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221 W Webster Ave 63,900 SF 100% Leased Office Building Muskegon, MI 49440 $7,250,000 ($113.46/SF) 8.37% Cap Rate

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Investment Highlights

  • REDEVELOPED 2021-2025
  • OFFICE & RETAIL TENANTS
  • 6 STORIES PLUS BASEMENT

Executive Summary

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.

Property Facts

Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
63,900 SF
Building Class
B
Year Built
1962
Price
$7,250,000
Price Per SF
$113.46
Cap Rate
8.37%
NOI
$606,825
Percent Leased
100%
Tenancy
Multiple
Building Height
6 Stories
Typical Floor Size
7,228 SF
Slab To Slab
13’
Building FAR
0.70
Lot Size
2.10 AC
Opportunity Zone
Yes
Zoning
B-3 - Commercial
Parking
30 Spaces (0.69 Spaces per 1,000 SF Leased)

Amenities

  • Banking
  • Bus Line
  • Signage

Major Tenants

  • Tenant
  • Industry
  • SF Occupied
  • Rent/SF
  • Lease Type
  • Lease End
  • Real Estate
  • -
  • -
  • -
  • -

They are a locally-owned and operated real estate brokerage firm based in Muskegon. CORE Realty and CORE Commercial provide optimal real estate services to residential and commercial customers. The commercial team is managed by Bryan Bench and includes commercial team members John Essex, Steve Mastella, Troy Wasserman, and Linda Neiser. Their team has many collective years in the business with backgrounds in environmental consulting, business ownership, and project redevelopment.

  • Health Care and Social Assistance
  • -
  • -
  • Full Service
  • -

Cornerstone Caregiving is a privately held in-home care organization founded in 2020 in Waco, Texas. The company provides non-medical support services designed to help seniors remain in their homes safely and comfortably. Its service model centers on delivering personalized assistance such as daily living support, companionship, transportation, and home-based care coordination. Founded by Michael Hillman and Ryan Gibson, the organization has expanded its presence across multiple states, reflecting continued demand for aging-in-place care solutions. Over time, Cornerstone Caregiving has grown into a wide-reaching operation that supports communities nationwide through individualized service offerings. The company maintains a centralized ownership structure rather than a franchise model, enabling consistent oversight across its offices. Its development has included partnerships and structured care programs that allow seniors to access assistance tailored to their needs while staying in familiar environments. Cornerstone Caregiving’s operations emphasize stability, continuity, and direct caregiver employment, supporting its long-term focus on home-based senior care.

  • H O M E Mortgage
  • Finance and Insurance
  • -
  • -
  • -
  • -
  • Hope on the Lakeshore Therapy
  • -
  • -
  • -
  • Full Service
  • -
  • Liquid Assets Cocktail & Wine Bar
  • Accommodation and Food Services
  • -
  • -
  • -
  • -
  • Only Human Mental Health, Llc
  • Health Care and Social Assistance
  • -
  • -
  • -
  • -
  • Port City Ventures
  • Finance and Insurance
  • -
  • -
  • -
  • -
  • Accommodation and Food Services
  • -
  • -
  • -
  • -

From the highlands of Honduras to the heart of Vietnam, we bring you coffee with purpose. Ethically sourced, our Arabica and Robusta beans come directly from farmers ensuring a true farm to cup experience. Precision-brewed and expertly extracted, this is coffee at its finest - bold, smooth and rich.

Tenant Industry SF Occupied Rent/SF Lease Type Lease End
Real Estate - - - -
Health Care and Social Assistance - - Full Service -
H O M E Mortgage Finance and Insurance - - - -
Hope on the Lakeshore Therapy - - - Full Service -
Liquid Assets Cocktail & Wine Bar Accommodation and Food Services - - - -
Only Human Mental Health, Llc Health Care and Social Assistance - - - -
Port City Ventures Finance and Insurance - - - -
Accommodation and Food Services - - - -
Walk Score®
Very Walkable (86)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Property Taxes

Property Taxes

Parcel Numbers
Multiple
  • 24-205-333-0001-00
  • 61-24-957-021-0040-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,643,800
  • Listing ID: 39646634

  • Date on Market: 3/3/2026

  • Last Updated:

  • Address: 221 W Webster Ave, Muskegon, MI 49440

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