Historic Mixed-Use Corner
227 E Michigan Avenue, Marshall, MI 49068
New
COMMERCIAL - Marshall, MI
Property size:
3,701 SFLot size:
0.07 AcresPrice / SF:
$158/SF- Added:
- Jun 10, 2026
- Days on Market:
- 5
- Last Refresh:
- Jun 14 at 2:06 pm
Property Features for 227 E Michigan Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bathroom 1, Basement, Bathroom 3
- 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 agent Carole Shapiro License #6506033200 (269) 209-4076
Listing office Berkshire Hathaway HomeServices Michigan Real Estate 105 W Michigan Ave., Kalamazoo, MI (269) 789-0140
Listing date Jun 10, 2026
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.
HighLights
- Historic corner building built in 1865, constructed with block, concrete, and stone
- Showroom features 15‑foot ceilings with period crown molding and woodwork, plus a marble fireplace
- Second floor split into an active, transferable 5‑star Superhost AirBnB and an artful urban loft 1‑bedroom unit
- Lockable walk‑in vault and multiple display windows, including three 8‑foot and two 7‑foot tall windows
- 2025 upgrades include a new boiler and a mini split heat & AC unit on the 1st floor
- 500 SF rooftop patio/garden and 2+ private parking spaces, with additional nearby public parking
Overview
This distinctive historic corner building was built as a bank in 1865 and features a meticulously restored showroom with 15-foot ceilings, period crown molding and woodwork, a marble fireplace, three 8-foot and two 7-foot tall display windows, and a lockable walk-in vault. The second floor is split between an active, transferable 5-Star “Superhost” AirBnB with a private balcony and a separate one-bedroom urban loft with a private owner’s passageway. Each unit has its own private staircase and entry, and the 3rd floor, used in the 1800s, could be available for expansion. A 500-square-foot rooftop patio/garden adds outdoor space for guests.
Located in downtown Marshall, the property offers ample guest and customer parking on the street and access to free city parking in a garage kitty corner to the rear. On-site parking includes 2+ private spaces. Recent mechanical updates include a new boiler added in 2025, along with a mini split heat & AC unit on the 1st floor.
Designed for an owner-operator or investor seeking multiple turnkey, separate living and visitor-use configurations, the layout supports flexible rental and occupancy planning. With private entries, dedicated outdoor space, and an option for future third-floor expansion, the building is well suited for buyers looking to manage short-term and longer-stay units within one restored structure.
Located in downtown Marshall, the property offers ample guest and customer parking on the street and access to free city parking in a garage kitty corner to the rear. On-site parking includes 2+ private spaces. Recent mechanical updates include a new boiler added in 2025, along with a mini split heat & AC unit on the 1st floor.
Designed for an owner-operator or investor seeking multiple turnkey, separate living and visitor-use configurations, the layout supports flexible rental and occupancy planning. With private entries, dedicated outdoor space, and an option for future third-floor expansion, the building is well suited for buyers looking to manage short-term and longer-stay units within one restored structure.
Local Financial Insights For 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 | −$16.5k | −$4.45 |
| NOI | $38.4k | $10.38 |
3,701 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$548.9K
$480.3K – $640.3K
NOI $38,420 @ 7.0% cap · market cap 6.57%
Second Best
Multifamily LT 5
$462.5K
$404.7K – $539.6K
NOI $32,378 @ 7.0% cap · market cap 5.53%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Heritage Cleaners
(Bike/Boat/Book/etc) Store
Marshall Framing Studio
(Bike/Boat/Book/etc) Store
Heritage Management Co
Business Management Consultant
Location Insight
- Map
- Local Demand
- City
- Marshall
- County
- Calhoun
- State
- Michigan
- Longitude
- -84.95674
- Latitude
- 42.272356
Nearby Similar for Sale
FAQs
What type of property is this?
Short term rental property - Restored showroom and furnished rental units in a downtown corner building with private entries, parking, and rooftop patio space.
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: Historic corner building built in 1865, constructed with block, concrete, and stone; Showroom features 15‑foot ceilings with period crown molding and woodwork, plus a marble fireplace; Second floor split into an active, transferable 5‑star Superhost AirBnB and an artful urban loft 1‑bedroom unit
