Office Building Near
For Sale
$159,000
986 Pine St, Muskegon, MI 49442
Downtown commercial space positioned across from government offices with access to restaurants, shops, and primary traffic corridors.
Property Size1,007 SF
Price / SF$157.89
Days on Market13
Property Features for 986 Pine St
General Information
Standard status
Active
Size
1,007 SF
Additional Details
Road Access
Yes
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Medendorp Real Estate Group
Listed By:
David Medendorp · License #6502399695
(231) 206-3367
Source:
Katie-k
Added: Sep 15
Changed: Sep 26
Last Checked: Sep 26 at 12:48PM
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 Medendorp Real Estate Group
Investment Insights
Based on property information with market context.
This 1,007-square-foot office building was constructed in 1910 and is positioned for professional, legal, medical, nonprofit, or service-oriented business use. The property offers a compact commercial setting within an established downtown environment.
Located at 986 Pine St, the building sits directly across from the Muskegon County building and courthouse. Restaurants, shops, government offices, and main traffic corridors are nearby, placing the property within the central activity of downtown Muskegon.
Located at 986 Pine St, the building sits directly across from the Muskegon County building and courthouse. Restaurants, shops, government offices, and main traffic corridors are nearby, placing the property within the central activity of downtown Muskegon.
Key Highlights
- 1,007‑square‑foot office building
- Constructed in 1910
- Across from the Muskegon County building and courthouse
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
$13,017
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
8.19%
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%
$260,340
$260.3K
Cap Rate 7%
$185,957
$186.0K
Cap Rate 9%
$144,633
$144.6K
Market Conditions
NOI Build-Up for 1,007 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
$19.1K $18.96/SF
− Vacancy
−$496 −$0.49/SF
EGI
$18.6K $18.47/SF
− OpEx
−$5.6K −$5.54/SF
NOI
$13.0K $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%
$260,340
Cap Rate 7%
$185,957
Cap Rate 9%
$144,633
Alternative Uses
Best Use
Retail
$186.0K
$162.7K – $217.0K
NOI $13,017 @ 7.0% cap · market cap 8.19%
Second Best
Office B
$158.5K
$138.7K – $184.9K
NOI $11,093 @ 7.0% cap · market cap 6.98%
Theoretical Best
Hotel Hospitality
$9.46M
$8.27M – $11.03M
NOI $661,974 @ 7.0% cap · market cap 416.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,191
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office space - Downtown commercial space positioned across from government offices with access to restaurants, shops, and primary traffic corridors.
Where is this office space located?
The property is located at 986 Pine St Muskegon, MI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: 1,007‑square‑foot office building; Constructed in 1910; Across from the Muskegon County building and courthouse
