Downtown Montague Office Building For
For Sale
$474,000
4534 Dowling St, Montague, MI 49437
3,344 SF office building in downtown Montague.
Property Size3,344 SF
Lot Size0.34 Acres
Price / SF$141.75
Days on Market165
Property Features for 4534 Dowling St
General Information
Standard status
Active
Size
3,344 SF
Lot size
0.34 Acres
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Source:
Elliman
Added: Mar 10
Changed: Jul 6
Last Checked: Aug 20 at 8:52AM
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.
This 3,344 SF office building is located on Business-31 (Dowling Street) in downtown Montague, across the street from White Lake. The building, expanded and renovated in 1978 with an extensive exterior facelift in 2020, is highly visible and easily accessible. It features two separate street-facing entries, multiple private offices, a large open-concept workspace, a conference room, a lounge/kitchenette, and a storage area. There are also two common-area ADA restrooms, plus an additional private restroom. The roof was installed in 2019, and the rooftop HVAC unit was replaced in 2021. The building is presently divided into three separate suites, each with a private access/entry and separately-metered utilities. Manpower currently occupies the northwestern 750 SF of the building. Ample parking is available in both the front and rear of the 0.34 acre parcel.
Key Highlights
- Highly visible location on Business‑31 in downtown Montague, across from White Lake.
- 3,344 SF office building divided into three separate suites, each with private access and separately metered utilities.
- Extensive exterior facelift in 2020, roof installed in 2019, and rooftop HVAC unit replaced in 2021.
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
$36,839
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
7.77%
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%
$736,780
$736.8K
Cap Rate 7%
$526,271
$526.3K
Cap Rate 9%
$409,322
$409.3K
Market Conditions
NOI Build-Up for 3,344 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
$57.0K $17.04/SF
− Vacancy
−$7.9K −$2.35/SF
EGI
$49.1K $14.69/SF
− OpEx
−$12.3K −$3.67/SF
NOI
$36.8K $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%
$736,780
Cap Rate 7%
$526,271
Cap Rate 9%
$409,322
Alternative Uses
Best Use
Office B
$526.3K
$460.5K – $614.0K
NOI $36,839 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$31.40M
$27.48M – $36.64M
NOI $2,198,253 @ 7.0% cap · market cap 463.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 49437, MI
6,928
Population
3,229
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
96%
High-School Grad
65.6 sq mi
ZIP Area
106
Density / Sq Mi
$77,224
Median Household Income
$39,356
Median Earnings
$772
Median Rent
$201,100
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?
Office building - 3,344 SF office building in downtown Montague.
Where is this office building located?
The property is located at 4534 Dowling St Montague, MI.
What is the asking price?
The asking price for this property is $474,000.
What are key features of this property?
This property features: Highly visible location on Business‑31 in downtown Montague, across from White Lake.; 3,344 SF office building divided into three separate suites, each with private access and separately metered utilities.; Extensive exterior facelift in 2020, roof installed in 2019, and rooftop HVAC unit replaced in 2021.
