Multi-Office
For Sale
$375,000
2209 Ludington, Escanaba, MI 49829
A sizable entry area provides a welcoming gathering space for clients and visitors.
Property Size2,800 SF
Price / SF$133.93
Days on Market877
Property Features for 2209 Ludington
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Commercial/Industrial
Additional Details
Highway Access
Yes
Property Use
Office
Building Details
Year Built
1900
Listing Agency:
Key Realty Delta County LLC
(906) 233-7455
Listed By:
Lucas Gestwicki · License #6501433737
(906) 280-0570
Source:
Jabachler
Added: Jun 7, 2024
Changed: Oct 30
Last Checked: Oct 30 at 2:02AM
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 Key Realty Delta County LLC
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Investment Insights
Based on property information with market context.
This 2,800-square-foot office building contains 10 individual offices, a conference room, and a large entry area suited to client and customer gathering. The building was constructed in 1900.
The property is located in Escanaba, with one building between it and the US 2/41 and M-35 intersection.
The property is located in Escanaba, with one building between it and the US 2/41 and M-35 intersection.
Key Highlights
- 2,800 square feet of office space
- 10 individual offices and 1 conference room
- Large entry area for clients and customers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,728
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$574,560
$574.6K
Cap Rate 7%
$410,400
$410.4K
Cap Rate 9%
$319,200
$319.2K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$50.4K $18.00/SF
− Vacancy
−$12.1K −$4.32/SF
EGI
$38.3K $13.68/SF
− OpEx
−$9.6K −$3.42/SF
NOI
$28.7K $10.26/SF
Area
Delta County, MI
Vacancy
24.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$574,560
Cap Rate 7%
$410,400
Cap Rate 9%
$319,200
Alternative Uses
Best Use
Office B
$410.4K
$359.1K – $478.8K
NOI $28,728 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$548.1K
$479.6K – $639.5K
NOI $38,369 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - A sizable entry area provides a welcoming gathering space for clients and visitors.
Where is this office building located?
The property is located at 2209 Ludington Escanaba, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,800 square feet of office space; 10 individual offices and 1 conference room; Large entry area for clients and customers
