Downtown Mixed-Use Commercial
New
For Sale
$1,525,000
380 W Western Avenue #Units 1 & 2, Muskegon, MI 49440
The first-floor space is fully leased to professional office users and a national food retailer.
Property Size8,714 SF
Price / SF$175.01
Days on Market3
Property Features for 380 W Western Avenue #Units 1 & 2
General Information
Standard status
Active
Size
8,714 SF
Property subtype
Commercial
Zoning
CBD-PUD
Occupancy
100%
Additional Details
Floor
First Floor
Corner Location
Yes
Office Units
2
Tenant in Place
Yes
Property Use
Office/Commercial/Retail
Taxes and HOA fees
Annual Taxes
$29,750
Building Details
Building Size
8,714 SF
Year Built
2008
Buildings
1
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Capstone Real Estate LLC
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Alleyrealestatesales
Added: Nov 2
Last Checked: Nov 4 at 6:04AM
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
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Investment Insights
Based on property information with market context.
Units 1 and 2 comprise 8,714 square feet of ground-floor office, commercial, and retail space within a multi-tenant building constructed in 2008. The combined condominium offering is fully occupied by two professional office tenants and a national food retailer.
At the corner of W Western Avenue in downtown Muskegon, the property is zoned CBD-PUD. Its location offers walkable access to restaurants, shopping, cultural destinations, and waterfront activities.
At the corner of W Western Avenue in downtown Muskegon, the property is zoned CBD-PUD. Its location offers walkable access to restaurants, shopping, cultural destinations, and waterfront activities.
Key Highlights
- 8,714 SF of first‑floor office, commercial, and retail space
- Fully occupied by two professional office tenants and one national food retailer
- CBD‑PUD zoning
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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - The first-floor space is fully leased to professional office users and a national food retailer.
Where is this mixed-use property located?
The property is located at 380 W Western Avenue #Units 1 & 2 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; Fully occupied by two professional office tenants and one national food retailer; CBD‑PUD zoning
