Commercial Land with Paved
For Sale
$249,900
110 N Marshall Drive, Gwinn, MI 49841
COM/IND/BUS OPP, Gwinn, MI
Property Size1,200 SF
Lot Size5.11 Acres
Price / SF$208.25
Days on Market46
Property Features for 110 N Marshall Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot
Lot features
Corner Lot, Main Street, Utilities Above Ground
Subdivision
Forsyth Twp (52009)
Standard status
Active
Size
1,200 SF
Lot size
5.11 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Water source
Private
Building Details
Year built
1979
Roof type
Shingle
Listing Agency:
CENTURY 21 PRIME REALTY · Century 21 Real Estate
(906) 228-5230
Listed By:
AVIS MEYERS-KETOLA
(906) 361-0123
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 21 at 5:06AM
MLS# 50214280
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This C-2 zoned commercial land parcel in Gwinn, Michigan sits on 5.11 acres with prime frontage along State Highway M35 for visibility and access. The property includes a versatile building that can serve as an office space or meeting center, plus an attached two-car garage. A paved parking lot is already in place for customers and clients.
Built in 1979, the structure is served by forced air heating and has a shingle roof. Water service is listed as private, and parking is available on-site via the paved parking lot.
With its highway frontage and existing improvements, the site is positioned for a range of development and business uses within Forsyth Township’s C-2 zoning framework.
Built in 1979, the structure is served by forced air heating and has a shingle roof. Water service is listed as private, and parking is available on-site via the paved parking lot.
With its highway frontage and existing improvements, the site is positioned for a range of development and business uses within Forsyth Township’s C-2 zoning framework.
Key Highlights
- 5.11‑acre commercial land parcel with frontage along State Highway M35
- C‑2 zoning by Forsyth Township
- Versatile building for office space or meeting center
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
$18,554
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
7.42%
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%
$371,080
$371.1K
Cap Rate 7%
$265,057
$265.1K
Cap Rate 9%
$206,156
$206.2K
Market Conditions
NOI Build-Up for 1,200 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
$28.8K $24.00/SF
− Vacancy
−$4.1K −$3.38/SF
EGI
$24.7K $20.62/SF
− OpEx
−$6.2K −$5.15/SF
NOI
$18.6K $15.46/SF
Area
Marquette County, MI
Vacancy
14.10%
Lease Rate
$24.00 /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%
$371,080
Cap Rate 7%
$265,057
Cap Rate 9%
$206,156
Alternative Uses
Best Use
Office B
$265.1K
$231.9K – $309.2K
NOI $18,554 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$353.4K
$309.2K – $412.3K
NOI $24,739 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 49841, MI
7,193
Population
3,847
Households
1.9
Avg Household Size
41
Median Age
24%
College-Educated
96%
High-School Grad
227.6 sq mi
ZIP Area
32
Density / Sq Mi
$61,337
Median Household Income
$34,437
Median Earnings
$731
Median Rent
$150,000
Median Home Value
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?
Commercial land - C-2 zoned commercial land with paved parking, private water, and a versatile building that can function as office or meeting space.
Where is this commercial land located?
The property is located at 110 N Marshall Drive Gwinn, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 5.11‑acre commercial land parcel with frontage along State Highway M35; C‑2 zoning by Forsyth Township; Versatile building for office space or meeting center
