Retail and Warehouse Flex
For Sale
$249,900
4319 E Apple Avenue, Muskegon, MI 49442
COMMERCIAL - Muskegon, MI
Property Size4,680 SF
Lot Size1.50 Acres
Price / SF$53.40
Days on Market47
Property Features for 4319 E Apple Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Oakridge
Middle school district
Oakridge
High school district
Oakridge
Directions
US-31 to Apple Ave., E to property.
Standard status
Active
APN
11-030-200-0001-00
Size
4,680 SF
Lot size
1.50 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
E-600-C 10/82 EGELSTON TOWNSHIP SEC 30 T10N R15W N 435.6 FT OF W 3/4 OF W 1/2 OF NE 1/4 EXC E 800 FT THEREOF
Tax Annual Amount
4421
Legal Description
E-600-C 10/82 EGELSTON TOWNSHIP SEC 30 T10N R15W N 435.6 FT OF W 3/4 OF W 1/2 OF NE 1/4 EXC E 800 FT THEREOF
Utilities
Utilities
Natural Gas Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1959
Floors in Building
1
Number of units
1
Building materials
Block, Wood Siding
Roof type
Composition, Rubber
Listing Agency:
Greenridge Realty
(616) 935-3500
Listed By:
Christine Estep
(616) 638-5499
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 10 at 5:06AM
MLS# 26031811
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 for-sale commercial property combines finished retail and office space with an attached warehouse. The 2,880 finished square feet includes two showrooms, three offices, two restrooms, and a kitchen, providing flexible indoor space for a range of commercial needs. An additional 1,800 square feet of warehouse space is attached and includes a garage door, with room for further expansion within the existing footprint.
The property sits on 1.5 acres and includes plenty of parking. Behind the building is additional wooded land that may offer future expansion options. Public remarks note the site is zoned C2 for uses such as retail, professional offices, service shops, vehicle services, and storage.
The building is supported by dedicated showroom and office areas alongside the attached warehouse component, creating a layout suited to businesses that need both customer-facing space and operational/storage space in one location.
The property sits on 1.5 acres and includes plenty of parking. Behind the building is additional wooded land that may offer future expansion options. Public remarks note the site is zoned C2 for uses such as retail, professional offices, service shops, vehicle services, and storage.
The building is supported by dedicated showroom and office areas alongside the attached warehouse component, creating a layout suited to businesses that need both customer-facing space and operational/storage space in one location.
Key Highlights
- Commercial building on 1.5 acres with space to expand and an attached 1,800 SF warehouse with a garage door
- 2,880 SF finished space with 2 showrooms, 3 offices, 2 restrooms, and a kitchen
- Zoned C2 for retail, professional offices, service shops, vehicle services, storage, and similar uses
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
$20,204
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
8.08%
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%
$404,080
$404.1K
Cap Rate 7%
$288,629
$288.6K
Cap Rate 9%
$224,489
$224.5K
Market Conditions
NOI Build-Up for 4,680 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
$32.0K $6.84/SF
− Vacancy
−$928 −$0.20/SF
EGI
$31.1K $6.64/SF
− OpEx
−$10.9K −$2.32/SF
NOI
$20.2K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
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%
$404,080
Cap Rate 7%
$288,629
Cap Rate 9%
$224,489
Alternative Uses
Best Use
Retail
$864.3K
$756.2K – $1.01M
NOI $60,498 @ 7.0% cap · market cap 24.21%
Second Best
Warehouse
$778.7K
$681.4K – $908.5K
NOI $54,511 @ 7.0% cap · market cap 21.81%
Theoretical Best
Hotel Hospitality
$43.95M
$38.46M – $51.28M
NOI $3,076,503 @ 7.0% cap · market cap 1,231.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49442, MI
45,342
Population
17,759
Households
2.6
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
41.0 sq mi
ZIP Area
1,106
Density / Sq Mi
$50,069
Median Household Income
$33,257
Median Earnings
$889
Median Rent
$116,100
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?
Flex space - Flex commercial building offers two showrooms, office space, and an attached warehouse with a garage door on 1.5 acres.
Where is this flex space located?
The property is located at 4319 E Apple Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Commercial building on 1.5 acres with space to expand and an attached 1,800 SF warehouse with a garage door; 2,880 SF finished space with 2 showrooms, 3 offices, 2 restrooms, and a kitchen; Zoned C2 for retail, professional offices, service shops, vehicle services, storage, and similar uses
