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    The Largest CRE Database in the US with Over 1 Million Listings

    2921 Baker St Muskegon Heights, MI 49444

    Sponsored
    For Sale
    $80,000

    Prime Retail Opportunity, High-Growth Area

    Property size:
    1,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    423
    This exceptional commercial property, located at 2921 Leahy St & 2920 Baker St in Muskegon Heights, Michigan, presents a unique investment opportunity. The offering encompasses two parcels totaling 0.41 acres, zoned R1. The main feature is a single-story, 1,800 square foot building, previously used for bus and maintenance equipment storage. This building sits on Leahy Street and is enclosed by a fence on three sides. Access to the building is facilitated by an adjacent vacant lot on Baker Street. The property's strategic location is directly across the street from the former Sacred Heart Catholic Church and school, offering high visibility and potential for significant foot traffic. The asking price is $80,000, translating to $4.48 per square foot and $195,122 per acre for the land. The property's versatile zoning and prime location make it ideal for a variety of commercial uses, presenting a compelling opportunity for investors seeking a strong return on investment in a developing area. The property's APN is 61-26-185-230-0006-00 and the zip code is 49444. This is a single-tenancy property.

    Property Features for 2921 Baker St

    General Information

    Property type
    Land
    Square Feet
    1,800 SF
    Lot Size
    17,860 SF

    Building Details

    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Mary Anne Wisinski-Rosely, Sior, Ccim
    Mary Anne Wisinski-Rosely, Sior, Ccim

    Learn more

    HighLights

    • Exceptional investment opportunity in Muskegon Heights, MI.
    • Two parcels totaling 0.41 acres, zoned R1.
    • 1,800 sq ft single‑story building, previously used for storage.
    • High visibility location across from former church and school.
    • Asking price: $80,000 ($4.48/sq ft, $195,122/acre).
    • APN: 61‑26‑185‑230‑0006‑00, Zip: 49444.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Building Supply Gym & Fitness Center Daycare Center Skin Care Clinic Auto Repair Shop Kitchen & Bath Showroom Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Muskegon Heights
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.2415335
    Latitude
    43.1986598

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    FAQs

    What type of property is this?
    Land - Prime Retail Opportunity, High-Growth Area
    Where is this land located?
    The property is located at 2921 Baker St Muskegon Heights, MI.
    What is the asking price?
    The asking price for this property is $80,000.
    What are key features of this property?
    This property features: Exceptional investment opportunity in Muskegon Heights, MI.; Two parcels totaling 0.41 acres, zoned R1.; 1,800 sq ft single-story building, previously used for storage.
    Request Owner's contact information
    2921 Baker St Muskegon Heights, MI 49444
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2921 Baker St Muskegon Heights, MI 49444
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    We can help!
    Listing Contact
    Mary Anne Wisinski-Rosely, Sior, Ccim
    Mary Anne Wisinski-Rosely, Sior, Ccim
    Real Estate License ID: 6501268486
    Learn more
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