Former Pizza Hut Redevelopment
For Sale
$349,900
4318 GRAND HAVEN RD, Muskegon, MI 49441
Approximately 2,165 SF former Pizza Hut on a highly visible C-2 site with frontage along Grand Haven Road.
Property Size2,165 SF
Lot Size0.54 Acres
Price / SF$161.62
Days on Market24
Property Features for 4318 GRAND HAVEN RD
General Information
Standard status
Active
Size
2,165 SF
Lot size
0.54 Acres
Property subtype
Business Opportunities
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Amenities
3
911841668276
Building Details
Year Built
1972
Listing Agency:
The Shore Real Estate Group
(269) 921-7261
Listed By:
Josh Frazee · License #6506049708
Source:
Xome
Added: Jul 20
Changed: Aug 8
Last Checked: Aug 11 at 4:54AM
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 The Shore Real Estate Group
Investment Insights
Based on property information with market context.
This former Pizza Hut presents a redevelopment opportunity featuring approximately 2,165 square feet of space on a 0.54-acre C-2 commercially zoned site. The property is positioned for storefront visibility and includes existing utilities and ample on-site parking, supporting a range of potential commercial reuses subject to municipal approval.
Located at 4318 Grand Haven Road in Norton Shores, the site is described as highly visible with excellent frontage along Grand Haven Road. The offering also notes strong daily traffic counts and accessibility to major connections, including proximity to the US-31 freeway and the I-96 interchange.
With its established commercial corridor setting, this property may appeal to both investors and owner-users looking to reposition a recognizable location with flexible future use options.
Located at 4318 Grand Haven Road in Norton Shores, the site is described as highly visible with excellent frontage along Grand Haven Road. The offering also notes strong daily traffic counts and accessibility to major connections, including proximity to the US-31 freeway and the I-96 interchange.
With its established commercial corridor setting, this property may appeal to both investors and owner-users looking to reposition a recognizable location with flexible future use options.
Key Highlights
- Approximately 2,165 SF former Pizza Hut building
- 0.54‑acre C‑2 commercially zoned site with frontage along Grand Haven Road
- Highly visible location with strong daily traffic counts (as stated)
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
$27,987
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
8.00%
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%
$559,740
$559.7K
Cap Rate 7%
$399,814
$399.8K
Cap Rate 9%
$310,967
$311.0K
Market Conditions
NOI Build-Up for 2,165 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
$41.0K $18.96/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$40.0K $18.47/SF
− OpEx
−$12.0K −$5.54/SF
NOI
$28.0K $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%
$559,740
Cap Rate 7%
$399,814
Cap Rate 9%
$310,967
Alternative Uses
Best Use
Retail
$399.8K
$349.8K – $466.5K
NOI $27,987 @ 7.0% cap · market cap 8.00%
Second Best
Specialty Retail
$344.0K
$301.0K – $401.3K
NOI $24,080 @ 7.0% cap · market cap 6.88%
Theoretical Best
Hotel Hospitality
$20.33M
$17.79M – $23.72M
NOI $1,423,211 @ 7.0% cap · market cap 406.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
24k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
BP
Shops & Services
7,450 visits/mo
0.1 miles
Family Dollar
Shops & Services
7,100 visits/mo
0.1 miles
Pizza Hut
Dining
4,392 visits/mo
0.2 miles
Shell
Shops & Services
3,738 visits/mo
0.1 miles
SUBWAY
Dining
1,626 visits/mo
0.1 miles
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Approximately 2,165 SF former Pizza Hut on a highly visible C-2 site with frontage along Grand Haven Road.
Where is this conventional restaurant located?
The property is located at 4318 GRAND HAVEN RD Muskegon, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Approximately 2,165 SF former Pizza Hut building; 0.54‑acre C‑2 commercially zoned site with frontage along Grand Haven Road; Highly visible location with strong daily traffic counts (as stated)
