Mixed-Use Building With Two
For Sale
$325,000
1104 Washington Street, Marquette, MI 49855
COM/IND/BUS OPP, Marquette, MI
Property Size2,408 SF
Lot Size0.13 Acres
Price / SF$134.97
Days on Market93
Property Features for 1104 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot
Lot features
Main Street
Subdivision
Marquette (52016)
Standard status
Active
Size
2,408 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6124
Utilities
Heating system
Hot Water(Heating), Baseboard, Other (Heating), Oil
Cooling system
Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1950
Roof type
Rubber, Flat
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
JENNIFER COSCO · License #UPAR
(906) 250-5548
Added: May 21
Changed: Aug 19
Last Checked: Aug 21 at 12:06AM
MLS# 50208455
Copyright © 2026 Upper Peninsula Association 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 2,408-square-foot mixed-use commercial building contains two suites arranged across the upper and lower levels. Both suites are leased, with the upstairs term running through August 2028 and the ground-floor term through April 2027. The property is zoned Commercial and includes public water, a flat rubber roof, oil-fired hot-water and baseboard heating, and wall or window cooling units. Each suite has a mini-split system for air conditioning or backup heat.
The building is positioned along the US 41 Business Corridor at 1104 Washington Street, near the McClellan/Washington four-way stoplight. Upper and lower parking lots serve the property. Improvements include a 2010 renovation of the upstairs suite, a 2024 lower-level remodel, a boiler replacement in March 2016, and drainage work completed from 2007 to 2008. The roof was last sealed in June 2026.
The building is positioned along the US 41 Business Corridor at 1104 Washington Street, near the McClellan/Washington four-way stoplight. Upper and lower parking lots serve the property. Improvements include a 2010 renovation of the upstairs suite, a 2024 lower-level remodel, a boiler replacement in March 2016, and drainage work completed from 2007 to 2008. The roof was last sealed in June 2026.
Key Highlights
- 2,408‑square‑foot mixed‑use building with two leased suites
- Upstairs lease runs through August 2028; ground‑floor lease ends in April 2027
- Located on the US 41 Business Corridor near the McClellan/Washington four‑way stoplight
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
9.09%
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 11.46%
Second Best
Retail
$422.2K
$369.4K – $492.5K
NOI $29,552 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$709.2K
$620.5K – $827.4K
NOI $49,643 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two leased commercial suites with separate upper and lower parking areas support office and retail occupancy.
Where is this mixed-use property located?
The property is located at 1104 Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,408‑square‑foot mixed‑use building with two leased suites; Upstairs lease runs through August 2028; ground‑floor lease ends in April 2027; Located on the US 41 Business Corridor near the McClellan/Washington four‑way stoplight
