Updated Flex Space with Shipping
For Sale
$700,000
2220 S US41 Highway, Marquette, MI 49855
COM/IND/BUS OPP, Marquette, MI
Property Size3,600 SF
Lot Size0.90 Acres
Price / SF$194.44
Days on Market93
Property Features for 2220 S US41 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Security features
Security Lighting
Exterior features
Security Lighting
Lot features
Main Street
Subdivision
Chocolay Twp (52006)
Standard status
Active
Size
3,600 SF
Lot size
0.90 Acres
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Well, Private
Amenities
security system
kitchen
laundry room
wet bar
shipping and receiving area
Building Details
Year built
1971
Roof type
Metal
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
BRECK TONELLA · License #6501387214
(906) 250-7138
Added: May 21
Changed: Aug 19
Last Checked: Aug 21 at 4:06AM
MLS# 50208544
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.
This 3,600-square-foot flex space occupies 0.90 acres and was built in 1971. The building includes a flexible interior arrangement, hardwood flooring, six wall-mounted air-conditioning units, two bathrooms, a laundry room, storage, a wet bar, a small kitchen, and a security system. A separate shipping and receiving area supports operational use, while forced-air heating and a metal roof are also in place.
Located at 2220 S US41 Highway in Marquette, the property is across from Lake Superior and a bike path. Approximately 8,800-10,000 vehicles pass the site daily, and parking is available at both the front and rear of the building. The commercially zoned lot also includes rear area identified for potential future expansion, along with a roadside sign described as the largest permitted in Chocolay Township.
Located at 2220 S US41 Highway in Marquette, the property is across from Lake Superior and a bike path. Approximately 8,800-10,000 vehicles pass the site daily, and parking is available at both the front and rear of the building. The commercially zoned lot also includes rear area identified for potential future expansion, along with a roadside sign described as the largest permitted in Chocolay Township.
Key Highlights
- 3,600‑square‑foot building on 0.90 acres
- Approximately 8,800‑10,000 vehicles pass daily
- Separate shipping and receiving area
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
$44,181
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
6.31%
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%
$883,620
$883.6K
Cap Rate 7%
$631,157
$631.2K
Cap Rate 9%
$490,900
$490.9K
Market Conditions
NOI Build-Up for 3,600 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
$64.8K $18.00/SF
− Vacancy
−$1.7K −$0.47/SF
EGI
$63.1K $17.53/SF
− OpEx
−$18.9K −$5.26/SF
NOI
$44.2K $12.27/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$883,620
Cap Rate 7%
$631,157
Cap Rate 9%
$490,900
Alternative Uses
Best Use
Retail
$631.2K
$552.3K – $736.4K
NOI $44,181 @ 7.0% cap · market cap 6.31%
Second Best
Flex RnD
$469.5K
$410.8K – $547.8K
NOI $32,865 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$1.06M
$927.7K – $1.24M
NOI $74,218 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Superior Oasis — 2433 US-41, Marquette, MI 49855
Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned building with flexible layout, dedicated shipping access, parking, and business-support amenities.
Where is this flex space located?
The property is located at 2220 S US41 Highway Marquette, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,600‑square‑foot building on 0.90 acres; Approximately 8,800‑10,000 vehicles pass daily; Separate shipping and receiving area
