Historic Corner Mixed-Use
For Sale
Contact for pricing
227 E Michigan Avenue, Marshall, MI 49068
Restored 1865 bank-turned building with transferable short-term rental and loft apartment, plus private outdoor space and parking.
Property Size3,701 SF
Price / SF$158.07
Days on Market63
Property Features for 227 E Michigan Avenue
General Information
Standard status
Active
Size
3,701 SF
Total Parking Spaces
3
Property subtype
Business for Sale, Office, Retail
Additional Details
Business Included
Yes
Clear Height
15 ft
Building Details
Year Built
1865
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate Marshall
(269) 209-4076
Listed By:
Carole Shapiro · License #6506033200
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 11 at 8:03PM
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 Berkshire Hathaway HomeServices Michigan Real Estate Marshall
Investment Insights
Based on property information with market context.
This distinctive historic corner building was originally built as a bank in 1865 and has been meticulously restored. The showroom features 15-foot ceilings with period crown molding and woodwork, a marble fireplace, and multiple tall display windows. A lockable walk-in vault adds to the building’s character. The 2nd floor is split into two separate, privately accessed spaces: an active, transferable 5-Star “Superhost” AirBnB with a private balcony, and an artful urban loft one-bedroom apartment with a private owner’s passageway that includes a washer, dryer, and housekeeping storage. Each unit has its own private staircase and entry. The 3rd floor is described as potentially available for expansion. A 500-square-foot rooftop patio/garden provides outdoor space.
The property includes 2+ private parking spaces on-site, with additional guest/customer parking available on the street or in a free city parking garage located kitty corner to the rear.
Updates include a new boiler added in 2025 and a mini-split heat and AC unit on the 1st floor. With turnkey income opportunities already in place and private entries for each unit, the configuration may suit buyers seeking a ready-to-operate setup while retaining the option to expand to the 3rd floor if desired.
The property includes 2+ private parking spaces on-site, with additional guest/customer parking available on the street or in a free city parking garage located kitty corner to the rear.
Updates include a new boiler added in 2025 and a mini-split heat and AC unit on the 1st floor. With turnkey income opportunities already in place and private entries for each unit, the configuration may suit buyers seeking a ready-to-operate setup while retaining the option to expand to the 3rd floor if desired.
Key Highlights
- Restored 1865 bank‑turned corner building with 15‑ft ceilings, period crown molding/woodwork, and marble fireplace
- 1st‑floor mini split heat & AC plus new 2025 boiler
- 2nd‑floor transferable 5‑Star “Superhost” AirBnB with private balcony
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
$28,132
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
4.81%
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%
$562,640
$562.6K
Cap Rate 7%
$401,886
$401.9K
Cap Rate 9%
$312,578
$312.6K
Market Conditions
NOI Build-Up for 3,701 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
$54.2K $14.64/SF
− Vacancy
−$3.0K −$0.82/SF
EGI
$51.1K $13.82/SF
− OpEx
−$23.0K −$6.22/SF
NOI
$28.1K $7.60/SF
Area
Calhoun County, MI
Vacancy
5.60%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$562,640
Cap Rate 7%
$401,886
Cap Rate 9%
$312,578
Alternative Uses
Best Use
Apartment 5plus
$401.9K
$351.7K – $468.9K
NOI $28,132 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$43.90M
$38.41M – $51.22M
NOI $3,073,181 @ 7.0% cap · market cap 525.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
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?
Short term rental property - Restored 1865 bank-turned building with transferable short-term rental and loft apartment, plus private outdoor space and parking.
Where is this short term rental property located?
The property is located at 227 E Michigan Avenue Marshall, MI.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Restored 1865 bank‑turned corner building with 15‑ft ceilings, period crown molding/woodwork, and marble fireplace; 1st‑floor mini split heat & AC plus new 2025 boiler; 2nd‑floor transferable 5‑Star “Superhost” AirBnB with private balcony
