Mixed-Use Corner
For Sale
$424,900
202 W Michigan Avenue, Marshall, MI 49068
Street-level commercial space is combined with two upstairs residential apartments in a flexible downtown property.
Property Size4,560 SF
Price / SF$93.18
Days on Market48
Property Features for 202 W Michigan Avenue
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Business Opportunity
Lease Term
Cash, Conventional
Site & Location
Corner Location
Yes
Road Access
Yes
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,566
Building Details
Building Size
4,560 SF
Year Built
1900
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 209-2286
Listed By:
Brian Fazekas · License #6506047758
(269) 209-2286
Source:
Sabudarealty
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 29 at 11:05AM
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 Berkshire Hathaway HomeServices Michigan Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 4,560-square-foot corner building combines street-level commercial space with two residential apartments above. The commercial area can accommodate retail, office, or other business uses, while the upper level includes one one-bedroom apartment and one two-bedroom apartment.
The property occupies a downtown Marshall location at 202 W Michigan Avenue, at the corner of Michigan Avenue and Eagle St. Restaurants, boutiques, breweries, and community events are within walking distance, placing the building in an active pedestrian-oriented setting. The combination of commercial and residential space supports a range of owner-user and investment configurations without relying on a single occupancy type.
The property occupies a downtown Marshall location at 202 W Michigan Avenue, at the corner of Michigan Avenue and Eagle St. Restaurants, boutiques, breweries, and community events are within walking distance, placing the building in an active pedestrian-oriented setting. The combination of commercial and residential space supports a range of owner-user and investment configurations without relying on a single occupancy type.
Key Highlights
- 4,560‑square‑foot mixed‑use building constructed in 1900
- Street‑level commercial space suitable for retail, office, or other business uses
- Two upstairs apartments: one one‑bedroom unit and one two‑bedroom unit
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
$34,661
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
8.16%
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%
$693,220
$693.2K
Cap Rate 7%
$495,157
$495.2K
Cap Rate 9%
$385,122
$385.1K
Market Conditions
NOI Build-Up for 4,560 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
$66.8K $14.64/SF
− Vacancy
−$3.7K −$0.82/SF
EGI
$63.0K $13.82/SF
− OpEx
−$28.4K −$6.22/SF
NOI
$34.7K $7.60/SF
Area
Calhoun County, MI
Vacancy
5.60%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$693,220
Cap Rate 7%
$495,157
Cap Rate 9%
$385,122
Alternative Uses
Best Use
Mixed Use
$809.1K
$707.9K – $943.9K
NOI $56,635 @ 7.0% cap · market cap 13.33%
Second Best
Retail
$676.2K
$591.7K – $789.0K
NOI $47,337 @ 7.0% cap · market cap 11.14%
Theoretical Best
Healthcare Medical
$54.09M
$47.33M – $63.11M
NOI $3,786,465 @ 7.0% cap · market cap 891.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is combined with two upstairs residential apartments in a flexible downtown property.
Where is this mixed-use property located?
The property is located at 202 W Michigan Avenue Marshall, MI.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 4,560‑square‑foot mixed‑use building constructed in 1900; Street‑level commercial space suitable for retail, office, or other business uses; Two upstairs apartments: one one‑bedroom unit and one two‑bedroom unit
