Open-Layout Flex
For Sale
$199,900
981 S Getty St, Muskegon, MI 49442
Vacant commercial building with garage access, flexible interior configuration, and B4 & B2 zoning.
Property Size4,200 SF
Price / SF$47.60
Days on Market30
Property Features for 981 S Getty St
General Information
Standard status
Active
Size
4,200 SF
Zoning
B4 & B2
Additional Details
Power
480 amps
Building Details
Year Built
1946
Listing Agency:
Legacy Real Estate Partners
(231) 855-5001
Listed By:
Terry Puffer · License #6501424238
Source:
Katie-k
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 30 at 7:50PM
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 Legacy Real Estate Partners
Investment Insights
Based on property information with market context.
This vacant flex-space property at 981 S Getty Street in Muskegon offers an open interior that can be arranged for different commercial configurations. The exterior has been freshly painted, and multiple garage access points include a large front door for moving equipment or materials. The building also features 480 amp electrical service and carries B4 & B2 zoning. Constructed in 1946, the property combines a flexible layout with practical service access for commercial operations. Its location in a high-traffic, high-visibility area adds exposure for an occupant or user.
Key Highlights
- Vacant flex‑space building with an open interior layout
- Multiple garage access points, including a large front garage door
- 480 amp electrical service
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
$18,132
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
9.07%
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%
$362,640
$362.6K
Cap Rate 7%
$259,029
$259.0K
Cap Rate 9%
$201,467
$201.5K
Market Conditions
NOI Build-Up for 4,200 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
$28.7K $6.84/SF
− Vacancy
−$833 −$0.20/SF
EGI
$27.9K $6.64/SF
− OpEx
−$9.8K −$2.32/SF
NOI
$18.1K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
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%
$362,640
Cap Rate 7%
$259,029
Cap Rate 9%
$201,467
Alternative Uses
Best Use
Industrial
$575.5K
$503.6K – $671.5K
NOI $40,287 @ 7.0% cap · market cap 20.15%
Second Best
Flex RnD
$259.0K
$226.7K – $302.2K
NOI $18,132 @ 7.0% cap · market cap 9.07%
Theoretical Best
Hotel Hospitality
$39.44M
$34.51M – $46.02M
NOI $2,760,964 @ 7.0% cap · market cap 1,381.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Under-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 Industrial 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?
Flex space - Vacant commercial building with garage access, flexible interior configuration, and B4 & B2 zoning.
Where is this flex space located?
The property is located at 981 S Getty St Muskegon, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Vacant flex‑space building with an open interior layout; Multiple garage access points, including a large front garage door; 480 amp electrical service
