Multi-Floor Office Building with
For Sale
$475,000
1211 LUDINGTON ST, Escanaba, MI 49829
Well-maintained office building with elevator service, conference space, multiple private offices, and accessible main entry.
Property Size5,271 SF
Price / SF$90.12
Days on Market116
Property Features for 1211 LUDINGTON ST
General Information
Standard status
Active
Size
5,271 SF
Property subtype
Industrial
Amenities
conference room
kitchen
elevator
garage
3
2514050160
Building Details
Year Built
1946
Listing Agency:
KEY REALTY DELTA COUNTY LLC
(906) 280-0570
Listed By:
LUCAS GESTWICKI · License #6501433737
(906) 280-0570
Source:
Xome
Added: Apr 16
Changed: Aug 8
Last Checked: Aug 9 at 5:20AM
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 KEY REALTY DELTA COUNTY LLC
Investment Insights
Based on property information with market context.
This well-maintained commercial office building offers multiple floors supported by an elevator serving the first and second floors, with an extra-wide staircase connecting the basement, first, and second floors. The main level includes a spacious front entrance with stairs and a ramp for accessibility, six private offices, and a substantial amount of open space suitable for cubicles or future buildouts. Upstairs, the property features an impressive conference room with views, along with a small staff kitchen, one half bathroom, one full bathroom, and additional storage rooms.
The building is located at 1211 Ludington Street, Unit SourceFi, Escanaba, MI 49829. Parking is available across the alley via a finished blacktop lot sized 50' x 160'. There is also a spacious garage with electric service included with the offering.
The building is located at 1211 Ludington Street, Unit SourceFi, Escanaba, MI 49829. Parking is available across the alley via a finished blacktop lot sized 50' x 160'. There is also a spacious garage with electric service included with the offering.
Key Highlights
- Well‑maintained 5,200 sq ft commercial office building built in 1946
- Main floor has an accessible front entrance with stairs and a ramp
- Includes 6 private offices plus open space for cubicles or future buildouts
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
$41,898
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
8.82%
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%
$837,960
$838.0K
Cap Rate 7%
$598,543
$598.5K
Cap Rate 9%
$465,533
$465.5K
Market Conditions
NOI Build-Up for 5,271 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
$75.9K $14.40/SF
− Vacancy
−$6.1K −$1.15/SF
EGI
$69.8K $13.25/SF
− OpEx
−$27.9K −$5.30/SF
NOI
$41.9K $7.95/SF
Area
Delta County, MI
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
40.00%
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%
$837,960
Cap Rate 7%
$598,543
Cap Rate 9%
$465,533
Alternative Uses
Best Use
Office B
$772.6K
$676.0K – $901.3K
NOI $54,080 @ 7.0% cap · market cap 11.39%
Second Best
Healthcare Medical
$598.5K
$523.7K – $698.3K
NOI $41,898 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$1.03M
$902.9K – $1.20M
NOI $72,229 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
640
Businesses Nearby
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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?
Office building - Well-maintained office building with elevator service, conference space, multiple private offices, and accessible main entry.
Where is this office building located?
The property is located at 1211 LUDINGTON ST Escanaba, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Well‑maintained 5,200 sq ft commercial office building built in 1946; Main floor has an accessible front entrance with stairs and a ramp; Includes 6 private offices plus open space for cubicles or future buildouts
