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 Market125
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:
Remax City Centre
(313) 528-3002
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: May 9
Changed: Sep 9
Last Checked: Sep 9 at 7:29AM
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 Remax City Centre
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 = 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
$28,138
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
8.66%
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%
$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
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
$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 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%
$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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
