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 Market1183
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 5, Bathroom 6, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 1
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
Listed By:
David Ten Cate
(616) 847-1031
Added: Jul 31, 2023
Changed: Oct 22
Last Checked: Oct 25 at 6:06AM
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.
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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 / Yr
$112,645
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Office in Midwest region
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
