Duplex with Basement
For Sale
$369,900
756 Washington Ave Unit A & B, Muskegon, MI 49441
Two-unit property with parking, a private backyard, and flexible occupancy history across both residences.
Property Size3,000 SF
Price / SF$123.30
Days on Market12
Property Features for 756 Washington Ave Unit A & B
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
partially finished basement
private backyard
Building Details
Year Built
1900
Listing Agency:
Five Star Real Estate Whitehall
(231) 578-4817
Listed By:
Louise Marie St. Amour · License #6501156637
Source:
Vmrealestatemichigan
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 25 at 8:08AM
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 Five Star Real Estate Whitehall
Investment Insights
Based on property information with market context.
This 3,000-square-foot duplex, built in 1900, includes two separate residences. The front unit has a long-term tenant, while the rear unit has been occupied by the owner and previously operated as a short-term rental. The rear residence also includes a partially finished basement, additional storage, and access to a private backyard.
The property sits on Washington Ave in Muskegon on a quiet residential street with plenty of parking. A pedestrian path provides access toward Western Ave, while beaches, a bike trail, and downtown amenities are identified nearby. The existing unit arrangement offers a combination of tenant occupancy and prior short-term rental use.
The property sits on Washington Ave in Muskegon on a quiet residential street with plenty of parking. A pedestrian path provides access toward Western Ave, while beaches, a bike trail, and downtown amenities are identified nearby. The existing unit arrangement offers a combination of tenant occupancy and prior short-term rental use.
Key Highlights
- 3,000 SF duplex built in 1900
- Front unit occupied by a long‑term tenant
- Rear unit includes a partially finished basement
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
$29,108
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
7.87%
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%
$582,160
$582.2K
Cap Rate 7%
$415,829
$415.8K
Cap Rate 9%
$323,422
$323.4K
Market Conditions
NOI Build-Up for 3,000 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
$43.9K $14.64/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$41.6K $13.86/SF
− OpEx
−$12.5K −$4.16/SF
NOI
$29.1K $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%
$582,160
Cap Rate 7%
$415,829
Cap Rate 9%
$323,422
Alternative Uses
Best Use
Multifamily LT 5
$415.8K
$363.9K – $485.1K
NOI $29,108 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$371.2K
$324.8K – $433.0K
NOI $25,981 @ 7.0% cap · market cap 7.02%
Theoretical Best
Hotel Hospitality
$28.17M
$24.65M – $32.87M
NOI $1,972,117 @ 7.0% cap · market cap 533.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
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 - Two-unit property with parking, a private backyard, and flexible occupancy history across both residences.
Where is this duplex located?
The property is located at 756 Washington Ave Unit A & B Muskegon, MI.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 3,000 SF duplex built in 1900; Front unit occupied by a long‑term tenant; Rear unit includes a partially finished basement
