Historic Mixed-Use
For Sale
$645,000
110 N 3rd St, Marquette, MI 49855
Commercial Sale, Marquette, MI
Property Size2,728 SF
Price / SF$236.44
Days on Market102
Property Features for 110 N 3rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Furnished, Laundry, Living Quarters
Directions
Follow US-41 (Front Street/Washington Street) into downtown Marquette. Turn north onto North Third Street. Continue approximately one block. The building is located at 110 N Third Street, on the west side of Third Street, near the intersection of Third Street and West Washington Street in downtown Marquette.
Subdivision
80 - Other Areas
Standard status
Active
APN
52-52-001-506-40
Size
2,728 SF
Utilities
Heating system
Electric (Heating), Forced Air
Water source
Public
Building Details
Building materials
Masonry
Listing Agency:
Five Water Realty
(906) 226-7300
Listed By:
Mackenzie Thomas
(906) 630-1082
Added: Jun 4
Changed: Sep 6
Last Checked: Sep 13 at 6:06AM
MLS# 26-437
Copyright © 2026 Eastern Upper Peninsula Board 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 2,728-square-foot masonry building combines commercial and residential components within a historic brick structure constructed in 1870. Storefront space occupies the main level, while residential units are located above. A basement provides additional storage and utility space, and the property includes laundry, furnishings, and living quarters. Forced-air and electric heating systems are present, with public water service.
The building sits on N Third Street in downtown Marquette, within a setting described as walkable and supported by nearby shops, restaurants, tourism activity, and university activity. Its mixed-use configuration brings together street-level commercial space and upper-floor residential accommodations in one building.
The building sits on N Third Street in downtown Marquette, within a setting described as walkable and supported by nearby shops, restaurants, tourism activity, and university activity. Its mixed-use configuration brings together street-level commercial space and upper-floor residential accommodations in one building.
Key Highlights
- 2,728 SF masonry building constructed in 1870
- Commercial storefronts on the main level with residential units above
- Basement provides storage and utility space
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
$33,479
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
5.19%
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%
$669,580
$669.6K
Cap Rate 7%
$478,271
$478.3K
Cap Rate 9%
$371,989
$372.0K
Market Conditions
NOI Build-Up for 2,728 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
$49.1K $18.00/SF
− Vacancy
−$1.3K −$0.47/SF
EGI
$47.8K $17.53/SF
− OpEx
−$14.3K −$5.26/SF
NOI
$33.5K $12.27/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$669,580
Cap Rate 7%
$478,271
Cap Rate 9%
$371,989
Alternative Uses
Best Use
Retail
$478.3K
$418.5K – $558.0K
NOI $33,479 @ 7.0% cap · market cap 5.19%
Second Best
Mixed Use
$257.2K
$225.1K – $300.1K
NOI $18,005 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$803.4K
$703.0K – $937.3K
NOI $56,240 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
265
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor storefronts are paired with residential living quarters and basement storage.
Where is this mixed-use property located?
The property is located at 110 N 3rd St Marquette, MI.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 2,728 SF masonry building constructed in 1870; Commercial storefronts on the main level with residential units above; Basement provides storage and utility space
