Historic Mixed-Use Corner
For Sale
$549,000
227 E Michigan Avenue, Marshall, MI 49068
Commercial Sale, Marshall, MI
Property Size3,701 SF
Lot Size0.07 Acres
Price / SF$148.34
Days on Market77
Property Features for 227 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 3, Bathroom 2
Parking
3
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Active
APN
53-001-023-01
Size
3,701 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LL@LO
Tax Annual Amount
4985
Legal Description
LL@LO
Utilities
Utilities
Cable Available
Heating system
Steam, Baseboard
Cooling system
Window Unit(s)
Amenities
lockable walk-in vault
private balcony
rooftop patio/garden
Building Details
Year built
1865
Number of units
3
Building materials
Block, Concrete, Stone
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 789-0140
Listed By:
Carole Shapiro · License #6506033200
(269) 209-4076
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 25 at 6:06AM
MLS# 26028436
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
Built in 1865 as a bank, this 3,701-square-foot mixed-use corner building pairs a restored first-floor showroom with two second-floor residential spaces. The showroom features 15-foot ceilings, period crown molding and woodwork, a marble fireplace, five display windows, and a lockable walk-in vault. A new boiler was installed in 2025, and the first floor has a mini split heat and AC unit.
The second floor includes an active, transferable 5-Star “Superhost” Airbnb with a private balcony and a one-bedroom urban loft apartment. Each accommodation has its own staircase and entry, while a private passageway connects the units and includes a washer, dryer, and housekeeping storage. The property also offers a 500-square-foot rooftop patio and garden, 2+ private parking spaces, and access to street parking and a free city parking garage. The third floor, historically used in the 1800s, could be available for expansion.
The second floor includes an active, transferable 5-Star “Superhost” Airbnb with a private balcony and a one-bedroom urban loft apartment. Each accommodation has its own staircase and entry, while a private passageway connects the units and includes a washer, dryer, and housekeeping storage. The property also offers a 500-square-foot rooftop patio and garden, 2+ private parking spaces, and access to street parking and a free city parking garage. The third floor, historically used in the 1800s, could be available for expansion.
Key Highlights
- 3,701‑square‑foot mixed‑use building constructed in 1865
- Restored showroom with 15‑foot ceilings, period woodwork, marble fireplace, five display windows, and walk‑in vault
- Second floor contains a transferable 5‑Star “Superhost” Airbnb and a one‑bedroom loft apartment
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
$45,966
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
8.37%
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%
$919,320
$919.3K
Cap Rate 7%
$656,657
$656.7K
Cap Rate 9%
$510,733
$510.7K
Market Conditions
NOI Build-Up for 3,701 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
$79.9K $21.60/SF
− Vacancy
−$6.4K −$1.73/SF
EGI
$73.5K $19.87/SF
− OpEx
−$27.6K −$7.45/SF
NOI
$46.0K $12.42/SF
Area
Calhoun County, MI
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$919,320
Cap Rate 7%
$656,657
Cap Rate 9%
$510,733
Alternative Uses
Best Use
Mixed Use
$656.7K
$574.6K – $766.1K
NOI $45,966 @ 7.0% cap · market cap 8.37%
Second Best
Retail
$548.9K
$480.3K – $640.3K
NOI $38,420 @ 7.0% cap · market cap 7.00%
Theoretical Best
Healthcare Medical
$43.90M
$38.41M – $51.22M
NOI $3,073,181 @ 7.0% cap · market cap 559.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored downtown property combines a distinctive showroom with two separately entered second-floor residential accommodations.
Where is this mixed-use property located?
The property is located at 227 E Michigan Avenue Marshall, MI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 3,701‑square‑foot mixed‑use building constructed in 1865; Restored showroom with 15‑foot ceilings, period woodwork, marble fireplace, five display windows, and walk‑in vault; Second floor contains a transferable 5‑Star “Superhost” Airbnb and a one‑bedroom loft apartment
