Corner Executive Office
For Sale
$499,000
1601 Marquette Avenue, Bay City, MI 48706
COMMERCIAL - Bay City, MI
Property Size4,020 SF
Lot Size1.00 Acre
Price / SF$124.13
Days on Market98
Property Features for 1601 Marquette Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking
90
Parking features
Parking Lot
Exterior features
Block
Lot features
Corner Lot
Directions
Property is located on the corner of Marquette St and Harry S. Truman Parkway
Subdivision
Bay
Standard status
Active
Size
4,020 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
UNIT NO 4 INDEPENDENCE PROFESSIONAL OFFICE CENTER CONDOMINIUM, A COMMERCIAL CONDOMINIUM ACCORDINGTO MASTER DEED IN LIBER 1440 PAGES 700-742 & SUBSEQUENT AMENDMENTS THERETO CONDO SUB PLAN NO 25SECOND AMENDMENT TO MASTER DEED DATED AUGUST 10, 1998 LIBER 154
Tax Annual Amount
12272
HOA Fee
$800 Monthly
Legal Description
UNIT NO 4 INDEPENDENCE PROFESSIONAL OFFICE CENTER CONDOMINIUM, A COMMERCIAL CONDOMINIUM ACCORDINGTO MASTER DEED IN LIBER 1440 PAGES 700-742 & SUBSEQUENT AMENDMENTS THERETO CONDO SUB PLAN NO 25SECOND AMENDMENT TO MASTER DEED DATED AUGUST 10, 1998 LIBER 154
Amenities
monument signage
security system
updated LED lighting
Building Details
Building materials
Block
Listing Agency:
Tamarack Realty Services
(989) 259-1279
Listed By:
Robert Lentz · License #6504431786
(810) 417-0190
Added: May 7
Changed: Aug 5
Last Checked: Aug 12 at 10:06AM
MLS# 1944787
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 4,020 SF professional office condominium offers a reception area, waiting room, conference room, two bullpen areas with space for up to 12 workstations, and six private executive offices. The suite also includes a kitchenette/breakroom, file storage/vault, and two ADA-compliant lavatories. Built in 1998 and combined into one expansive executive office suite, it was professionally built out in 2005. Interior features include 16' clerestory ceilings and updated LED lighting, along with a security system.
Located in a highly visible corner position within a professional building occupied primarily by medical office condominiums, the property includes monument signage and shared parking for approximately 90 vehicles plus additional employee parking. The recent capital improvements include a new roof in 2021, a new HVAC unit in 2025, and new ADA-compliant concrete sidewalks and steps in 2025.
Located in a highly visible corner position within a professional building occupied primarily by medical office condominiums, the property includes monument signage and shared parking for approximately 90 vehicles plus additional employee parking. The recent capital improvements include a new roof in 2021, a new HVAC unit in 2025, and new ADA-compliant concrete sidewalks and steps in 2025.
Key Highlights
- 4,020 SF office condominium with reception, waiting room, and conference room
- Two ADA‑compliant lavatories plus kitchenette/breakroom and file storage/vault
- 16' clerestory ceilings, security system, and updated LED lighting
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
$38,206
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
7.66%
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%
$764,120
$764.1K
Cap Rate 7%
$545,800
$545.8K
Cap Rate 9%
$424,511
$424.5K
Market Conditions
NOI Build-Up for 4,020 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
$57.9K $14.40/SF
− Vacancy
−$6.9K −$1.73/SF
EGI
$50.9K $12.67/SF
− OpEx
−$12.7K −$3.17/SF
NOI
$38.2K $9.50/SF
Area
Bay County, MI
Vacancy
12.00%
Lease Rate
$14.40 /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%
$764,120
Cap Rate 7%
$545,800
Cap Rate 9%
$424,511
Alternative Uses
Best Use
Office B
$545.8K
$477.6K – $636.8K
NOI $38,206 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$727.7K
$636.8K – $849.0K
NOI $50,941 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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 units - 4,020 SF executive office condo with reception, conference rooms, and ADA-compliant lavatories in a corner location.
Where is this office units located?
The property is located at 1601 Marquette Avenue Bay City, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 4,020 SF office condominium with reception, waiting room, and conference room; Two ADA‑compliant lavatories plus kitchenette/breakroom and file storage/vault; 16' clerestory ceilings, security system, and updated LED lighting
