103 N Lakeshore, Marquette, MI 49855

Building Details

Year Built 2008 More

Listing Agency: Keller Williams First Up l***@gmail.com Show Phone

Listed By: Adam Karki · License MI #6501401750 Show Phone

Source: Jabachler

Added: May 6 Changed: Nov 11 Last Checked: Nov 12 at 10:52PM

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Investment Insights

Based on property information with market context.

This 1,707-square-foot commercial condominium, built in 2008, has an open interior with a 27-by-31-foot flex area and two private offices. Large windows bring natural light inside, and both offices have lake views. The property is offered for sale, with the owner willing to complete build-to-suit work based on a buyer’s plans.

Located at 103 N Lakeshore in Marquette’s Waterfront District, the condominium overlooks Lower Harbor, Mattson Park, the Ore Dock, and Lake Superior. A city bike path runs outside the property. Mixed-use zoning supports a range of configurations, including retail, office, food service, or live-work use.

Key Highlights

• 1,707‑square‑foot commercial condominium; built in 2008
• 27‑by‑31‑foot flex area and two private offices
• Both offices have lake views; large windows bring in natural light

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,394

Cap Rate

4.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$527,880 $527.9K

Cap Rate 7%

$377,057 $377.1K

Cap Rate 9%

$293,267 $293.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,707 SF

Gross rent

$41.0K $24.00/SF

− Vacancy

−$5.8K −$3.38/SF

EGI

$35.2K $20.62/SF

− OpEx

−$8.8K −$5.15/SF

NOI

$26.4K $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 Rate 5%

$527,880

Cap Rate 7%

$377,057

Cap Rate 9%

$293,267

Alternative Uses

Best Use

Office B

$377.1K

$329.9K – $439.9K (±1% cap)

NOI $26,394 @ 7.0% cap · market cap 4.22%

Second Best

Retail

$299.3K

$261.9K – $349.2K (±1% cap)

NOI $20,949 @ 7.0% cap · market cap 3.35%

Theoretical Best

Office A

$502.7K

$439.9K – $586.5K (±1% cap)

NOI $35,192 @ 7.0% cap · market cap 5.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Live-work space

Suggested Use

Top Pick Carpet & Flooring Store (Bike/Boat/Book/etc) Store Garden Center Parking Lot & Garage Plumbing Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,006

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use zoning accommodates commercial activity and live-work configurations.

Where is this mixed-use property located?

The property is located at 103 N Lakeshore Marquette, MI.

What is the asking price?

The asking price for this property is $625,000.

What are key features of this property?

This property features: 1,707‑square‑foot commercial condominium; built in 2008; 27‑by‑31‑foot flex area and two private offices; Both offices have lake views; large windows bring in natural light