4-Unit Apartment
New
For Sale
$345,000
221 W Ridge Street, Marquette, MI 49855
MULTIFAMILY, 2 Story, Marquette, MI
Property Size1,911 SF
Lot Size0.34 Acres
Price / SF$180.53
Days on Market2
Property Features for 221 W Ridge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Basement, Bedroom 4, Bedroom 2
Patio and Porch features
Deck
Exterior features
Deck
Appliances
Range/Oven, Refrigerator
Subdivision
Harlows Add
Elementary school district
Marquette Area School District
Middle school district
Marquette Area School District
High school district
Marquette Area School District
Standard status
Active
Size
1,911 SF
Lot size
0.34 Acres
Additional Details
Individually Metered Utilities
electricity
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
4
Architectural style
Other
Buildings
1
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
KINGSLEY AGASSI
(906) 204-5282
Added: Oct 27
Changed: Oct 28
Last Checked: Oct 28 at 10:06PM
MLS# 50226061
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,911-square-foot, four-unit property was built in 1880 and sits on a 0.34-acre lot. Unit B has two bedrooms, a living room, a front nook, updated flooring, and kitchen access to the basement. The two upper-level units include living areas and additional rooms; both need updating. Unit A has walls opened to the studs and requires bathroom work. Each unit has a bathroom.
Building systems include separate electric meters, one forced-air furnace, and three electric water heaters. A rubber roof above the foyer was recently replaced. The dry basement provides storage and a route to the backyard, where off-street parking is available via a shared driveway. The property also has a deck.
Building systems include separate electric meters, one forced-air furnace, and three electric water heaters. A rubber roof above the foyer was recently replaced. The dry basement provides storage and a route to the backyard, where off-street parking is available via a shared driveway. The property also has a deck.
Key Highlights
- Four units across 1,911 square feet on a 0.34‑acre lot
- Two‑story building constructed in 1880
- Separate electric meters; one forced‑air furnace serves the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,938
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,760
$238.8K
Cap Rate 7%
$170,543
$170.5K
Cap Rate 9%
$132,644
$132.6K
Market Conditions
NOI Build-Up for 1,911 SF
Gross rent
$17.7K $9.24/SF
− Vacancy
−$604 −$0.32/SF
EGI
$17.1K $8.92/SF
− OpEx
−$5.1K −$2.68/SF
NOI
$11.9K $6.25/SF
Area
Marquette County, MI
Vacancy
3.42%
Lease Rate
$9.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,760
Cap Rate 7%
$170,543
Cap Rate 9%
$132,644
Alternative Uses
Best Use
Multifamily LT 5
$170.5K
$149.2K – $199.0K
NOI $11,938 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$147.6K
$129.2K – $172.3K
NOI $10,335 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$562.8K
$492.5K – $656.6K
NOI $39,397 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - The two-story property includes separate electric meters and a shared forced-air heating system.
Where is this quadplex located?
The property is located at 221 W Ridge Street Marquette, MI.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Four units across 1,911 square feet on a 0.34‑acre lot; Two‑story building constructed in 1880; Separate electric meters; one forced‑air furnace serves the building
