Mixed-Use Landmark with Banquet
For Sale
$3,500,000
203 S Front Street, Marquette, MI 49855
Mixed-use building with retail storefronts, office suites, and a reception hall for about 200 guests.
Property Size46,101 SF
Price / SF$75.92
Days on Market21
Property Features for 203 S Front Street
General Information
Standard status
Active
Size
46,101 SF
Property subtype
Industrial
Additional Details
Multifamily Units
1
Amenities
commercial kitchen
performance stage
professional sound and lighting infrastructure
secure storage
freight elevator
loft apartment
Central Air
3
Shingle
108154207115
Building Details
Year Built
1999
Tenancy
Multi
Listing Agency:
RE/MAX 1ST REALTY
(906) 361-7604
Listed By:
DAVE MINGAY · License #6505420592
(906) 361-7604
Source:
Xome
Added: Jul 20
Changed: Aug 8
Last Checked: Aug 9 at 4:39AM
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 RE/MAX 1ST REALTY
Investment Insights
Based on property information with market context.
This mixed-use downtown landmark is known as the Upfront & Company and includes a diverse mix of retail storefronts, professional office suites, restaurant space, and banquet/event facilities. The banquet hall is designed to accommodate approximately 200 guests and includes a commercial kitchen, performance stage, and professional sound and lighting infrastructure. An available liquor license is noted for the event space. The building is also described as having impressive masonry detailing, multiple retail storefronts, professional office space, secure storage, and a freight elevator, along with a loft apartment overlooking Lake Superior and Marquette’s ore dock.
The property is positioned in the heart of downtown Marquette, described as being steps from restaurants, breweries, shopping, hotels, and the Lower Harbor waterfront.
From an income standpoint, the property currently generates approximately $204,720 in annual rental income, and many long-term tenants have expressed interest in remaining. The mix of on-site retail, offices, and event/restaurant space provides flexibility for future ownership and continued leasing.
The property is positioned in the heart of downtown Marquette, described as being steps from restaurants, breweries, shopping, hotels, and the Lower Harbor waterfront.
From an income standpoint, the property currently generates approximately $204,720 in annual rental income, and many long-term tenants have expressed interest in remaining. The mix of on-site retail, offices, and event/restaurant space provides flexibility for future ownership and continued leasing.
Key Highlights
- Mixed‑use downtown Marquette building built in 1999 with central air and a shingle roof
- Over 46,000 SF with a mix of retail storefronts, professional office suites, restaurant space, banquet facilities, and event venues
- Approximately $204,720 in annual rental income reported, with many long‑term tenants interested in remaining
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
$304,267
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
8.69%
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%
$6,085,340
$6.1M
Cap Rate 7%
$4,346,671
$4.3M
Cap Rate 9%
$3,380,744
$3.4M
Market Conditions
NOI Build-Up for 46,101 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
$553.2K $12.00/SF
− Vacancy
−$66.4K −$1.44/SF
EGI
$486.8K $10.56/SF
− OpEx
−$182.6K −$3.96/SF
NOI
$304.3K $6.60/SF
Area
Marquette County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$6,085,340
Cap Rate 7%
$4,346,671
Cap Rate 9%
$3,380,744
Alternative Uses
Best Use
Office B
$10.18M
$8.91M – $11.88M
NOI $712,814 @ 7.0% cap · market cap 20.37%
Second Best
Retail
$8.08M
$7.07M – $9.43M
NOI $565,770 @ 7.0% cap · market cap 16.16%
Theoretical Best
Office A
$13.58M
$11.88M – $15.84M
NOI $950,418 @ 7.0% cap · market cap 27.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with retail storefronts, office suites, and a reception hall for about 200 guests.
Where is this mixed-use property located?
The property is located at 203 S Front Street Marquette, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Mixed‑use downtown Marquette building built in 1999 with central air and a shingle roof; Over 46,000 SF with a mix of retail storefronts, professional office suites, restaurant space, banquet facilities, and event venues; Approximately $204,720 in annual rental income reported, with many long‑term tenants interested in remaining
