Cape Cod
New
For Sale
$499,000
2210 Longyear Avenue, Marquette, MI 49855
MULTIFAMILY, 1 1/2 Story, Marquette, MI
Property Size2,528 SF
Lot Size0.32 Acres
Price / SF$197.39
Days on Market1
Property Features for 2210 Longyear Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 8, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1
Parking features
Driveway
Patio and Porch features
Porch
Interior features
Cable/Internet Avail.
Exterior features
Porch, Street Lights
Appliances
Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
North Marquette Add
Lot features
Subdivision, Walk to School
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
2,528 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
8897
Utilities
Heating system
Oil, Hot Water(Heating)
Water source
Public
Building Details
Year built
2001
Floors in Building
2
Number of units
2
Architectural style
Cape Cod
Listing Agency:
GREAT LAKES & LAND OF MARQUETTE, INC.
(906) 228-9312
Listed By:
JOE CAPUANA
(906) 869-3333
Added: Aug 22
Last Checked: Aug 22 at 3:06PM
MLS# 50219485
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.
Investment Insights
Based on property information with market context.
Located at 2210 Longyear Avenue in Marquette, this Cape Cod-style duplex contains 2,528 square feet across two separate residential units. Each side offers four bedrooms and two full bathrooms, creating eight bedrooms and four full bathrooms in total. The property was built in 2001 and includes a porch, driveway parking, public water service, and oil and hot-water heating.
The Marquette setting provides access to Northern Michigan University, downtown, shopping, restaurants, schools, medical services, and Lake Superior recreation. Interior features include cable and internet availability, while the appliance package includes a washer, dryer, refrigerator, range/oven, and microwave. Street lighting is also present along the property.
The Marquette setting provides access to Northern Michigan University, downtown, shopping, restaurants, schools, medical services, and Lake Superior recreation. Interior features include cable and internet availability, while the appliance package includes a washer, dryer, refrigerator, range/oven, and microwave. Street lighting is also present along the property.
Key Highlights
- Two‑unit duplex with 2,528 square feet of property size
- Each unit includes 4 bedrooms and 2 full bathrooms
- Total configuration includes 8 bedrooms and 4 full bathrooms
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
$15,792
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
3.16%
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%
$315,840
$315.8K
Cap Rate 7%
$225,600
$225.6K
Cap Rate 9%
$175,467
$175.5K
Market Conditions
NOI Build-Up for 2,528 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
$23.4K $9.24/SF
− Vacancy
−$799 −$0.32/SF
EGI
$22.6K $8.92/SF
− OpEx
−$6.8K −$2.68/SF
NOI
$15.8K $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 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%
$315,840
Cap Rate 7%
$225,600
Cap Rate 9%
$175,467
Alternative Uses
Best Use
Multifamily LT 5
$225.6K
$197.4K – $263.2K
NOI $15,792 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$195.3K
$170.9K – $227.9K
NOI $13,672 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$744.5K
$651.5K – $868.6K
NOI $52,117 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
139
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The property includes two separate living units with four bedrooms and two full bathrooms apiece.
Where is this duplex located?
The property is located at 2210 Longyear Avenue Marquette, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,528 square feet of property size; Each unit includes 4 bedrooms and 2 full bathrooms; Total configuration includes 8 bedrooms and 4 full bathrooms
