Professional Office Building with Private
For Sale
$658,000
856 W Washington Street, Marquette, MI 49855
COM/IND/BUS OPP, Marquette, MI
Property Size3,563 SF
Lot Size0.24 Acres
Price / SF$184.68
Days on Market64
Property Features for 856 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Off Street
Exterior features
Wheelchair Access
Accessibility
Accessible Approach with Ramp
Subdivision
Nester's Addition Number 1
Lot features
Bus Service Near Site, Main Street, Utilities Above Ground
Standard status
Active
Size
3,563 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14987
Utilities
Heating system
Forced Air, Zoned
Cooling system
Central Air, Zoned, Ceiling Fan(s)
Water source
Public
Amenities
reception areas
private offices
conference and meeting rooms
private restrooms
storage
basement space
central air conditioning
zoned heating
network wiring
natural gas
public utilities
accessibility features
Building Details
Year built
1960
Roof type
Asphalt
Listing Agency:
GREAT LAKES & LAND OF MARQUETTE, INC.
(906) 228-9312
Listed By:
TIM KEOHANE · License #UPAR
(906) 250-2663
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 2 at 5:06PM
MLS# 50213482
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 3,563-square-foot office building, constructed in 1960, provides a practical setting for professional business operations. The interior includes reception areas, private offices, conference and meeting rooms, private restrooms, storage, and basement space. Central air conditioning, zoned heating, network wiring, natural gas, public water, and accessibility improvements support day-to-day occupancy. The property also includes off-street parking and an asphalt roof.
Positioned at 856 W Washington Street in Marquette, the building sits along a principal commercial corridor with visibility for business signage. Downtown Marquette, Northern Michigan University, UP Health System, financial institutions, restaurants, retail shopping, and government and professional offices are identified as nearby destinations. Wheelchair access and an approach ramp add practical accessibility for visitors and occupants.
Positioned at 856 W Washington Street in Marquette, the building sits along a principal commercial corridor with visibility for business signage. Downtown Marquette, Northern Michigan University, UP Health System, financial institutions, restaurants, retail shopping, and government and professional offices are identified as nearby destinations. Wheelchair access and an approach ramp add practical accessibility for visitors and occupants.
Key Highlights
- 3,563+/- square foot professional office building on 0.24 acres
- Reception areas, private offices, conference rooms, restrooms, storage, and basement space
- Central Air and zoned heating with network wiring and natural gas
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
$55,091
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%
$1,101,820
$1.1M
Cap Rate 7%
$787,014
$787.0K
Cap Rate 9%
$612,122
$612.1K
Market Conditions
NOI Build-Up for 3,563 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
$85.5K $24.00/SF
− Vacancy
−$12.1K −$3.38/SF
EGI
$73.5K $20.62/SF
− OpEx
−$18.4K −$5.15/SF
NOI
$55.1K $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%
$1,101,820
Cap Rate 7%
$787,014
Cap Rate 9%
$612,122
Alternative Uses
Best Use
Office B
$787.0K
$688.6K – $918.2K
NOI $55,091 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.2K – $1.22M
NOI $73,455 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Explore this area
Business Placement
Demographics for 49855, MI
32,929
Population
15,779
Households
2.1
Avg Household Size
38
Median Age
45%
College-Educated
96%
High-School Grad
206.9 sq mi
ZIP Area
159
Density / Sq Mi
$62,321
Median Household Income
$27,408
Median Earnings
$992
Median Rent
$245,100
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 building - Functional professional office layout with reception areas, meeting rooms, private restrooms, storage, and basement space.
Where is this office building located?
The property is located at 856 W Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $658,000.
What are key features of this property?
This property features: 3,563+/- square foot professional office building on 0.24 acres; Reception areas, private offices, conference rooms, restrooms, storage, and basement space; Central Air and zoned heating with network wiring and natural gas
