Waterfront Medical Office
For Sale
$2,320,000
Pending
175 Hawley St, Marquette, MI 49855
Lakefront facility with reception, exam rooms, conference space, medical beds, and an overhead door for receiving.
Property Size11,737 SF
Lot Size2.13 Acres
Days on Market93
Property Features for 175 Hawley St
General Information
Standard status
Pending
Size
11,737 SF
Class
Class A
Total Parking Spaces
126
Lot size
2.13 Acres
Property subtype
Healthcare
Zoning
PUD
Additional Details
Highway Access
Yes
Amenities
reception and waiting area
exam rooms
conference room
donation floor with medical beds
packing/receiving capabilities with an overhead door
Power
Water
Sewer
Vacant
126 Parking Spaces
Building Details
Year Built
2001
Tenancy
Single Tenant
Listing Agency:
Colliers - Grand Rapids
Listed By:
Steve Poole
(231) 427-8504
Source:
Carwm.resimplifi
Added: Jul 13
Changed: Sep 29
Last Checked: Oct 12 at 4:40PM
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 Colliers - Grand Rapids
Investment Insights
Based on property information with market context.
Built in 2001, this 11,737-square-foot medical office occupies a 2.13-acre waterfront site along Lake Superior in Marquette, Michigan. The property includes 126 paved parking spaces and is zoned PUD. Its interior configuration includes a reception and waiting area, multiple exam rooms, a large conference room, a donation floor with medical beds, and packing and receiving space served by an overhead door. The facility was formerly used as a BioLife location.
The property is less than half a mile from Northern Michigan University and offers access to U.S. Highway 41. Marquette Sawyer Regional Airport is a 34-minute drive. Major area employers identified in the property information include UP Health System, Northern Michigan University, and Cleveland-Cliffs Inc.
The property is less than half a mile from Northern Michigan University and offers access to U.S. Highway 41. Marquette Sawyer Regional Airport is a 34-minute drive. Major area employers identified in the property information include UP Health System, Northern Michigan University, and Cleveland-Cliffs Inc.
Key Highlights
- 11,737‑square‑foot medical office on a 2.13‑acre site
- 126 paved parking spaces
- Waterfront setting along Lake Superior in Marquette, Michigan
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,477
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,629,540
$3.6M
Cap Rate 7%
$2,592,529
$2.6M
Cap Rate 9%
$2,016,411
$2.0M
Market Conditions
NOI Build-Up for 11,737 SF
Gross rent
$281.7K $24.00/SF
− Vacancy
−$39.7K −$3.38/SF
EGI
$242.0K $20.62/SF
− OpEx
−$60.5K −$5.15/SF
NOI
$181.5K $15.46/SF
Area
Marquette County, MI
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,629,540
Cap Rate 7%
$2,592,529
Cap Rate 9%
$2,016,411
Alternative Uses
Best Use
Office B
$2.59M
$2.27M – $3.02M
NOI $181,477 @ 7.0% cap · market cap 7.82%
Second Best
Healthcare Medical
$1.90M
$1.66M – $2.22M
NOI $133,098 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$3.46M
$3.02M – $4.03M
NOI $241,970 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Balanced
Demand for This Use
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
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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?
Medical Office Space - Lakefront facility with reception, exam rooms, conference space, medical beds, and an overhead door for receiving.
Where is this medical office space located?
The property is located at 175 Hawley St Marquette, MI.
What is the asking price?
The asking price for this property is $2,320,000.
What are key features of this property?
This property features: 11,737‑square‑foot medical office on a 2.13‑acre site; 126 paved parking spaces; Waterfront setting along Lake Superior in Marquette, Michigan
