Historic Corner Income Building with 15-Foot
227 E Michigan Avenue Marshall, MI 49068
For Sale
$585,000
COMMERCIAL - Marshall, MI
Property Size3,701 SF
Lot Size0.07 Acres
Price / SF$158.07
Days on Market50
Property Features for 227 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 3, Bathroom 2
Parking
3
Interior features
Broadband
Standard status
Active
APN
53-001-023-01
Size
3,701 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LL@LO
Tax Annual Amount
4985
Utilities
Utilities
Cable Available
Heating system
Baseboard, Steam
Cooling system
Window Unit(s)
Building Details
Year built
1865
Number of units
3
Building materials
Block, Concrete, Stone
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 789-0140
Listed By:
Carole Shapiro · License #6506033200
(269) 209-4076
Added: Jun 10
Changed: Jul 25
Last Checked: Jul 29 at 2:06PM
MLS# 26028436
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
A distinctive downtown Marshall classic historic corner building originally built as a bank in 1865. The restored showroom features 15-foot ceilings with period crown molding and woodwork, a marble fireplace, three 8-foot and two 7-foot display windows, and a lockable walk-in vault. The property also includes updated mechanicals, with a new boiler added in 2025 and a mini split heat & AC unit on the 1st floor.
The 2nd floor is split between an active, transferable 5-Star “Superhost” AirBnB with a private balcony and a separate artful urban loft one-bedroom apartment with a private owner’s passageway between the two spaces. Each unit has its own private staircase and entry, and the loft includes a washer, dryer, and housekeeping storage. The 3rd floor has potential for expansion and could be available.
A 500-square-foot rooftop patio/garden is included, along with 2+ private parking spaces. Additional guest/customer parking is available on the street or in the free city parking garage kitty corner to the rear.
The 2nd floor is split between an active, transferable 5-Star “Superhost” AirBnB with a private balcony and a separate artful urban loft one-bedroom apartment with a private owner’s passageway between the two spaces. Each unit has its own private staircase and entry, and the loft includes a washer, dryer, and housekeeping storage. The 3rd floor has potential for expansion and could be available.
A 500-square-foot rooftop patio/garden is included, along with 2+ private parking spaces. Additional guest/customer parking is available on the street or in the free city parking garage kitty corner to the rear.
Key Highlights
- Historic downtown Marshall corner building built in 1865 with restored showroom, period crown molding and woodwork, and 15‑foot ceilings
- Bank building features a marble fireplace, five display windows (three 8‑ft and two 7‑ft), and a lockable walk‑in vault
- Income setup includes an active transferable 5‑Star Superhost AirBnB on the 2nd floor plus a separate 1‑bedroom loft unit with private owner's passageway
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.3k | $15.48 |
| − Vacancy | −$2.4k | −$0.65 |
| EGI | $54.9k | $14.83 |
| − OpEx | −$13.7k | −$3.71 |
| NOI | $41.2k | $11.12 |
3,701 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$588.1K
$514.6K – $686.1K
NOI $41,164 @ 7.0% cap · market cap 7.04%
Second Best
Retail
$548.9K
$480.3K – $640.3K
NOI $38,420 @ 7.0% cap · market cap 6.57%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Bank - Restored bank-turned building offers multiple turnkey units, 15-foot ceilings, a rooftop patio, and private parking.
Where is this bank 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: Historic downtown Marshall corner building built in 1865 with restored showroom, period crown molding and woodwork, and 15‑foot ceilings; Bank building features a marble fireplace, five display windows (three 8‑ft and two 7‑ft), and a lockable walk‑in vault; Income setup includes an active transferable 5‑Star Superhost AirBnB on the 2nd floor plus a separate 1‑bedroom loft unit with private owner's passageway
