Brick Mixed-Use
For Sale
$424,900
Pending
202 W Michigan Avenue, Marshall, MI 49068
Commercial Sale, Marshall, MI
Property Size4,560 SF
Lot Size0.07 Acres
Days on Market46
Property Features for 202 W Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bathroom 3, Bathroom 1
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Pending
APN
53-000-401-00
Size
4,560 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LL@LO
Tax Annual Amount
3566
Legal Description
LL@LO
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1900
Number of units
3
Building materials
Brick
Roof type
Rubber
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 789-0140
Listed By:
Brian Fazekas · License #6506047758
(269) 209-2286
Added: Jul 13
Changed: Aug 27
Last Checked: Aug 27 at 9:06PM
MLS# 26035569
Copyright © 2026 Michigan Regional Information Center, LLC. 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 4,560-square-foot mixed-use building combines street-level commercial space with two residential apartments above. The residential portion includes one one-bedroom apartment and one two-bedroom apartment. Constructed in 1900, the brick property also includes a basement, three bathrooms, forced-air heating, window-unit cooling, a rubber roof, and cable availability.
Positioned at 202 W Michigan Avenue in Marshall, the corner building fronts Michigan Avenue and Eagle St. Its downtown setting places the property near restaurants, boutiques, breweries, and community events, with pedestrian activity present in the surrounding area. The commercial component may accommodate retail, office, or other business uses as described in the property information.
Positioned at 202 W Michigan Avenue in Marshall, the corner building fronts Michigan Avenue and Eagle St. Its downtown setting places the property near restaurants, boutiques, breweries, and community events, with pedestrian activity present in the surrounding area. The commercial component may accommodate retail, office, or other business uses as described in the property information.
Key Highlights
- 4,560‑square‑foot mixed‑use building on a 0.07‑acre lot
- Two upstairs apartments: one one‑bedroom unit and one two‑bedroom unit
- Corner property at 202 W Michigan Avenue, Marshall, MI 49068
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
Location Intelligence
Trade Area within ½ mile
793
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 - Corner commercial property with two upstairs apartments, broadband availability, and forced-air heating.
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 on a 0.07‑acre lot; Two upstairs apartments: one one‑bedroom unit and one two‑bedroom unit; Corner property at 202 W Michigan Avenue, Marshall, MI 49068
