Downtown Office Building with
For Sale
$425,000
4534 Dowling Street, Montague, MI 49437
COMMERCIAL - Montague, MI
Property Size3,344 SF
Lot Size0.34 Acres
Price / SF$127.09
Days on Market287
Property Features for 4534 Dowling Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Gen Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Elementary school district
Montague
Middle school district
Montague
High school district
Montague
Directions
Exit US 31 at either Montague/Whitehall exit (#128) for Northbound US31 or Fruitvale exit for Southbound US31 onto Business 31. Follow Business 31 to campground in downtown Montague next to the Weathervane and the Bicycle Trail.
Subdivision
Muskegon County - M
Standard status
Active
APN
21-021-300-0009-00
Size
3,344 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MONTAGUE CITY COM 46.5 FT SELY OF SE COR LOT 12 BK 8 TH N 28D 14M 06S E 18.7 FT TH S 40D E 37.94 FT ALG NLY LN BRIDG
Tax Annual Amount
9709
Legal Description
MONTAGUE CITY COM 46.5 FT SELY OF SE COR LOT 12 BK 8 TH N 28D 14M 06S E 18.7 FT TH S 40D E 37.94 FT ALG NLY LN BRIDG
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Number of units
2
Building materials
Wood Siding
Roof type
Metal, Rubber
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Added: Nov 7, 2025
Changed: Aug 4
Last Checked: Aug 21 at 5:06AM
MLS# 25057349
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 3,344 SF office building in downtown Montague is currently divided into three separate suites. The layout includes multiple private offices, a large open-concept workspace, a conference room, and a lounge/kitchenette, along with storage and multiple restrooms including two common-area ADA restrooms plus an additional private restroom. The building was expanded and renovated in 1978 and received an extensive exterior facelift in 2020.
The property is located on Business-31 (Dowling Street) and is described as across the street from White Lake. It features two separate street-facing entries, with each suite having its own private access/entry and separately-metered utilities. A rooftop HVAC unit was replaced in 2021, and the roof was installed in 2019.
Ample parking is available in both front and rear areas of the 0.34-acre parcel. Manpower currently occupies the northwestern 750 SF of the building.
The property is located on Business-31 (Dowling Street) and is described as across the street from White Lake. It features two separate street-facing entries, with each suite having its own private access/entry and separately-metered utilities. A rooftop HVAC unit was replaced in 2021, and the roof was installed in 2019.
Ample parking is available in both front and rear areas of the 0.34-acre parcel. Manpower currently occupies the northwestern 750 SF of the building.
Key Highlights
- 3,344 SF downtown Montague office building on Business‑31 (Dowling Street), across from White Lake
- Divided into three separate suites, each with its own private entry and separately metered utilities
- Expansion and renovation in 1978; extensive exterior facelift completed in 2020
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
8.67%
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 8.67%
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 517.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Paved road access
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 - Office building offering three suite layouts with multiple private offices, conference space, and separately metered utilities.
Where is this office building located?
The property is located at 4534 Dowling Street Montague, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,344 SF downtown Montague office building on Business‑31 (Dowling Street), across from White Lake; Divided into three separate suites, each with its own private entry and separately metered utilities; Expansion and renovation in 1978; extensive exterior facelift completed in 2020
