Corner Mixed-Use Retail
For Sale
$424,900
202 W Michigan Avenue, Marshall, MI 49068
Street-level retail space in a corner building with two upstairs apartments, including one- and two-bedroom units.
Property Size4,560 SF
Days on Market31
Property Features for 202 W Michigan Avenue
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Business Opportunity
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,566
Building Details
Building Size
4,560 SF
Year Built
1900
Units
3
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 209-2286
Listed By:
Brian Fazekas · License #6506047758
(269) 209-2286
Source:
Carolbollo
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 11 at 1:42PM
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.
This corner mixed-use building combines street-level retail space with two income-producing residential apartments upstairs. The residential component includes one one-bedroom unit and one larger two-bedroom unit, positioned above the commercial space.
The property is located in the heart of historic downtown Marshall, with retail visibility along Michigan Avenue and Eagle St. The building’s downtown setting places it within walking distance of local restaurants, boutiques, breweries, and year-round community events.
For buyers seeking a multi-income structure, the layout provides a combination of commercial space below and residential rental units above, offering flexibility for both investor and owner-operator use cases.
The property is located in the heart of historic downtown Marshall, with retail visibility along Michigan Avenue and Eagle St. The building’s downtown setting places it within walking distance of local restaurants, boutiques, breweries, and year-round community events.
For buyers seeking a multi-income structure, the layout provides a combination of commercial space below and residential rental units above, offering flexibility for both investor and owner-operator use cases.
Key Highlights
- Mixed‑use corner building with street‑level retail space and two upstairs apartments
- Two apartments include one‑bedroom and two‑bedroom units
- Street‑level commercial space on a corner location along Michigan Avenue and Eagle St
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
Office B
$717.6K
$627.9K – $837.3K
NOI $50,235 @ 7.0% cap · market cap 11.82%
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
260
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Street-level retail space in a corner building with two upstairs apartments, including one- and two-bedroom units.
Where is this retail space 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: Mixed‑use corner building with street‑level retail space and two upstairs apartments; Two apartments include one‑bedroom and two‑bedroom units; Street‑level commercial space on a corner location along Michigan Avenue and Eagle St
