Main-Floor Office
For Sale
$415,000
380 W Western Avenue, Muskegon, MI 49440
Commercial Sale, Muskegon, MI
Property Size2,335 SF
Lot Size0.08 Acres
Price / SF$177.73
Days on Market1138
Property Features for 380 W Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Cen Bus & PUD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
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
24-432-000-0001-00
Size
2,335 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
CITY OF MUSKEGON HINES BUILDING CONDOMINIUM UNIT 1 SBJT TO ESMNT FOR OVERHEAD/UNDERGROUND ELECTRIC LNS RECOR'D 3724/
Tax Annual Amount
8033
Legal Description
CITY OF MUSKEGON HINES BUILDING CONDOMINIUM UNIT 1 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) 502-1155
Added: Jul 31, 2023
Changed: Sep 7
Last Checked: Sep 10 at 4:06AM
MLS# 23027569
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 main-level office condominium in the Hines Building provides 2,335 square feet of professional workspace. The layout includes five private offices, two centrally positioned workstations, a conference room, reception area, kitchen, and two ADA restrooms. Open areas, high ceilings, and large windows support a bright, adaptable office environment. The building was constructed in 2008 and features brick and stone construction, forced-air heating, and central air conditioning.
Located at 380 W Western Avenue in downtown Muskegon, the property offers access to restaurants, shopping, and waterfront activities within walking distance. Cable is available, and the suite is positioned in the Chamber of Commerce Building for convenient client access.
Located at 380 W Western Avenue in downtown Muskegon, the property offers access to restaurants, shopping, and waterfront activities within walking distance. Cable is available, and the suite is positioned in the Chamber of Commerce Building for convenient client access.
Key Highlights
- 2,335 SF main‑floor office condominium
- Five private offices plus two centrally located workstations
- Conference room, reception area, and kitchen
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
$25,723
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
6.20%
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%
$514,460
$514.5K
Cap Rate 7%
$367,471
$367.5K
Cap Rate 9%
$285,811
$285.8K
Market Conditions
NOI Build-Up for 2,335 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
$39.8K $17.04/SF
− Vacancy
−$5.5K −$2.35/SF
EGI
$34.3K $14.69/SF
− OpEx
−$8.6K −$3.67/SF
NOI
$25.7K $11.02/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$514,460
Cap Rate 7%
$367,471
Cap Rate 9%
$285,811
Alternative Uses
Best Use
Office B
$367.5K
$321.5K – $428.7K
NOI $25,723 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$21.93M
$19.19M – $25.58M
NOI $1,534,964 @ 7.0% cap · market cap 369.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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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 - Professional office condominium with flexible work areas, private offices, a conference room, kitchen, and ADA restrooms.
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 $415,000.
What are key features of this property?
This property features: 2,335 SF main‑floor office condominium; Five private offices plus two centrally located workstations; Conference room, reception area, and kitchen
