Turnkey Triplex Income
For Sale
$325,000
263 W Muskegon Ave, Muskegon, MI 49440
Triplex with completed major capital improvements, including fully renovated Unit 1 and rebuilt Unit 3.
Property Size2,900 SF
Price / SF$112.07
Days on Market151
Property Features for 263 W Muskegon Ave
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Building Details
Year Built
1937
Listing Agency:
Nexgen Realty
(810) 987-1100
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: May 9
Changed: Oct 6
Last Checked: Oct 5 at 6:07PM
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 Nexgen Realty
Investment Insights
Based on property information with market context.
This triplex has had major capital improvements completed, with new water heaters and new furnaces. Unit 1 has been fully renovated, and Unit 3 was rebuilt from the studs up. The property is currently stabilized with long-term tenants plus one booked midterm rental, creating an income stream designed for immediate occupancy.
Located at 263 W Muskegon Ave in Muskegon, it scores 64 for bikeability and 50 for walkability, indicating a car-dependent location.
With the work already done, the building is positioned for an owner to step in and begin collecting rent immediately.
Located at 263 W Muskegon Ave in Muskegon, it scores 64 for bikeability and 50 for walkability, indicating a car-dependent location.
With the work already done, the building is positioned for an owner to step in and begin collecting rent immediately.
Key Highlights
- Triplex built in 1937 with major capital improvements already completed
- Unit 1 fully renovated
- Unit 3 rebuilt from the studs up
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,138
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$562,760
$562.8K
Cap Rate 7%
$401,971
$402.0K
Cap Rate 9%
$312,644
$312.6K
Market Conditions
NOI Build-Up for 2,900 SF
Gross rent
$42.5K $14.64/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$40.2K $13.86/SF
− OpEx
−$12.1K −$4.16/SF
NOI
$28.1K $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 Rate 5%
$562,760
Cap Rate 7%
$401,971
Cap Rate 9%
$312,644
Alternative Uses
Best Use
Multifamily LT 5
$402.0K
$351.7K – $469.0K
NOI $28,138 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$358.8K
$313.9K – $418.6K
NOI $25,115 @ 7.0% cap · market cap 7.73%
Theoretical Best
Hotel Hospitality
$27.23M
$23.83M – $31.77M
NOI $1,906,380 @ 7.0% cap · market cap 586.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,359
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with completed major capital improvements, including fully renovated Unit 1 and rebuilt Unit 3.
Where is this triplex located?
The property is located at 263 W Muskegon Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Triplex built in 1937 with major capital improvements already completed; Unit 1 fully renovated; Unit 3 rebuilt from the studs up
