Downtown Mixed-Use Commercial
For Sale
$1,525,000
380 W Western Avenue, Muskegon, MI 49440
Commercial Sale, Muskegon, MI
Property Size8,714 SF
Lot Size0.17 Acres
Price / SF$175.01
Days on Market1138
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 3, Bathroom 1, Bathroom 2, Bathroom 4, Bathroom 6, Bathroom 5
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) 502-1155
Added: Jul 31, 2023
Changed: Sep 7
Last Checked: Sep 10 at 4:06AM
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.
This mixed-use commercial condominium offering encompasses the building’s entire first floor, totaling 8,714 square feet across Units 1 and 2. The space supports a combination of professional office and retail occupancy, with three tenants in place: two office users and a national food retailer. The building was constructed in 2008 with brick and stone materials and includes central air, forced-air heating, broadband, and six bathrooms.
The property is positioned at 380 W Western Avenue in downtown Muskegon, at a corner location with access to restaurants, shopping, cultural destinations, and waterfront activities. Its central setting also supports pedestrian access for customers and office visitors.
The property is positioned at 380 W Western Avenue in downtown Muskegon, at a corner location with access to restaurants, shopping, cultural destinations, and waterfront activities. Its central setting also supports pedestrian access for customers and office visitors.
Key Highlights
- 8,714 SF of first‑floor office, commercial, and retail space
- Units 1 and 2 comprise the entire first floor
- 100% occupied by two 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
$112,645
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
7.39%
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%
$2,252,900
$2.3M
Cap Rate 7%
$1,609,214
$1.6M
Cap Rate 9%
$1,251,611
$1.3M
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
$165.2K $18.96/SF
− Vacancy
−$4.3K −$0.49/SF
EGI
$160.9K $18.47/SF
− OpEx
−$48.3K −$5.54/SF
NOI
$112.6K $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%
$2,252,900
Cap Rate 7%
$1,609,214
Cap Rate 9%
$1,251,611
Alternative Uses
Best Use
Retail
$1.61M
$1.41M – $1.88M
NOI $112,645 @ 7.0% cap · market cap 7.39%
Second Best
Office B
$1.37M
$1.20M – $1.60M
NOI $95,997 @ 7.0% cap · market cap 6.29%
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
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Open Analytics
Current Use
Lease Details
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied commercial condominium units combine professional office and retail uses on the building’s first floor.
Where is this mixed-use property 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: 8,714 SF of first‑floor office, commercial, and retail space; Units 1 and 2 comprise the entire first floor; 100% occupied by two office tenants and one national food retailer
