Executive Office
For Sale
$499,000
1601 Marquette Avenue, Bay City, MI 48706
Commercial, Bay City, MI
Property Size4,020 SF
Lot Size1.00 Acre
Price / SF$124.13
Days on Market144
Property Features for 1601 Marquette Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Parking
90
Parking features
Parking Lot
Exterior features
Block
Lot features
Corner Lot
Directions
Property is located on the corner of Marquette St and Harry S. Truman Parkway
Subdivision
Bay
Standard status
Active
Size
4,020 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
UNIT NO 4 INDEPENDENCE PROFESSIONAL OFFICE CENTER CONDOMINIUM, A COMMERCIAL CONDOMINIUM ACCORDINGTO MASTER DEED IN LIBER 1440 PAGES 700-742 & SUBSEQUENT AMENDMENTS THERETO CONDO SUB PLAN NO 25SECOND AMENDMENT TO MASTER DEED DATED AUGUST 10, 1998 LIBER 154
Tax Annual Amount
12272
HOA Fee
$800 Monthly
Legal Description
UNIT NO 4 INDEPENDENCE PROFESSIONAL OFFICE CENTER CONDOMINIUM, A COMMERCIAL CONDOMINIUM ACCORDINGTO MASTER DEED IN LIBER 1440 PAGES 700-742 & SUBSEQUENT AMENDMENTS THERETO CONDO SUB PLAN NO 25SECOND AMENDMENT TO MASTER DEED DATED AUGUST 10, 1998 LIBER 154
Amenities
16' clerestory ceilings
monument signage
security system
updated LED lighting
Building Details
Building materials
Block
Listing Agency:
Tamarack Realty Services
(989) 259-1279
Listed By:
Robert Lentz · License #6504431786
(810) 417-0190
Added: May 7
Changed: Sep 16
Last Checked: Sep 27 at 3:06AM
MLS# 1944787
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 4,020 SF office condominium combines two originally separate units into one executive suite within a professional building occupied primarily by medical office condominiums. The layout includes a reception area, waiting room, conference room, two bullpen areas accommodating up to 12 workstations, six private executive offices, a kitchenette/breakroom, file storage with vault, and two ADA-compliant lavatories. The suite was professionally built out in 2005 and features 16' clerestory ceilings, updated LED lighting, a security system, and monument signage.
The building was constructed in 1998 and offers shared parking for approximately 90 vehicles, along with additional employee parking. Recent property improvements include a new roof completed in 2021, a new HVAC unit installed in 2025, and new ADA-compliant concrete sidewalks and steps added in 2025. The property occupies 1 acre and has block construction with a parking lot.
The building was constructed in 1998 and offers shared parking for approximately 90 vehicles, along with additional employee parking. Recent property improvements include a new roof completed in 2021, a new HVAC unit installed in 2025, and new ADA-compliant concrete sidewalks and steps added in 2025. The property occupies 1 acre and has block construction with a parking lot.
Key Highlights
- 4,020 SF office condominium combining two originally separate units
- Six private executive offices and two bullpen areas for up to 12 workstations
- Reception, waiting, conference, kitchenette/breakroom, file storage, and vault areas
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
$41,072
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
8.23%
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%
$821,440
$821.4K
Cap Rate 7%
$586,743
$586.7K
Cap Rate 9%
$456,356
$456.4K
Market Conditions
NOI Build-Up for 4,020 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
$72.4K $18.00/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$68.5K $17.03/SF
− OpEx
−$27.4K −$6.81/SF
NOI
$41.1K $10.22/SF
Area
Bay County, MI
Vacancy
5.40%
Lease Rate
$18.00 /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%
$821,440
Cap Rate 7%
$586,743
Cap Rate 9%
$456,356
Alternative Uses
Best Use
Healthcare Medical
$586.7K
$513.4K – $684.5K
NOI $41,072 @ 7.0% cap · market cap 8.23%
Second Best
Office B
$545.8K
$477.6K – $636.8K
NOI $38,206 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$727.7K
$636.8K – $849.0K
NOI $50,941 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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 units - Combined professional suite with private offices, collaborative work areas, and medical-office surroundings.
Where is this office units located?
The property is located at 1601 Marquette Avenue Bay City, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 4,020 SF office condominium combining two originally separate units; Six private executive offices and two bullpen areas for up to 12 workstations; Reception, waiting, conference, kitchenette/breakroom, file storage, and vault areas
