Multi-Floor Office Building with
For Sale
$475,000
1211 Ludington Street, Escanaba, MI 49829
COMMERCIAL - Escanaba, MI
Property Size5,200 SF
Lot Size0.26 Acres
Price / SF$90.12
Days on Market127
Property Features for 1211 Ludington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Escanaba (21010)
Standard status
Active
Size
5,271 SF
Lot size
0.26 Acres
Utilities
Water source
Public
Amenities
conference room
kitchen
Building Details
Year built
1946
Listing Agency:
KEY REALTY DELTA COUNTY LLC
(906) 233-7455
Listed By:
LUCAS GESTWICKI · License #6501433737
(906) 280-0570
Added: Apr 17
Changed: Aug 4
Last Checked: Aug 21 at 8:06AM
MLS# 50204688
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.
Well-maintained commercial office building totaling approximately 5,200 square feet, designed to support professional services and medical use. The main floor includes a spacious front entrance with stairs and a ramp for accessibility, plus six private offices and substantial open space that can accommodate cubicles or future buildouts. An elevator serves the first and second floors, and an extra-wide staircase connects the basement, first, and second floors. Upstairs offers an impressive conference room with views over Ludington Street, a small staff kitchen, one half bathroom and one full bathroom, along with additional storage rooms.
Across the alley, the property includes a blacktop parking lot described as 50 feet by 160 feet, and a spacious garage with electric.
Across the alley, the property includes a blacktop parking lot described as 50 feet by 160 feet, and a spacious garage with electric.
Key Highlights
- 5,200 sqft commercial office building - ideal for professional services, medical use, or investment.
- Includes a 50'x160' parking lot with black top and a spacious garage with electric.
- Features an elevator servicing the first and second floors.
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
Property Profile
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 multi-floor office with ramp accessibility, elevator service, and on-site parking lot with garage across the alley.
Where is this office building located?
The property is located at 1211 Ludington Street 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: 5,200 sqft commercial office building - ideal for professional services, medical use, or investment.; Includes a 50'x160' parking lot with black top and a spacious garage with electric.; Features an elevator servicing the first and second floors.
