Multi-Unit Multifamily
New
For Sale
$164,999
676 Catherine Ave, Muskegon, MI 49442
Updated electrical systems and an enclosed side patio provide additional functional flexibility.
Property Size1,388 SF
Lot Size0.11 Acres
Price / SF$118.88
Days on Market2
Property Features for 676 Catherine Ave
General Information
Standard status
Active
Size
1,388 SF
Lot size
0.11 Acres
Property subtype
Multi-Family
Amenities
enclosed patio
Building Details
Year Built
1800
Listing Agency:
Keller Williams Realty-Great Lakes
(586) 541-4000
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Sep 14
Last Checked: Sep 14 at 7:56AM
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 Keller Williams Realty-Great Lakes
Investment Insights
Based on property information with market context.
This multifamily property in Muskegon is arranged in a 2 to 4 unit configuration, offering a flexible structure for residential use. The property sits on a 4,879-square-foot lot and was built in 1800.
Recent improvements include updated electrical systems and an enclosed side patio that may serve as a dining area. The property is located at 676 Catherine Ave in Muskegon, Michigan, providing an established residential setting for a multi-unit asset.
Recent improvements include updated electrical systems and an enclosed side patio that may serve as a dining area. The property is located at 676 Catherine Ave in Muskegon, Michigan, providing an established residential setting for a multi-unit asset.
Key Highlights
- 2 to 4 unit configuration
- 4,879‑square‑foot lot
- Updated electrical systems
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
$12,020
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
7.28%
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%
$240,400
$240.4K
Cap Rate 7%
$171,714
$171.7K
Cap Rate 9%
$133,556
$133.6K
Market Conditions
NOI Build-Up for 1,388 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
$23.2K $16.68/SF
− Vacancy
−$1.3K −$0.93/SF
EGI
$21.9K $15.75/SF
− OpEx
−$9.8K −$7.09/SF
NOI
$12.0K $8.66/SF
Area
Muskegon County, MI
Vacancy
5.60%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
45.00%
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%
$240,400
Cap Rate 7%
$171,714
Cap Rate 9%
$133,556
Alternative Uses
Best Use
Apartment 5plus
$171.7K
$150.3K – $200.3K
NOI $12,020 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$13.03M
$11.41M – $15.21M
NOI $912,433 @ 7.0% cap · market cap 552.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Updated electrical systems and an enclosed side patio provide additional functional flexibility.
Where is this multifamily property located?
The property is located at 676 Catherine Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $164,999.
What are key features of this property?
This property features: 2 to 4 unit configuration; 4,879‑square‑foot lot; Updated electrical systems
