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    The Largest CRE Database in the US with Over 1 Million Listings

    1104 Washington St Marquette, MI 49855

    Sponsored
    For Sale
    $350,000

    Office - Marquette, MI

    Type:Office
    Property size:
    2,408 SF
    Lot size:
    0.12 Acres
    Days on Market:
    21
    Last Refresh:
    Jan 26 at 4:06 am

    Property Features for 1104 Washington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    Zoning
    Commercial
    APN
    525200270012
    Parking features
    Parking Lot
    Interior features
    Carpet, Internet Available, Electric Available, Gas Available, Meeting Rooms, Occupied, Outbuilding(s), Outside Storage, Restroom(s), Sidewalks, Telephone, Vinyl/Laminate Floors, Wood Floors, Fiber Optic Internet
    Exterior features
    Outside Storage
    Size
    2,408 SF
    Lot size
    0.12 Acres

    Utilities

    Utilities
    Electricity Available, Phone Available
    Heating system
    Baseboard, Hot Water (Heating), Other (Heating)
    Cooling system
    Wall/Window Unit(s)

    Building Details

    Year built
    1950
    Flooring type
    Carpet, Laminate, Vinyl, Wood
    Building materials
    Vinyl Siding
    Roof type
    Flat, Rubber
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    JENNIFER COSCO
    JENNIFER COSCO

    Select Realty (906) 228-2772

    Listing agent JENNIFER COSCO (906) 228-2772

    Listing date Jan 6, 2026

    MLS# 50167920 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Marquette Commercial Investment Opportunity

    Located on the US 41 Business Corridor near the McClellan/Washington traffic stoplight in Marquette, Michigan, this commercial office/retail building offers high visibility and accessibility. The property, zoned for general commercial use, has a size of 2,408 square feet and features two spacious suites, one upstairs and one downstairs, both currently leased and occupied. Ample parking spaces are available across upper and lower lots. A 2023 commercial appraisal report is available for review. The property has a long-standing rental history, with detailed income/expense reports available upon request subject to a signed confidentiality agreement. Improvements to the property include a major remodel in 1996 with most windows replaced, exterior residing in 2003, and further window replacements in 2005. Exterior retaining walls were excavated, sealed, and drainage was enhanced in 2007-2008. In 2010, the upstairs suite was extensively remodeled for a winery, including plumbing, new bathrooms, and flooring. In 2024, the lower level underwent an extensive remodel for the current tenant, and a new water heater was installed. Regular maintenance includes sealing of the roof every two years or less, with the last seal completed in July 2024. Upgrades to windows, HVAC systems, and bathrooms have been consistently made over the years.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.418591
    Latitude
    46.546054

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    FAQs

    What type of property is this?
    Office building - Commercial office/retail building on US 41 Business Corridor.
    Where is this office building located?
    The property is located at 1104 Washington St Marquette, MI.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Listed below assessed value: Property is listed for $350,000, under the city's assessed value of $391,400.; - Prime location: Situated on the US 41 Business Corridor near a major intersection, offering excellent visibility and accessibility.; - Income-generating: Both suites are currently leased and occupied, providing immediate rental income.
    (906) 250-5548
    Request Owner's contact information
    1104 Washington St Marquette, MI 49855
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    Marquette, MI 49855
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1104 Washington St Marquette, MI 49855
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    We can help!
    Listing Contact
    JENNIFER COSCO
    JENNIFER COSCO
    Real Estate License ID: UPAR
    (906) 250-5548
    Learn more
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