Mixed-Use Commercial
New
For Sale
$1,115,000
380 W Western Avenue Unit #2, Muskegon, MI 49440
Main-floor condominium combines a retail suite with a configured professional office suite.
Property Size6,379 SF
Price / SF$174.79
Days on Market2
Property Features for 380 W Western Avenue Unit #2
General Information
Standard status
Active
Size
6,379 SF
Occupancy
100%
Additional Details
Floor
Main Floor
Corner Location
Yes
Office Units
1
Building Details
Tenancy
Multi
Listing Agency:
Capstone Real Estate LLC
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Corneliusteam
Added: Sep 6
Last Checked: Sep 6 at 2:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Capstone Real Estate LLC
Investment Insights
Based on property information with market context.
Unit 2 is a 6,379-square-foot, main-floor commercial condominium within the Hines Building, also identified as the Chamber of Commerce Building. The space is divided into a retail component of approximately 2,480 square feet and a professional office suite of approximately 3,900 square feet. Subway occupies the retail portion, while the office suite is leased to a law firm.
The office layout includes eight private windowed offices, a reception area, vestibule, open bullpen, conference room, kitchenette, two ADA restrooms, janitor’s closet, and a supply and file room. The corner position provides client access and visibility within downtown Muskegon, with walkable access to restaurants, shopping, and waterfront activities. The property is located at 380 W Western Avenue, Unit #2.
The office layout includes eight private windowed offices, a reception area, vestibule, open bullpen, conference room, kitchenette, two ADA restrooms, janitor’s closet, and a supply and file room. The corner position provides client access and visibility within downtown Muskegon, with walkable access to restaurants, shopping, and waterfront activities. The property is located at 380 W Western Avenue, Unit #2.
Key Highlights
- 6,379 SF main‑floor commercial condominium at 380 W Western Avenue, Unit #2
- Two‑suite layout with approximately 2,480 SF of retail space and approximately 3,900 SF of office space
- Retail component occupied by Subway; office suite leased to a law firm
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?
Mixed-use property - Main-floor condominium combines a retail suite with a configured professional office suite.
Where is this mixed-use property located?
The property is located at 380 W Western Avenue Unit #2 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: 6,379 SF main‑floor commercial condominium at 380 W Western Avenue, Unit #2; Two‑suite layout with approximately 2,480 SF of retail space and approximately 3,900 SF of office space; Retail component occupied by Subway; office suite leased to a law firm
