First-Floor Commercial Condominium
For Sale
$1,525,000
380 W Western Avenue, Muskegon, MI 49440
COMMERCIAL - Muskegon, MI
Property Size8,714 SF
Lot Size0.17 Acres
Price / SF$175.01
Days on Market1121
Property Features for 380 W Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD-PUD
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 5, Bathroom 4, Bathroom 3
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
US-31/Seaway Drive to 3rd Street; 3rd to W Western Avenue; Right on Western to property.
Subdivision
Muskegon County - M
Standard status
Active
APN
24432000000100
Size
8,714 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 1 CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 2 SUBJ TO E
Tax Annual Amount
29750
Legal Description
CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 1 CITY OF MUSKEGON, HINES BUILDING CONDOMINIUM, UNIT 2 SUBJ TO E
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2008
Floors in Building
1
Number of units
1
Building materials
Brick, Stone
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Added: Jul 31, 2023
Changed: Aug 4
Last Checked: Aug 24 at 2:06PM
MLS# 23027670
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 380 W Western Avenue in Muskegon, this offering provides the opportunity to own the entire first floor of a landmark multi-tenant building through combined condominium units 1 and 2. Together, the units include 8,714 SF of main-level office and commercial/retail space. The space is 100% occupied by two professional office tenants and one national food retailer.
The property is situated as a corner location, designed for convenient client access and strong street-level visibility. The first-floor layout and walkable setting support everyday access to surrounding dining, shopping, and local cultural and waterfront activities.
This is a single-ownership structure at the first-floor level, positioned for buyers seeking an immediately occupied office and commercial/retail condominium configuration.
The property is situated as a corner location, designed for convenient client access and strong street-level visibility. The first-floor layout and walkable setting support everyday access to surrounding dining, shopping, and local cultural and waterfront activities.
This is a single-ownership structure at the first-floor level, positioned for buyers seeking an immediately occupied office and commercial/retail condominium configuration.
Key Highlights
- Commercial condominium units offered as the entire first floor of a multi‑tenant building
- Units 1 and 2 combine for 8,714 SF of main‑level office/commercial/retail space
- Currently 100% occupied by two professional office tenants and one national food retailer
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
$95,997
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
6.29%
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%
$1,919,940
$1.9M
Cap Rate 7%
$1,371,386
$1.4M
Cap Rate 9%
$1,066,633
$1.1M
Market Conditions
NOI Build-Up for 8,714 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
$148.5K $17.04/SF
− Vacancy
−$20.5K −$2.35/SF
EGI
$128.0K $14.69/SF
− OpEx
−$32.0K −$3.67/SF
NOI
$96.0K $11.02/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,919,940
Cap Rate 7%
$1,371,386
Cap Rate 9%
$1,066,633
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,997 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$81.83M
$71.60M – $95.47M
NOI $5,728,343 @ 7.0% cap · market cap 375.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,329
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
Market
Vacancy Rate% for Office 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?
Office units - Own two combined first-floor units totaling 8,714 SF in a landmark multi-tenant building, 100% occupied.
Where is this office units located?
The property is located at 380 W Western Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Commercial condominium units offered as the entire first floor of a multi‑tenant building; Units 1 and 2 combine for 8,714 SF of main‑level office/commercial/retail space; Currently 100% occupied by two professional office tenants and one national food retailer
