Single-Tenant Office
For Sale
$174,900
992 Witham Road, Muskegon, MI 49445
C-2 office property with private offices, conference space, reception, and a kitchenette.
Property Size1,223 SF
Days on Market11
Property Features for 992 Witham Road
General Information
Standard status
Active
Size
1,223 SF
Property subtype
Commercial
Zoning
C-2
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$2,359
Amenities
private offices
conference room
reception area
kitchenette
Building Details
Building Size
1,223 SF
Year Built
2013
Buildings
1
Stories
1223
Units
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Source:
Buyatthelake
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 21 at 2:35PM
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.
Built in 2013, this single-tenant office building is occupied by a State Farm Insurance Agency, with approximately three years remaining on the initial lease term. The interior provides a practical arrangement of private offices, a conference room, reception space, and a kitchenette.
The property sits at the intersection of Witham Road and Dykstra Road, near the Whitehall Road commercial corridor. Exterior improvements include a newly paved asphalt drive and parking lot. The offering also includes PPN 10-007-0036-10 VL Parcel and carries C-2 zoning.
The property sits at the intersection of Witham Road and Dykstra Road, near the Whitehall Road commercial corridor. Exterior improvements include a newly paved asphalt drive and parking lot. The offering also includes PPN 10-007-0036-10 VL Parcel and carries C-2 zoning.
Key Highlights
- Occupied by a State Farm Insurance Agency
- Approximately three years remain on the initial lease term
- Office layout includes private offices, conference room, reception, and kitchenette
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
$13,473
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
7.70%
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%
$269,460
$269.5K
Cap Rate 7%
$192,471
$192.5K
Cap Rate 9%
$149,700
$149.7K
Market Conditions
NOI Build-Up for 1,223 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
$20.8K $17.04/SF
− Vacancy
−$2.9K −$2.35/SF
EGI
$18.0K $14.69/SF
− OpEx
−$4.5K −$3.67/SF
NOI
$13.5K $11.02/SF
Area
Muskegon County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$269,460
Cap Rate 7%
$192,471
Cap Rate 9%
$149,700
Alternative Uses
Best Use
Office B
$192.5K
$168.4K – $224.6K
NOI $13,473 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$11.49M
$10.05M – $13.40M
NOI $803,966 @ 7.0% cap · market cap 459.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 49445, MI
21,245
Population
9,109
Households
2.3
Avg Household Size
43
Median Age
29%
College-Educated
96%
High-School Grad
61.1 sq mi
ZIP Area
348
Density / Sq Mi
$80,514
Median Household Income
$45,874
Median Earnings
$1,163
Median Rent
$209,800
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?
Office building - C-2 office property with private offices, conference space, reception, and a kitchenette.
Where is this office building located?
The property is located at 992 Witham Road Muskegon, MI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Occupied by a State Farm Insurance Agency; Approximately three years remain on the initial lease term; Office layout includes private offices, conference room, reception, and kitchenette
