Two-Unit Residential
For Sale
$347,000
321 E Michigan Street, Marquette, MI 49855
MULTIFAMILY, 2 Story, Marquette, MI
Property Size1,777 SF
Lot Size0.34 Acres
Price / SF$195.27
Days on Market238
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 3, Bathroom 3, Bedroom 2, Bathroom 4, Bedroom 1, Bathroom 1, Basement, 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
Amenities
washer/dryer in unit
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: Sep 13
Last Checked: Oct 6 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 conventional duplex contains 1,777 square feet across two residential units. The first residence has 1 bedroom and 1 bath, along with in-unit laundry and included utilities. The second offers 2 bedrooms and 2 baths, with included utilities. Appliances at the property include a range/oven, refrigerator, washer, and dryer.
Built in 1935, the property occupies 0.34 acres and uses oil heating with public water service. Parking is provided on the street. The home is situated on the east side of Marquette near downtown, Northern Michigan University, and Lake Superior.
Built in 1935, the property occupies 0.34 acres and uses oil heating with public water service. Parking is provided on the street. The home is situated on the east side of Marquette near downtown, Northern Michigan University, and Lake Superior.
Key Highlights
- Two‑unit duplex with 1,777 square feet of building area
- Unit 1 includes 1 bedroom, 1 bath, washer/dryer, and included utilities
- Unit 2 offers 2 bedrooms, 2 baths, and included utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,101
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Lease Details
2
Residential units
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - The property includes one-bedroom and two-bedroom residences, each with its own bathroom and household appliances.
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: Two‑unit duplex with 1,777 square feet of building area; Unit 1 includes 1 bedroom, 1 bath, washer/dryer, and included utilities; Unit 2 offers 2 bedrooms, 2 baths, and included utilities
