Grocery and Convenience
New
For Sale
$249,900
793 W Laketon Avenue, Muskegon, MI 49441
Existing building includes beer-and-wine licensing groundwork and city-repriced plans for a proposed addition.
Property Size1,248 SF
Days on Market2
Property Features for 793 W Laketon Avenue
General Information
Standard status
Active
Size
1,248 SF
Total Parking Spaces
15
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,327
Building Details
Building Size
1,248 SF
Year Built
1995
Buildings
1
Stories
1248
Units
1
Listing Agency:
Greenridge - Nexes
(231) 578-0585
Listed By:
Thomas Blake · License #6501276618
(231) 578-0585
Source:
Irishhillsfivestarhomes
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:42AM
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 Greenridge - Nexes
Investment Insights
Based on property information with market context.
Built in 1995, this existing retail building is positioned along Laketon Avenue in Muskegon and is being prepared for a neighborhood beer-and-wine store concept. The sellers have advanced the licensing process and obtained city repricing of plans for a proposed addition, providing a defined starting point for the next phase of work.
The property still requires completion of the building and finishing work before opening. Its existing configuration, beer-and-wine licensing groundwork, and plans for expansion create a framework for a convenience-oriented retail operation, subject to buyer and buyer’s agent verification of all information.
The property still requires completion of the building and finishing work before opening. Its existing configuration, beer-and-wine licensing groundwork, and plans for expansion create a framework for a convenience-oriented retail operation, subject to buyer and buyer’s agent verification of all information.
Key Highlights
- Beer‑and‑wine licensing process has already been advanced
- City has repriced plans for a proposed addition
- Existing retail building constructed in 1995
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
$16,133
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
6.46%
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%
$322,660
$322.7K
Cap Rate 7%
$230,471
$230.5K
Cap Rate 9%
$179,256
$179.3K
Market Conditions
NOI Build-Up for 1,248 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
$23.7K $18.96/SF
− Vacancy
−$615 −$0.49/SF
EGI
$23.0K $18.47/SF
− OpEx
−$6.9K −$5.54/SF
NOI
$16.1K $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 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%
$322,660
Cap Rate 7%
$230,471
Cap Rate 9%
$179,256
Alternative Uses
Best Use
Retail
$230.5K
$201.7K – $268.9K
NOI $16,133 @ 7.0% cap · market cap 6.46%
Second Best
Specialty Retail
$198.3K
$173.5K – $231.4K
NOI $13,881 @ 7.0% cap · market cap 5.55%
Theoretical Best
Hotel Hospitality
$11.72M
$10.26M – $13.67M
NOI $820,401 @ 7.0% cap · market cap 328.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Existing building includes beer-and-wine licensing groundwork and city-repriced plans for a proposed addition.
Where is this grocery and convenience store located?
The property is located at 793 W Laketon Avenue Muskegon, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Beer‑and‑wine licensing process has already been advanced; City has repriced plans for a proposed addition; Existing retail building constructed in 1995
