Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Marshall Mixed-Use Building Title is generated by Realmo AI

    103 E Michigan, Marshall, MI 49068

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $450,000

    Mixed-use building with commercial space and residential units.

    Type:Commercial
    Added:
    May 14, 2026
    Days on Market:
    13
    Last Refresh:
    May 14 at 2:51 pm

    Property Features for 103 E Michigan

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    George E Bratcher

    Listing agent George E Bratcher

    Listing office Coldwell Banker Morehart Realty

    Listing date May 14, 2026

    Source Elliman

    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 Coldwell Banker Morehart Realty

    HighLights

    • Prime downtown Marshall location in the Central Business District
    • Mixed‑use building with flexible commercial space and two residential units
    • Main floor commercial space can be used as one large suite or divided into two income‑producing units with separate entrances and HVAC systems
    • One of the two 2‑bedroom apartments is currently leased, providing immediate income
    • The second 2‑bedroom apartment has been updated and is ready for occupancy
    • Tenants pay their own heat/AC

    Overview

    Located in downtown Marshall, this mixed-use building features flexible commercial space and two residential units. The main floor offers a large retail or office area with two storefront entrances and two separate HVAC systems. This allows the space to operate as one large suite or be divided into two income-producing units, suitable for retail, office use, or an owner-occupant. The upper level contains two spacious 2-bedroom apartments, previously configured as three units. One apartment is currently leased, providing immediate income. The second apartment has been updated and is ready for a new tenant or owner-occupant. Tenants are responsible for their own heating and air conditioning, while the owner currently covers water, sewer, and electric. Situated in Marshall's walkable Central Business District, the property provides access to restaurants, shops, coffee houses, festivals, and year-round community events. Downtown Marshall attracts residents and small businesses seeking a vibrant, small-town urban lifestyle with historic character.
    Location Intelligence

    Current Use by Public Records

    360 Dance Company Training Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Marshall
    County
    Calhoun
    State
    Michigan
    Longitude
    -84.958642
    Latitude
    42.272096

    Nearby Similar for Sale

    • $399,900
      3,640 SF

      Marshall Commercial Duplex For Sale

      Commercial duplex with flexible office/warehouse space in excellent condition.
      317 S Grand Street, Marshall, MI 49068
      View Details
    • $300,000
      6,013 SF

      Marshall Commercial Building with Elevator

      6000 SF commercial building with parking and elevator.
      310 E Green Street, Marshall, MI 49068
      View Details
    • $450,000
      4,373 SF

      Mixed-Use Property in Marshall, MI

      Mixed-use property with residential and commercial spaces for sale.
      207 Exchange Street, Marshall, MI 49068
      View Details
    • $450,000
      5,491 SF

      Mixed-Use Building in Downtown Marshall

      Mixed-use property with commercial space and residential units.
      103 E Michigan, Marshall, MI 49068
      View Details
    • $2,000,000
      45,985 SF

      Industrial Facility with Office Space

      45,985 SF industrial/manufacturing facility with leased office space.
      1507 S Kalamazoo Avenue, Marshall, MI 49068
      View Details
    • $140,000
      1,680 SF

      Marshall Restaurant Opportunity For Sale

      Iconic restaurant building and equipment for sale in Marshall, MI.
      113 E Michigan Avenue, Marshall, MI 49068
      View Details
    • $750,000
      3,680 SF

      Commercial Building Near Ford Park

      Commercial building on 1.03 acres, near Ford BlueOval Battery Park.
      13995 W Michigan Avenue, Marshall, MI 49068
      View Details
    • $5,000,000
      103,751 SF

      Marshall Industrial Facility For Sale

      103,000 sq ft industrial facility in Marshall, Michigan.
      205 Oliver Drive, Marshall, MI 49068
      View Details
    • $349,500

      Well-Maintained Marshall Fourplex Investment

      Four-unit property with updated kitchens and renovated baths.
      222 N Eagle Street, Marshall, MI 49068
      View Details
    • $2,000,000
      45,985 SF

      Industrial Facility with Modern Office

      45,985 SF industrial/manufacturing facility with leased office space.
      1507 S Kalamazoo Ave, Marshall, MI 49068
      View Details
    • $5,000,000
      103,000 SF

      Industrial Facility in Marshall, MI

      103,000 sq ft industrial facility near I-94.
      205 Oliver Dr, Marshall, MI 49068
      View Details
    • $349,500

      Well-Maintained Fourplex in Prime Location

      Four-unit property with updated kitchens and renovated baths.
      222 N Eagle St, Marshall, MI 49068
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with commercial space and residential units.
    Where is this mixed-use property located?
    The property is located at 103 E Michigan Marshall, 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: Prime downtown Marshall location in the Central Business District; Mixed‑use building with flexible commercial space and two residential units; Main floor commercial space can be used as one large suite or divided into two income‑producing units with separate entrances and HVAC systems
    (269) 420-5863
    We can help!
    Listing Contact
    George E Bratcher
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    103 E Michigan, Marshall, MI 49068
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!