First-Floor Commercial Condominium
380 W Western Avenue Muskegon, MI 49440
For Sale
$1,525,000
COMMERCIAL - Muskegon, MI
Property Size8,714 SF
Lot Size0.17 Acres
Price / SF$175.01
Days on Market1092
Property Features for 380 W Western Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Bathrooms
- 6
- Rooms
- Bathroom 4, Bathroom 5, Bathroom 3, Bathroom 1, Bathroom 6, Bathroom 2
- 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
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Added: Jul 31, 2023
Changed: Jul 25
Last Checked: Jul 26 at 11:06AM
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.
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 For Retail
Simulate Cap Rate and NOI
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.
| 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 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
FAQs
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
