Duplex with In-Unit
For Sale
$347,000
321 E Michigan Street, Marquette, MI 49855
MULTI_FAMILY - Conventional - Marquette, MI
Property Size1,777 SF
Lot Size0.34 Acres
Price / SF$195.27
Days on Market192
Property Features for 321 E Michigan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
3
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 1, Basement, Bathroom 3, Bathroom 4, Bedroom 1, Bathroom 2
Parking features
On Street
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Hewitts Add
Lot features
Main Street, Deep Lot - 150+ Ft.
Elementary school district
Marquette Area School District
Middle school district
Marquette Area School District
High school district
Marquette Area School District
Standard status
Active
Size
1,777 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3377
Utilities
Heating system
Oil
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
EXP REALTY OF MARQUETTE
(888) 501-7085
Listed By:
JOHN DEMAY · License #UPAR
(906) 362-1000
Added: Feb 10
Changed: Aug 2
Last Checked: Aug 21 at 9:06AM
MLS# 50199146
Copyright © 2026 Upper Peninsula Association of Realtors. 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.
This east side duplex at 321 E Michigan Street offers two separate units within a conventional 1935 structure. The property includes a basement, public water service, and oil heating. Unit 1 is a 1-bedroom, 1-bath layout and includes washer/dryer in the unit along with listed appliances including refrigerator, range/oven, and washer/dryer. Unit 2 is a 2-bedroom, 2-bath unit and also includes all utilities.
The duplex sits on a 0.34-acre lot and totals 1,777 square feet. Parking is available on street. The property is positioned on the east side of Marquette near downtown, NMU, and Lake Superior.
The duplex sits on a 0.34-acre lot and totals 1,777 square feet. Parking is available on street. The property is positioned on the east side of Marquette near downtown, NMU, and Lake Superior.
Key Highlights
- 0.34‑acre lot
- 1,777 SF duplex building
- Built in 1935
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
$11,101
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
3.20%
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%
$222,020
$222.0K
Cap Rate 7%
$158,586
$158.6K
Cap Rate 9%
$123,344
$123.3K
Market Conditions
NOI Build-Up for 1,777 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
$16.4K $9.24/SF
− Vacancy
−$562 −$0.32/SF
EGI
$15.9K $8.92/SF
− OpEx
−$4.8K −$2.68/SF
NOI
$11.1K $6.25/SF
Area
Marquette County, MI
Vacancy
3.42%
Lease Rate
$9.24 /SF/Yr
Expense Ratio
30.00%
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%
$222,020
Cap Rate 7%
$158,586
Cap Rate 9%
$123,344
Alternative Uses
Best Use
Multifamily LT 5
$158.6K
$138.8K – $185.0K
NOI $11,101 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$137.3K
$120.1K – $160.2K
NOI $9,610 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$523.4K
$457.9K – $610.6K
NOI $36,635 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 49855, MI
32,929
Population
15,779
Households
2.1
Avg Household Size
38
Median Age
45%
College-Educated
96%
High-School Grad
206.9 sq mi
ZIP Area
159
Density / Sq Mi
$62,321
Median Household Income
$27,408
Median Earnings
$992
Median Rent
$245,100
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?
Duplex - East side Marquette duplex offering a 1-bedroom and 2-bedroom unit, with in-unit washer/dryer and all utilities included.
Where is this duplex located?
The property is located at 321 E Michigan Street Marquette, MI.
What is the asking price?
The asking price for this property is $347,000.
What are key features of this property?
This property features: 0.34‑acre lot; 1,777 SF duplex building; Built in 1935
