
For Sale
$284,900
2256 E Apple Avenue, Muskegon, MI 49442
Standalone commercial building with an additional house and on-site parking.
Property Size2,418 SF
Lot Size1.22 Acres
Days on Market17
Property Features for 2256 E Apple Avenue
General Information
Standard status
Active
Size
2,418 SF
Lot size
1.22 Acres
Property subtype
Commercial
Zoning
C1
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,296
Building Details
Building Size
2,418 SF
Year Built
1959
Buildings
2
Stories
4318
Units
1
Construction
cinder block
Listing Agency:
Besteman Properties Group Inc.
(616) 890-0198
Listed By:
Susan Besteman · License #6502417127
Source:
Erareardonrealty
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 25 at 9:15AM
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 Besteman Properties Group Inc.
Investment Insights
Based on property information with market context.
This standalone, one-story commercial storefront is constructed of solid cinder block and includes on-site parking. The offering also includes a house positioned behind the commercial building, creating a mixed improvement profile on the same parcel. The building previously operated as a motorsports dealership with service for personal watercraft, ATVs, and UTVs.
The property sits along Apple Avenue, east of US 31, with neighboring quick oil change and car wash uses to the west and a jewelry store to the east. Baker College and Muskegon Community College are located 3/4 mile away. The 1.22-acre parcel provides 143 feet of road frontage, and the building was constructed in 1959.
The property sits along Apple Avenue, east of US 31, with neighboring quick oil change and car wash uses to the west and a jewelry store to the east. Baker College and Muskegon Community College are located 3/4 mile away. The 1.22-acre parcel provides 143 feet of road frontage, and the building was constructed in 1959.
Key Highlights
- 1.22‑acre parcel with 143 feet of road frontage
- One‑story solid cinder block commercial storefront
- Additional house located behind the commercial building
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
$23,194
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
8.14%
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%
$463,880
$463.9K
Cap Rate 7%
$331,343
$331.3K
Cap Rate 9%
$257,711
$257.7K
Market Conditions
NOI Build-Up for 2,418 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
$33.9K $14.04/SF
− Vacancy
−$815 −$0.34/SF
EGI
$33.1K $13.70/SF
− OpEx
−$9.9K −$4.11/SF
NOI
$23.2K $9.59/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /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%
$463,880
Cap Rate 7%
$331,343
Cap Rate 9%
$257,711
Alternative Uses
Best Use
Retail
$446.5K
$390.7K – $521.0K
NOI $31,257 @ 7.0% cap · market cap 10.97%
Second Best
Industrial
$331.3K
$289.9K – $386.6K
NOI $23,194 @ 7.0% cap · market cap 8.14%
Theoretical Best
Hotel Hospitality
$22.71M
$19.87M – $26.49M
NOI $1,589,526 @ 7.0% cap · market cap 557.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
63k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 67%
Dining 13%
Groceries 12%
Electronics 8%
Corner Store
Shops & Services
11,049 visits/mo
0.2 miles
Dollar General
Shops & Services
8,273 visits/mo
0.4 miles
Save-A-Lot
Groceries
7,628 visits/mo
0.2 miles
Little Caesars Pizza
Dining
6,832 visits/mo
0.1 miles
The UPS Store
Shops & Services
6,136 visits/mo
0.5 miles
Demographics for 49442, MI
45,342
Population
17,759
Households
2.6
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
41.0 sq mi
ZIP Area
1,106
Density / Sq Mi
$50,069
Median Household Income
$33,257
Median Earnings
$889
Median Rent
$116,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Standalone commercial building with an additional house and on-site parking.
Where is this storefront property located?
The property is located at 2256 E Apple Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: 1.22‑acre parcel with 143 feet of road frontage; One‑story solid cinder block commercial storefront; Additional house located behind the commercial building
