Mixed-Use Building with Vacation
256 S Water Street, Marine City, MI 48039
For Sale
$289,000
Commercial Sale, Marine, MI
Property Size2,200 SF
Lot Size0.28 Acres
Price / SF$131.36
Days on Market9
Property Features for 256 S Water Street
General Information
Property type
Property subtype
Zoning description
Bathrooms
Full bathrooms
Rooms
Parking
Interior features
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Site & Location
Corner Location
Mixed-Use Components
Additional Details
Tenant in Place
Property Use
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Buildings
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Julie Fagan · License #6502414739
(810) 650-1232
Added: Oct 30
Changed: Nov 4
Last Checked: Nov 7 at 2:06AM
MLS# 26058012
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.
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Investment Insights
Based on property information with market context.
At 256 S Water Street, this 2,200-square-foot mixed-use building combines a ground-floor storefront, a furnished office suite and an upper-level vacation rental with three bedrooms. The office includes reception space, a private office, a workstation, a full kitchen, an ADA restroom and rear storage. A detached two-car garage provides additional space. The building was remodeled in 2019 and has forced-air heat and central air.
The storefront tenant is leased through August 2027. The property sits on a 0.28-acre corner lot in downtown Marine City, with river views across from Lighthouse Park. Shops, restaurants, parks and the riverfront are within walking distance. Public water and sewer, natural gas and high-speed internet are available.
The storefront tenant is leased through August 2027. The property sits on a 0.28-acre corner lot in downtown Marine City, with river views across from Lighthouse Park. Shops, restaurants, parks and the riverfront are within walking distance. Public water and sewer, natural gas and high-speed internet are available.
Key Highlights
- 2,200‑square‑foot mixed‑use building on a 0.28‑acre corner lot
- Three‑bedroom upper‑level vacation rental
- Furnished office suite with reception, private office, workstation, full kitchen and ADA restroom
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
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate retail, office and lodging areas create three distinct uses within the building.
Where is this mixed-use property located?
The property is located at 256 S Water Street 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: 2,200‑square‑foot mixed‑use building on a 0.28‑acre corner lot; Three‑bedroom upper‑level vacation rental; Furnished office suite with reception, private office, workstation, full kitchen and ADA restroom
