Marquette Commercial Investment
For Sale
Contact for pricing
1021 W Washington St, Marquette, MI 49855
Well-maintained, fully leased commercial property in a desirable location.
Property Size6,000 SF
Price / SF$183.33
Days on Market197
Property Features for 1021 W Washington St
General Information
Standard status
Active
Size
6,000 SF
Class
B
Property subtype
Office, Retail
Zoning
General Commercial
Occupancy
100%
Building Details
Year Built
2002
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX 1st Realty
(906) 225-1136
Listed By:
Fran Sevegney · License #6502420591
Source:
Crexi
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 10 at 1:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX 1st Realty
Investment Insights
Based on property information with market context.
This commercial property, constructed in 2002, offers over 6,000 square feet of space divided into four rental units. All units are currently leased, providing rental income. The property features a strong rental history with stable tenants. There are 32 parking spaces available for customer and tenant convenience. Each unit has independent heating systems. The building has a rubber membrane roof. Security steel doors are installed on most entries. The property is designed for low maintenance. The landlord is responsible for water, except for the laundromat, which is separately metered. The property is located in a commercial area with high visibility and accessibility, making it suitable for investors seeking a turnkey addition to their portfolio.
Key Highlights
- Fully leased commercial building providing immediate and reliable rental income.
- Located in a desirable Marquette location with high visibility and accessibility.
- 32 parking spaces** for customer and tenant convenience.
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
$92,772
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
8.43%
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%
$1,855,440
$1.9M
Cap Rate 7%
$1,325,314
$1.3M
Cap Rate 9%
$1,030,800
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$144.0K $24.00/SF
− Vacancy
−$20.3K −$3.38/SF
EGI
$123.7K $20.62/SF
− OpEx
−$30.9K −$5.15/SF
NOI
$92.8K $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%
$1,855,440
Cap Rate 7%
$1,325,314
Cap Rate 9%
$1,030,800
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,772 @ 7.0% cap · market cap 8.43%
Second Best
Retail
$1.05M
$920.4K – $1.23M
NOI $73,634 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,696 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
761
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained, fully leased commercial property in a desirable location.
Where is this retail space located?
The property is located at 1021 W Washington St Marquette, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully leased commercial building providing immediate and reliable rental income.; Located in a desirable Marquette location with **high visibility and accessibility**.; 32 parking spaces** for customer and tenant convenience.
