Downtown Storefront with Open
For Sale
$244,900
208 S Water Street, Marine City, MI 48039
COM/IND/BUS OPP, Marine City, MI
Property Size1,624 SF
Lot Size0.05 Acres
Price / SF$150.80
Days on Market106
Property Features for 208 S Water Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
The Village Of Marine
Lot features
Main Street
Standard status
Active
APN
02-475-0243-000
Size
1,624 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1943
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1964
Roof type
Flat
Listing Agency:
J. A. Bachler Realtor
(810) 765-8895
Listed By:
Trent Attebury · License #6502433743
(810) 533-4381
Added: May 8
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 50206932
Copyright © 2026 Multiple Listing Service MiRealSource. 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 pristine commercial storefront features an open interior plan designed to support a variety of business uses. The property size is 1,624 square feet, situated on a 0.05-acre lot.
Located in the center of downtown Marine City, the building is positioned next to Water Street Winery and Brewing Co. and the Marine City Fish Company. The property also offers views of the St. Clair River, and it benefits from its placement along South Water Street.
With its flexible open layout and strong downtown context, this storefront is well suited for operators seeking a readily accessible commercial space in a walkable retail cluster. The building’s condition and adaptable interior should help accommodate a range of retail and service concepts, and land contract terms are available to qualified buyers.
Located in the center of downtown Marine City, the building is positioned next to Water Street Winery and Brewing Co. and the Marine City Fish Company. The property also offers views of the St. Clair River, and it benefits from its placement along South Water Street.
With its flexible open layout and strong downtown context, this storefront is well suited for operators seeking a readily accessible commercial space in a walkable retail cluster. The building’s condition and adaptable interior should help accommodate a range of retail and service concepts, and land contract terms are available to qualified buyers.
Key Highlights
- Commercial building built in 1964 with forced air heating and central air cooling
- Open interior layout well suited for a variety of uses
- Flat roof and public water source
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
$20,993
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
8.57%
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%
$419,860
$419.9K
Cap Rate 7%
$299,900
$299.9K
Cap Rate 9%
$233,256
$233.3K
Market Conditions
NOI Build-Up for 1,624 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
$30.8K $18.96/SF
− Vacancy
−$801 −$0.49/SF
EGI
$30.0K $18.47/SF
− OpEx
−$9.0K −$5.54/SF
NOI
$21.0K $12.93/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$419,860
Cap Rate 7%
$299,900
Cap Rate 9%
$233,256
Alternative Uses
Best Use
Retail
$299.9K
$262.4K – $349.9K
NOI $20,993 @ 7.0% cap · market cap 8.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,461 @ 7.0% cap · market cap 34.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
3,659 visits/mo
0.4 miles
Huntington Bank
Shops & Services
2,416 visits/mo
0.5 miles
Demographics for 48039, MI
7,485
Population
3,701
Households
2
Avg Household Size
46
Median Age
20%
College-Educated
92%
High-School Grad
23.0 sq mi
ZIP Area
325
Density / Sq Mi
$76,304
Median Household Income
$42,715
Median Earnings
$879
Median Rent
$170,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Pristine storefront on South Water Street offers an open layout and river views in a downtown Marine City setting.
Where is this storefront property located?
The property is located at 208 S Water Street Marine City, MI.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Commercial building built in 1964 with forced air heating and central air cooling; Open interior layout well suited for a variety of uses; Flat roof and public water source
