Mixed-Use Building with Vacation
256 S Water St, Marine City, MI 48039
For Sale
$289,000
A corner-lot property brings together a leased storefront, a furnished office suite, an upstairs rental, and a detached garage.
Property Size2,200 SF
Price / SF$131.36
Days on Market9
Property Features for 256 S Water St
General Information
Standard status
Size
Total Parking Spaces
Site & Location
Corner Location
Utilities to Site
Mixed-Use Components
Additional Details
Furnished
Office Units
Tenant in Place
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Year Renovated
Buildings
Tenancy
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Julie Fagan · License #6502414739
(810) 650-1232
Source:
Exprealty
Added: Oct 30
Changed: Nov 6
Last Checked: Nov 6 at 2:49PM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
This mixed-use property contains a ground-floor retail storefront, a furnished professional office, and an upper-level vacation rental with three bedrooms. The office has a reception area, private office, workstation, full kitchen, ADA restroom, and rear storage. A detached garage accommodates two cars. The building was remodeled in 2019 and has public water and sewer, natural gas, and high-speed internet. The storefront lease runs through August 2027.
At 256 S Water St in downtown Marine City, the corner property faces Lighthouse Park across the river and has river views. Shops, restaurants, parks, and the waterfront are within walking distance in a tourist-oriented district.
At 256 S Water St in downtown Marine City, the corner property faces Lighthouse Park across the river and has river views. Shops, restaurants, parks, and the waterfront are within walking distance in a tourist-oriented district.
Key Highlights
- Three‑bedroom furnished vacation rental on the upper level
- Retail storefront leased through 8/2027
- Office suite includes reception, private office, workstation, full kitchen, ADA restroom, and rear storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,180
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$303,600
$303.6K
Cap Rate 7%
$216,857
$216.9K
Cap Rate 9%
$168,667
$168.7K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$26.4K $12.00/SF
− Vacancy
−$2.1K −$0.96/SF
EGI
$24.3K $11.04/SF
− OpEx
−$9.1K −$4.14/SF
NOI
$15.2K $6.90/SF
Area
St. Clair County, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$303,600
Cap Rate 7%
$216,857
Cap Rate 9%
$168,667
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,600 @ 7.0% cap · market cap 36.89%
Second Best
Retail
$406.3K
$355.5K – $474.0K
NOI $28,439 @ 7.0% cap · market cap 9.84%
Theoretical Best
Multifamily LT 5
$1.65M
$1.45M – $1.93M
NOI $115,772 @ 7.0% cap · market cap 40.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 48039, MI
7,485
Population
3,701
Households
2
Avg Household Size
46
Median Age
20%
College-Educated
92%
High-School Grad
23.0 sq mi
ZIP Area
325
Density / Sq Mi
$76,304
Median Household Income
$42,715
Median Earnings
$879
Median Rent
$170,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A corner-lot property brings together a leased storefront, a furnished office suite, an upstairs rental, and a detached garage.
Where is this mixed-use property located?
The property is located at 256 S Water St Marine City, MI.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Three‑bedroom furnished vacation rental on the upper level; Retail storefront leased through 8/2027; Office suite includes reception, private office, workstation, full kitchen, ADA restroom, and rear storage
