Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Muskegon Commercial Condominium Units Title is generated by Realmo AI

    380 W Western Avenue, Muskegon, MI 49440

    View on Map
    Claim this Listing
    For Sale
    $1,525,000

    COMMERCIAL - Muskegon, MI

    Type:Office
    Property size:
    8,714 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $175/SF
    Added:
    Jul 31, 2023
    Days on Market:
    1028
    Last Refresh:
    May 23 at 7:06 am

    Property Features for 380 W Western Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    6
    Rooms
    Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 6
    Interior features
    Broadband
    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

    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

    We can help!

    Listing Contact
    David Ten Cate

    Listing agent David Ten Cate License #6502325769

    Listing office Capstone Real Estate LLC PO Box 261, Grand Haven, MI

    Listing date Jul 31, 2023

    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.

    HighLights

    • Entire first floor commercial condominium units totaling 8,714 SF in Downtown Muskegon.
    • 100% occupied by three tenants: two professional offices and one national food retailer.
    • Prime corner location offering convenient client access and excellent visibility.
    • Desirable walkability to restaurants, shopping, cultural attractions, and waterfront activities.
    • Constructed with durable brick and stone materials.
    • Built in 2008 with modern amenities including central air, broadband, and cable availability.

    Overview

    These commercial condominium units offer the opportunity to own the entire first floor of a landmark multi-tenant building situated in the heart of Downtown Muskegon. Units 1 and 2 combine to provide 8,714 square feet of main level space suitable for office, commercial, or retail use. The property is currently 100% occupied by two professional office tenants and one national food retailer. Its corner location ensures convenient client access and excellent visibility, along with desirable walkability to restaurants, shopping, cultural venues, and waterfront activities. The property is located in Muskegon, Michigan, with a lot size of 0.17 acres.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $1.25M
    NOI $112,645 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.61M
    NOI $112,645 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.25M
    NOI $112,645 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $165.2k $18.96
    − Vacancy −$4.3k −$0.49
    EGI $160.9k $18.47
    − OpEx −$48.3k −$5.54
    NOI $112.6k $12.93
    8,714 SF · lease $18.96/SF/yr · vacancy 2.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $1.61M
    $1.41M – $1.88M (±1% cap)
    NOI $112,645 @ 7.0% cap · market cap 7.39%
    Second Best
    Office B
    $1.37M
    $1.20M – $1.60M (±1% cap)
    NOI $95,997 @ 7.0% cap · market cap 6.29%
    Theoretical Best
    Hotel Hospitality
    $81.83M
    $71.60M – $95.47M (±1% cap)
    NOI $5,728,343 @ 7.0% cap · market cap 375.63%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Muskegon
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.2529819
    Latitude
    43.2358258

    Nearby Similar for Sale

    • $599,900
      5,280 SF

      Move-in Ready Commercial Building

      High-visibility commercial building suitable for medical, retail, or office use.
      3044 Glade Street, Muskegon, MI 49444
      View Details
    • $319,900
      6,300 SF

      Versatile Commercial Space on M-46

      6,300 sq ft commercial space with development potential.
      3711 E Apple Avenue, Muskegon, MI 49442
      View Details
    • $350,000
      8,432 SF

      Turn-Key Church Property Available

      Meticulously maintained former church with renovated space on nearly 3 acres.
      2808 S Mill Iron Road, Muskegon, MI 49444
      View Details
    • $199,900
      2,800 SF

      Muskegon Commercial Property on 1.14 Acres

      1.14 acres in Fruitport Township, ready for your business.
      2115 E Sternberg Road, Muskegon, MI 49444
      View Details
    • $334,900
      4,800 SF

      Craftsman Office Building Near Downtown

      Charming office building with original architectural details and flexible layout.
      1181 Ransom Street, Muskegon, MI 49442
      View Details
    • $174,900
      1,223 SF

      Single-Tenant Office Investment Opportunity

      Well-maintained office property with stable tenant in prime location.
      992 Witham Road, Muskegon, MI 49445
      View Details
    • $165,000
      5,120 SF

      Versatile Commercial Building on Apple Avenue

      Adaptable commercial building suitable for various business uses.
      3639 E Apple Avenue, Muskegon, MI 49442
      View Details
    • $1,200,000
      6,522 SF

      Muskegon Downtown Investment Opportunity

      Prime location near Muskegon Lake, suitable for restaurant/bar.
      1208 8th Street, Muskegon, MI 49440
      View Details
    • $199,900
      1,500 SF

      Versatile Commercial Unit Near Highway 31

      Immaculate 1500 SF commercial unit perfect for business or personal use.
      2695 Hein Road, Muskegon, MI 49445
      View Details
    • $275,000
      4,096 SF

      Muskegon Auto Shop on M-120

      Commercial auto shop with strong visibility and easy access.
      2739 Holton Road, Muskegon, MI 49445
      View Details
    • $199,900
      1,500 SF

      Versatile Commercial Unit Near Highway 31

      Immaculate 1500 SF commercial unit perfect for business or storage.
      2695 Hein Road, Muskegon, MI 49445
      View Details
    • $199,900
      1,500 SF

      Versatile Commercial Unit Near Highway 31

      Immaculate 1500 SF unit suitable for business or personal use.
      2695 Hein Road, Muskegon, MI 49445
      View Details

    FAQs

    What type of property is this?
    Office units - 8,714 SF commercial space in landmark downtown building.
    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: Entire first floor commercial condominium units totaling 8,714 SF in Downtown Muskegon.; 100% occupied by three tenants: two professional offices and one national food retailer.; Prime corner location offering convenient client access and excellent visibility.
    (616) 847-1031
    We can help!
    Listing Contact
    David Ten Cate
    Real Estate License ID: 6502325769
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    380 W Western Avenue, Muskegon, MI 49440
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!