Historic Mixed-Use Downtown
For Sale
$780,000
221 W Washington Street, Marquette, MI 49855
Historic mixed-use building combines retail storefront space with private office areas and an independently accessed residence.
Property Size4,550 SF
Price / SF$171.43
Days on Market95
Property Features for 221 W Washington Street
General Information
Standard status
Active
Size
4,550 SF
Property subtype
Industrial
Additional Details
Clear Height
10 ft
Amenities
3
Wood
Rubber
2590
Building Details
Year Built
1929
Listing Agency:
RE/MAX 1ST REALTY
(906) 361-7653
Listed By:
KELLIE HILLIER-GENSCHAW · License #6501271285
(906) 361-7653
Source:
Xome
Added: May 22
Changed: Aug 23
Last Checked: Aug 24 at 3:58AM
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.
Built in 1896 with an addition in 1929, this historic mixed-use building features original architectural details throughout, including a brick and glass block exterior, hardwood floors, original trim work, transom windows, and soaring 10-foot ceilings. The main level offers a versatile blend of retail storefront space and private office space, designed to accommodate a range of professional or commercial uses. The upper level is a large, private flat accessed through its own dedicated entrance on Washington Street, with a residence that includes three bedrooms, 1.5 baths, a home office space, a utility room, formal dining, skylights, and abundant historic character.
The property is located in the heart of downtown Marquette, only two blocks from Lake Superior. Large windows provide views overlooking the downtown Commons area and Washington Street. The building also includes a convenient drive-under garage for private parking and a loading dock for larger items, supporting both day-to-day access and deliveries.
This configuration can work well for an owner-operator who wants to combine storefront or office use with a separate living space, or for investors seeking a distinctive downtown asset with multiple functional areas. The flexible main level layout supports retail or professional office tenants, while the independently accessed upper residence offers an additional, self-contained use.
The property is located in the heart of downtown Marquette, only two blocks from Lake Superior. Large windows provide views overlooking the downtown Commons area and Washington Street. The building also includes a convenient drive-under garage for private parking and a loading dock for larger items, supporting both day-to-day access and deliveries.
This configuration can work well for an owner-operator who wants to combine storefront or office use with a separate living space, or for investors seeking a distinctive downtown asset with multiple functional areas. The flexible main level layout supports retail or professional office tenants, while the independently accessed upper residence offers an additional, self-contained use.
Key Highlights
- Historic downtown mixed‑use building at 221 W. Washington St, Marquette (built 1896; added onto in 1929).
- Main level includes retail storefront plus private office space, offering flexible commercial use.
- Brick and glass block exterior with original trim work, transom windows, and hardwood floors.
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
$70,352
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
9.02%
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%
$1,407,040
$1.4M
Cap Rate 7%
$1,005,029
$1.0M
Cap Rate 9%
$781,689
$781.7K
Market Conditions
NOI Build-Up for 4,550 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
$109.2K $24.00/SF
− Vacancy
−$15.4K −$3.38/SF
EGI
$93.8K $20.62/SF
− OpEx
−$23.5K −$5.15/SF
NOI
$70.4K $15.46/SF
Area
Marquette County, MI
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,407,040
Cap Rate 7%
$1,005,029
Cap Rate 9%
$781,689
Alternative Uses
Best Use
Office B
$1.01M
$879.4K – $1.17M
NOI $70,352 @ 7.0% cap · market cap 9.02%
Second Best
Retail
$797.7K
$698.0K – $930.7K
NOI $55,839 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,803 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
1,133
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?
Live-work space - Historic mixed-use building combines retail storefront space with private office areas and an independently accessed residence.
Where is this live-work space located?
The property is located at 221 W Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Historic downtown mixed‑use building at 221 W. Washington St, Marquette (built 1896; added onto in 1929).; Main level includes retail storefront plus private office space, offering flexible commercial use.; Brick and glass block exterior with original trim work, transom windows, and hardwood floors.
