Mixed-Use Landmark with Banquet
S 203 S Front Street Unit SourceFi Marquette, MI 49855
For Sale
$3,500,000
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 Market9
Property Features for S 203 S Front Street Unit SourceFi
General Information
Standard status
Active
Size
46,101 SF
Property subtype
Industrial
Building Details
Year Built
1999
Listing Agency:
RE/MAX 1ST REALTY
(906) 361-7604
Listed By:
DAVE MINGAY · License #6505420592
(906) 361-7604
Source:
Xome
Added: Jul 19
Changed: Jul 25
Last Checked: Jul 27 at 3:10AM
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 For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $553.2k | $12.00 |
| − Vacancy | −$66.4k | −$1.44 |
| EGI | $486.8k | $10.56 |
| − OpEx | −$182.6k | −$3.96 |
| NOI | $304.3k | $6.60 |
46,101 SF · lease $12.00/SF/yr · vacancy 12.00% · expense 37.50%
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
Location Intelligence
Current Use
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 S 203 S Front Street Unit SourceFi 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
