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 Market590
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
Listed By:
JENNIFER COSCO · License #UPAR
(906) 250-5548
Source:
Exprealty
Added: Mar 4, 2025
Changed: Oct 10
Last Checked: Oct 15 at 3:57AM
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 / Yr
$29,552
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
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
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 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.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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
