Downtown Office-Retail
For Sale
$1,115,000
380 W Western Avenue, Muskegon, MI 49440
COMMERCIAL - Muskegon, MI
Property Size6,379 SF
Lot Size0.17 Acres
Price / SF$174.79
Days on Market1121
Property Features for 380 W Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD-PUD
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
US-31/Seaway Drive to 3rd Street; 3td to W Western Avenue; Right on Western to property.
Subdivision
Muskegon County - M
Standard status
Active
APN
24-432-000-0002-00
Size
6,379 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
CITY OF MUSKEGON HINES BUILDING CONDOMINIUM UNIT 2 SBJT TO ESMNT FOR OVERHEAD/UNDERGROUND ELECTRIC LNS RECOR'D 3724/
Tax Annual Amount
21718
Legal Description
CITY OF MUSKEGON HINES BUILDING CONDOMINIUM UNIT 2 SBJT TO ESMNT FOR OVERHEAD/UNDERGROUND ELECTRIC LNS RECOR'D 3724/
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 3:06AM
MLS# 23027583
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.
Main-floor commercial/office condominium located in the Hines Building / Chamber of Commerce Building. The unit is currently separated into one commercial office suite and one retail suite. The retail portion is occupied by Subway and totals approximately 2,480 SF. The remaining 3,900 SF commercial office suite includes eight private windowed offices, a vestibule, a large reception area, an open-concept multi-user bullpen, a large conference room, and a kitchenette. Additional improvements include two ADA restrooms, a janitor’s closet, and a large supply/file room.
Situated in downtown Muskegon as a corner location, the unit offers convenient client access and visibility, with walkability to restaurants, shopping, and waterfront activities.
This offering presents a turnkey, professionally configured space with dedicated areas for both office and retail use within the same condominium unit.
Situated in downtown Muskegon as a corner location, the unit offers convenient client access and visibility, with walkability to restaurants, shopping, and waterfront activities.
This offering presents a turnkey, professionally configured space with dedicated areas for both office and retail use within the same condominium unit.
Key Highlights
- Main‑floor downtown Muskegon commercial/office condo in the Hines Building/Chamber of Commerce Building
- Unit 2 totals 6,379 SF with one commercial office suite plus one retail suite
- Retail suite is occupied by Subway and includes approximately 2,480 SF
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
$82,461
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
7.40%
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%
$1,649,220
$1.6M
Cap Rate 7%
$1,178,014
$1.2M
Cap Rate 9%
$916,233
$916.2K
Market Conditions
NOI Build-Up for 6,379 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
$120.9K $18.96/SF
− Vacancy
−$3.1K −$0.49/SF
EGI
$117.8K $18.47/SF
− OpEx
−$35.3K −$5.54/SF
NOI
$82.5K $12.93/SF
Area
Muskegon County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,649,220
Cap Rate 7%
$1,178,014
Cap Rate 9%
$916,233
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.37M
NOI $82,461 @ 7.0% cap · market cap 7.40%
Second Best
Office B
$1.00M
$878.4K – $1.17M
NOI $70,273 @ 7.0% cap · market cap 6.30%
Theoretical Best
Hotel Hospitality
$59.91M
$52.42M – $69.89M
NOI $4,193,378 @ 7.0% cap · market cap 376.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Office units - Main-floor corner unit in the Hines/Chamber of Commerce building with a split layout for office and retail.
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 $1,115,000.
What are key features of this property?
This property features: Main‑floor downtown Muskegon commercial/office condo in the Hines Building/Chamber of Commerce Building; Unit 2 totals 6,379 SF with one commercial office suite plus one retail suite; Retail suite is occupied by Subway and includes approximately 2,480 SF
