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    325 Erickson St Marquette, MI 49855

    View on Map
    Sponsored
    For Sale
    Under Contract
    $450,000

    1 to 4 Units,Investment,Office - Marquette, MI

    Property size:
    2,512 SF
    Lot size:
    0.21 Acres
    Days on Market:
    48
    Last Refresh:
    Mar 9 at 6:06 pm

    Property Features for 325 Erickson St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    Commercial
    APN
    52-08-360-166-10
    Parking features
    Off Street, Parking Lot
    Interior features
    ADA Accessible, Bath, Cable Internet Installed, Living Quarters, Occupied, Outbuilding(s), Reception Area, Restroom(s), Telephone, Trash Removal, Vinyl/Laminate Floors, Wood Floors
    Exterior features
    Ada Accessible
    Accessibility
    Accessible Approach with Ramp
    Size
    2,512 SF
    Lot size
    0.21 Acres

    Utilities

    Utilities
    Phone Available
    Heating system
    Hot Water (Heating), Zoned (Heating)
    Cooling system
    Wall/Window Unit(s)
    Water front features
    Great Lake, Waterfront
    Water front
    1

    Building Details

    Year built
    1946
    Flooring type
    Laminate, Vinyl, Wood
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    JENNIFER COSCO
    JENNIFER COSCO

    Select Realty (906) 228-2772

    Listing agent JENNIFER COSCO (906) 228-2772

    Listing date Jan 20, 2026

    MLS# 50197064 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 Property with Apartment

    Located in Marquette Township, this versatile commercial property at 325 Erickson St offers opportunities for business and residential use. The property is zoned general business, allowing up to 50% residential use. It features convenient access to US 41, good visibility, steady traffic flow, a handicap entrance ramp, and off-street parking. Since 2004, numerous updates and improvements have been completed. The main floor includes a remodeled bath with a stackable washer and dryer, a kitchenette, two private offices or treatment rooms, and a waiting or reception area. The second floor offers a full bath and three rooms suitable for offices or treatment rooms, along with large closets for storage. Hardwood floors are present throughout the main and second floors, and most interior doors have been updated to solid oak six-panel doors. Newer windows have been installed in nearly all rooms. The updated lower-level apartment, with a separate back entrance, provides over 770 square feet of living space, including a fully equipped kitchen with a dishwasher, an open living and dining area, two conforming bedrooms with legal egress and ingress, a full bath, and a utility area. The roof was updated in 2007, and other improvements include an updated chimney, entrance ramp and steps, exterior painting, a replaced water heater and boiler (with separate zone heating for the lower level and main floor), a new stove, new exterior ground-level doors in the front and back, and a new sauna. Heat trays have been added to the roof for winter ease. The brick exterior offers low maintenance. The 154x60 lot includes a large side yard with a lawn, an ample parking lot with 8 to 10 parking spots, and a shed for outdoor storage. The building offers over 2500 finished square feet. The property allows for up to seven treatment rooms if used entirely as a commercial space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.440382
    Latitude
    46.55041

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile commercial property with residential opportunities and income potential.
    Where is this mixed-use property located?
    The property is located at 325 Erickson St Marquette, MI.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Versatile commercial property suitable for both business and residential use.; - Includes a separate, updated 770 sq ft lower-level apartment for rental income or owner occupancy.; - Extensively updated since 2004, including remodeled bath, newer windows, solid oak doors, updated chimney, and more.
    (906) 250-5548
    Request Owner's contact information
    325 Erickson 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
    325 Erickson 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 (906) 228-2772
    Learn more
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