Flex Space with Pole
For Sale
Contact for pricing
7601 E Apple Ave, Muskegon, MI 49442
Commercial property combines office, garage, storage, and workshop improvements across a spacious, multi-parcel site.
Property Size2,065 SF
Lot Size10.00 Acres
Price / SF$290.51
Days on Market9
Property Features for 7601 E Apple Ave
General Information
Standard status
Active
Size
2,065 SF
Lot size
10.00 Acres
Property subtype
Land
Zoning
C2/R5
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
2,400 SF
Power
100 amps
Additional Details
Office Units
1
Building Details
Buildings
1
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan Bench · License #6505385692
Source:
Crexi
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 19 at 10:01PM
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 Core Realty Partners LLC
Investment Insights
Based on property information with market context.
Located at 7601 E Apple Ave in Muskegon, this C2/R5-zoned flex property spans 10 acres across two parcels. Improvements include a heated three-stall attached garage, with one bay converted to an office featuring a bathroom and private entrance. A full basement with separate exterior access adds enclosed storage or workspace.
The site also includes a paved asphalt driveway, maneuvering area, and a 20' x 30' covered RV/equipment storage area. A 40' x 60' metal pole barn provides electricity, 100-amp service, a concrete floor, a 12-foot overhead door, an additional 8-foot overhead door, and a service entrance. Geothermal heating and cooling serve the property, while the roof was installed in 2019. An existing billboard lease provides supplemental income, and the second parcel contains mature timber.
The site also includes a paved asphalt driveway, maneuvering area, and a 20' x 30' covered RV/equipment storage area. A 40' x 60' metal pole barn provides electricity, 100-amp service, a concrete floor, a 12-foot overhead door, an additional 8-foot overhead door, and a service entrance. Geothermal heating and cooling serve the property, while the roof was installed in 2019. An existing billboard lease provides supplemental income, and the second parcel contains mature timber.
Key Highlights
- 10‑acre commercial property across two parcels
- 40' x 60' metal pole barn with electricity, 100‑amp service, and concrete floor
- Pole barn includes a 12‑foot overhead door, additional 8‑foot overhead door, and service entrance
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
$24,052
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
4.01%
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%
$481,040
$481.0K
Cap Rate 7%
$343,600
$343.6K
Cap Rate 9%
$267,244
$267.2K
Market Conditions
NOI Build-Up for 2,065 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
$29.0K $14.04/SF
− Vacancy
−$696 −$0.34/SF
EGI
$28.3K $13.70/SF
− OpEx
−$4.2K −$2.06/SF
NOI
$24.1K $11.65/SF
Area
Muskegon County, MI
Vacancy
2.40%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$481,040
Cap Rate 7%
$343,600
Cap Rate 9%
$267,244
Alternative Uses
Best Use
Warehouse
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 4.01%
Second Best
Office B
$325.0K
$284.4K – $379.2K
NOI $22,749 @ 7.0% cap · market cap 3.79%
Theoretical Best
Hotel Hospitality
$19.39M
$16.97M – $22.62M
NOI $1,357,474 @ 7.0% cap · market cap 226.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combines office, garage, storage, and workshop improvements across a spacious, multi-parcel site.
Where is this flex space located?
The property is located at 7601 E Apple Ave Muskegon, MI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 10‑acre commercial property across two parcels; 40' x 60' metal pole barn with electricity, 100‑amp service, and concrete floor; Pole barn includes a 12‑foot overhead door, additional 8‑foot overhead door, and service entrance
