Updated Two-Unit
New
For Sale
$274,900
531 W Webster Avenue, Muskegon, MI 49440
Multi Family, Muskegon, MI
Property Size2,100 SF
Lot Size0.10 Acres
Price / SF$130.90
Days on Market5
Property Features for 531 W Webster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Basement, Bathroom 2, Bedroom 3, Bedroom 1
Parking
4
Basement
Partial
Lot features
Sidewalk
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Seaway Dr to 8th St left, to Webster Ave right, parking in rear
Standard status
Active
APN
24-205-338-0005-10
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
CITY OF MUSKEGON REVISED PLAT OF 1903 E 1/2 LOT 5 BLK 338
Tax Annual Amount
1342
Legal Description
CITY OF MUSKEGON REVISED PLAT OF 1903 E 1/2 LOT 5 BLK 338
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1800
Number of units
2
Building materials
Vinyl Siding, Wood Siding
Roof type
Composition
Listing Agency:
Bellabay Realty LLC
(616) 871-9200
Listed By:
Austin M Harris
(616) 319-1040
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 15 at 6:06AM
MLS# 26048319
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 two-unit duplex contains more than 2,100 square feet of living space. The main-level residence provides 3 bedrooms, 1 full bath, and approximately 1,154 square feet, while the upper residence includes 2 bedrooms, 1 full bath, and approximately 972 square feet. Both units have updated kitchens and bathrooms, stainless steel appliances, hard-surface countertops, and dedicated laundry areas. The property is currently vacant, allowing an owner-occupant or investor to determine the occupancy plan.
Located at 531 W Webster Avenue in Muskegon, the property is near downtown Muskegon, Muskegon Lake, shopping, and dining. Building features include vinyl and wood siding, forced-air heating, central air, a composition roof, public sewer, and cable availability. The site encompasses 0.1 acres, and the property was built in 1800.
Located at 531 W Webster Avenue in Muskegon, the property is near downtown Muskegon, Muskegon Lake, shopping, and dining. Building features include vinyl and wood siding, forced-air heating, central air, a composition roof, public sewer, and cable availability. The site encompasses 0.1 acres, and the property was built in 1800.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 2‑bedroom residences
- More than 2,100 sq ft of total living space
- Main‑floor unit: 3 bedrooms, 1 full bath, approximately 1,154 sq ft
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
$20,376
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
7.41%
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%
$407,520
$407.5K
Cap Rate 7%
$291,086
$291.1K
Cap Rate 9%
$226,400
$226.4K
Market Conditions
NOI Build-Up for 2,100 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
$30.7K $14.64/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$29.1K $13.86/SF
− OpEx
−$8.7K −$4.16/SF
NOI
$20.4K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /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%
$407,520
Cap Rate 7%
$291,086
Cap Rate 9%
$226,400
Alternative Uses
Best Use
Multifamily LT 5
$291.1K
$254.7K – $339.6K
NOI $20,376 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,187 @ 7.0% cap · market cap 6.62%
Theoretical Best
Hotel Hospitality
$19.72M
$17.26M – $23.01M
NOI $1,380,482 @ 7.0% cap · market cap 502.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,248
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex with renovated kitchens, private laundry, and a flexible three-bedroom and two-bedroom unit arrangement.
Where is this duplex located?
The property is located at 531 W Webster Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 2‑bedroom residences; More than 2,100 sq ft of total living space; Main‑floor unit: 3 bedrooms, 1 full bath, approximately 1,154 sq ft
