Versatile Commercial Space on
For Sale
$299,900
3711 E Apple Ave, Muskegon, MI 49442
6,300 sq ft commercial space with open layout.
Property Size6,300 SF
Lot Size0.71 Acres
Price / SF$47.60
Days on Market103
Property Features for 3711 E Apple Ave
General Information
Standard status
Active
Size
6,300 SF
Lot size
0.71 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,058
Building Details
Year Built
1950
Units
1
Listing Agency:
Legacy Real Estate Partners
(231) 327-5332
Listed By:
Jay Kilgo · License #6504431414
(231) 327-5332
Source:
Elliman
Added: May 11
Changed: Aug 14
Last Checked: Aug 14 at 7:26AM
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 Legacy Real Estate Partners
Investment Insights
Based on property information with market context.
This 6,300 sq ft commercial space is located on M-46 and situated on a 0.71-acre lot (111x279). The property features 16-ft ceilings and an open layout suitable for various business ventures, such as storage, a workshop, or a small shop. The front office space provides a professional entrance, while the back area can accommodate refrigeration or expanded operations. The property includes two overhead doors and drive-through capability. It has 3-phase power. The property's location has a bike score of 33, indicating it is somewhat bikeable, and a walk score of 21, indicating it is car-dependent.
Key Highlights
- 6,300 sq ft commercial space on 0.71 acres
- Benefit from 16‑ft ceilings and a wide‑open layout.
- Features two overhead doors and drive‑through capability.
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
$27,198
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
9.07%
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%
$543,960
$544.0K
Cap Rate 7%
$388,543
$388.5K
Cap Rate 9%
$302,200
$302.2K
Market Conditions
NOI Build-Up for 6,300 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
$43.1K $6.84/SF
− Vacancy
−$1.2K −$0.20/SF
EGI
$41.8K $6.64/SF
− OpEx
−$14.6K −$2.32/SF
NOI
$27.2K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
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%
$543,960
Cap Rate 7%
$388,543
Cap Rate 9%
$302,200
Alternative Uses
Best Use
Industrial
$863.3K
$755.4K – $1.01M
NOI $60,430 @ 7.0% cap · market cap 20.15%
Second Best
Flex RnD
$388.5K
$340.0K – $453.3K
NOI $27,198 @ 7.0% cap · market cap 9.07%
Theoretical Best
Hotel Hospitality
$59.16M
$51.77M – $69.02M
NOI $4,141,446 @ 7.0% cap · market cap 1,380.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial 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?
Flex space - 6,300 sq ft commercial space with open layout.
Where is this flex space located?
The property is located at 3711 E Apple Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 6,300 sq ft commercial space on 0.71 acres; Benefit from **16‑ft ceilings and a wide‑open layout.**; Features **two overhead doors and drive‑through capability.**
