Restaurant Building with Lake
For Sale
$297,000
557 W Western Avenue, Muskegon, MI 49440
Commercial Sale, Muskegon, MI
Property Size1,131 SF
Lot Size0.02 Acres
Price / SF$262.60
Days on Market148
Property Features for 557 W Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Shoreline Drive to 7th, 7th to Western, left on Western to property.
Standard status
Active
APN
24-205-315-0005-10
Size
1,131 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF MUSKEGON REVISED PLAT OF 1903 PART OF W 47.55 FT LOT 5 BLK 315 COM AT NW COR SD BLK TH N 51 DEG 07 MIN 35 SEC E
Tax Annual Amount
4006
Legal Description
CITY OF MUSKEGON REVISED PLAT OF 1903 PART OF W 47.55 FT LOT 5 BLK 315 COM AT NW COR SD BLK TH N 51 DEG 07 MIN 35 SEC E
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
1
Building materials
Block
Roof type
Rubber
Listing Agency:
Besteman Properties Group Inc.
(616) 724-3000
Listed By:
Mark Besteman
(616) 446-5125
Added: May 12
Changed: Sep 7
Last Checked: Oct 6 at 3:06AM
MLS# 26021559
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 1,131-square-foot restaurant property at 557 W Western Avenue offers a compact commercial layout with a bathroom, broadband availability, central air, and forced-air heating. Built in 1900 with block construction and a rubber roof, the building has previously operated as both a restaurant and an ice cream and sandwich shop.
The property is situated in Muskegon's downtown Historic District between the Muskegon Heritage Museum of Business & Industry and Mike's Tavern. Muskegon Lake and cruise ships are visible from the site, adding a waterfront element to the setting. The parcel measures 0.02 acres and includes cable availability.
The property is situated in Muskegon's downtown Historic District between the Muskegon Heritage Museum of Business & Industry and Mike's Tavern. Muskegon Lake and cruise ships are visible from the site, adding a waterfront element to the setting. The parcel measures 0.02 acres and includes cable availability.
Key Highlights
- 1,131‑square‑foot restaurant property at 557 W Western Avenue
- Prior use as a restaurant and ice cream and sandwich shop
- Located in Muskegon's downtown Historic District
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,620
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$292,400
$292.4K
Cap Rate 7%
$208,857
$208.9K
Cap Rate 9%
$162,444
$162.4K
Market Conditions
NOI Build-Up for 1,131 SF
Gross rent
$21.4K $18.96/SF
− Vacancy
−$558 −$0.49/SF
EGI
$20.9K $18.47/SF
− OpEx
−$6.3K −$5.54/SF
NOI
$14.6K $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 Rate 5%
$292,400
Cap Rate 7%
$208,857
Cap Rate 9%
$162,444
Alternative Uses
Best Use
Retail
$208.9K
$182.8K – $243.7K
NOI $14,620 @ 7.0% cap · market cap 4.92%
Second Best
Specialty Retail
$179.7K
$157.2K – $209.7K
NOI $12,579 @ 7.0% cap · market cap 4.24%
Theoretical Best
Hotel Hospitality
$10.62M
$9.29M – $12.39M
NOI $743,488 @ 7.0% cap · market cap 250.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
3,232 visits/mo
0.3 miles
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 Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Block-built commercial space with central air, forced-air heating, and prior restaurant and ice cream shop use.
Where is this conventional restaurant located?
The property is located at 557 W Western Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $297,000.
What are key features of this property?
This property features: 1,131‑square‑foot restaurant property at 557 W Western Avenue; Prior use as a restaurant and ice cream and sandwich shop; Located in Muskegon's downtown Historic District
