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 Market47
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
(231) 427-8504
Listed By:
Steve Poole
(231) 427-8504
Source:
Carwm.resimplifi
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 28 at 11:24AM
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 = 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
$181,477
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
7.82%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
