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31245281
31245290

2 Locations For Sale

MV
MI 6​5​0​1​3​6​8​9​7​0
Advantage Commercial Real Estate
TS
MI 6501460763
Advantage Commercial Real Estate
Listed by Advantage Commercial Real Estate
$6,650,000
116 days on market
Updated 11 days ago
Opportunity zone

221 W Webster Ave

Details
APN 61-24-957-021-0040-00
Property Type Retail, Office (+1)
Sub Type Traditional Office, Coworking (+1)
Square Footage 48,621
Cap Rate 8.91%
NOI $592,772
Occupancy 97%
Price per SqFt $137
Year Renovated 2025
Buildings 1
Stories 6
Acreage 2.130
Zoning Form Based Code Neighborhood Core

Retail | 8.91% CAP | 48,621 SqFt

Marketing description

CORE Plaza is a six-story, 48,621 SF mixed-use office and retail asset that has undergone a complete redevelopment & re-imagining, establishing itself as a premier commercial destination in the heart of downtown Muskegon. The property features a blend of uses including a food hall & boutique retail suites on the 1st and 2nd floors, along with coworking & professional office suites on the upper floors, creating a diverse and resilient income stream.

The property has had significant capital improvements in the last 4 years. Due to the properties nature as a redevelopment it qualified for multiple tax incentives that upon sale are able to transfer to a buyer, including an Obsolete Property Rehabilitation Exemption (OPRA) as well as Brownfield Plan, through which the property owner is reimbursed annually for costs incurred during redevelopment.

Listing Contacts

MV
MI 6​5​0​1​3​6​8​9​7​0
Advantage Commercial Real Estate
TS
MI 6501460763
Advantage Commercial Real Estate
Listed by Advantage Commercial Real Estate

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$592,772.00
$49,397.67/mo

Valuation Metrics

0
DSCR
8.91%
Cap Rate
8.91%
ROI

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Additional Information

Name
Michael Visser
License
6​5​0​1​3​6​8​9​7​0
Brokerage
Advantage Commercial Real Estate
Brokerage Phone
616-262-7591
Title
Real Estate Salesperson
Brokerage Address
3333 Deposit Drive Northeast
Name
Tyler Schewe
License
6501460763
Brokerage Phone
7345368898
Title
Real Estate Salesperson
Brokerage Address
3333 Deposit Drive Northeast
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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