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 Market175
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:
Devries Homes
(616) 889-4578
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: May 9
Changed: Oct 28
Last Checked: Oct 28 at 8:00AM
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 Devries Homes
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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.
How Realmo checks its estimates
Property Analytics
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Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,359
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
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
