Two-Suite Office
For Sale
$350,000
1104 Washington Street, Marquette, MI 49855
General Commercial-zoned office property with two occupied suites and parking serving tenants and customers.
Property Size2,408 SF
Price / SF$145.35
Days on Market544
Property Features for 1104 Washington Street
General Information
Standard status
Active
Size
2,408 SF
Taxes and HOA fees
Annual Taxes
$5,964
Listing Agency:
SELECT REALTY
(906) 250-5548
Listed By:
JENNIFER COSCO · License #UPAR
(906) 250-5548
Source:
Exprealty
Added: Mar 5, 2025
Changed: Aug 29
Last Checked: Aug 30 at 9:13PM
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 SELECT REALTY
Investment Insights
Based on property information with market context.
Located at 1104 Washington Street in Marquette, Michigan, this 2,408-square-foot office property contains two suites arranged across the upper and lower levels. Both suites are leased and occupied. The building has received ongoing maintenance and capital work, including a 1996 remodel, window replacements, exterior residing in 2003, retaining-wall and drainage work in 2007–2008, an upstairs suite renovation in 2010, and a lower-level remodel completed in 2024. A new water heater was also installed in 2024, while roof sealing was last completed in July 2024.
The property is positioned along the US 41 Business Corridor near the McClellan/Washington intersection and its four-way traffic signal. Upper and lower parking areas provide spaces for occupants and visitors. General Commercial zoning, an established rental history, and a 2023 commercial appraisal report add useful context for evaluating the asset.
The property is positioned along the US 41 Business Corridor near the McClellan/Washington intersection and its four-way traffic signal. Upper and lower parking areas provide spaces for occupants and visitors. General Commercial zoning, an established rental history, and a 2023 commercial appraisal report add useful context for evaluating the asset.
Key Highlights
- 2,408‑square‑foot office property at 1104 Washington Street, Marquette, MI 49855
- Two leased and occupied suites, with one upstairs and one downstairs
- General Commercial zoning along the US 41 Business Corridor
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
$29,552
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
8.44%
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%
$591,040
$591.0K
Cap Rate 7%
$422,171
$422.2K
Cap Rate 9%
$328,356
$328.4K
Market Conditions
NOI Build-Up for 2,408 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
$43.3K $18.00/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$42.2K $17.53/SF
− OpEx
−$12.7K −$5.26/SF
NOI
$29.6K $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%
$591,040
Cap Rate 7%
$422,171
Cap Rate 9%
$328,356
Alternative Uses
Best Use
Office B
$531.9K
$465.4K – $620.5K
NOI $37,232 @ 7.0% cap · market cap 10.64%
Second Best
Retail
$422.2K
$369.4K – $492.5K
NOI $29,552 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$709.2K
$620.5K – $827.4K
NOI $49,643 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
718
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?
Office units - General Commercial-zoned office property with two occupied suites and parking serving tenants and customers.
Where is this office units located?
The property is located at 1104 Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,408‑square‑foot office property at 1104 Washington Street, Marquette, MI 49855; Two leased and occupied suites, with one upstairs and one downstairs; General Commercial zoning along the US 41 Business Corridor
