Office Building with Patio
For Sale
Under Contract
$550,000
375 N McClellan Avenue, Marquette, MI 49855
COMMERCIAL - Marquette, MI
Property Size1,703 SF
Lot Size0.46 Acres
Price / SF$322.96
Days on Market52
Property Features for 375 N McClellan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Zoning description
Mixed Use
Parking features
Parking Lot
Patio and Porch features
Patio
Exterior features
Deck/Patio
Lot features
Utilities Above Ground
Subdivision
Marquette (52016)
Standard status
Active Under Contract
Size
1,703 SF
Lot size
0.46 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
reception area
break room
conference room
vaulted ceilings
wood deck
Building Details
Year built
1997
Roof type
Asphalt, Shingle
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
JENNIFER COSCO · License #UPAR
(906) 250-5548
Added: Jun 19
Changed: Aug 4
Last Checked: Aug 9 at 10:06PM
MLS# 50212216
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 office building offers 1,703 square feet of flexible space configured into four suites (A, B, C, and D) with a reception area, break room, conference room, and bathroom. The building features vaulted ceilings, Anderson windows, and 6 panel solid oak doors, with a rear patio/deck for additional outdoor space. The property was built in 1997 and is equipped with forced air heating and central air conditioning.
The site consists of three full lots totaling 0.46 acres, with 150 feet of road frontage on McClellan Avenue. There are two curb cuts for access and three access points overall, including a main entrance facing McClellan and a 510 square foot wood deck at the rear. Parking includes 12 paved spaces with disabled parking.
The property is zoned mixed use and is serviced by Marquette city water and sewer, Semco for natural gas, and Board of Light and Power for electricity. Current tenants are on month-to-month leases, providing flexibility to occupy the full building or rent suites.
The site consists of three full lots totaling 0.46 acres, with 150 feet of road frontage on McClellan Avenue. There are two curb cuts for access and three access points overall, including a main entrance facing McClellan and a 510 square foot wood deck at the rear. Parking includes 12 paved spaces with disabled parking.
The property is zoned mixed use and is serviced by Marquette city water and sewer, Semco for natural gas, and Board of Light and Power for electricity. Current tenants are on month-to-month leases, providing flexibility to occupy the full building or rent suites.
Key Highlights
- 1,703 SF office building with four suites (A, B, C, D) and common reception, break, conference, and bathroom areas
- 150 feet of road frontage on McClellan Avenue with two curb cuts and three access points
- 0.46‑acre site consisting of three full lots, zoned mixed use
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
$26,332
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
4.79%
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%
$526,640
$526.6K
Cap Rate 7%
$376,171
$376.2K
Cap Rate 9%
$292,578
$292.6K
Market Conditions
NOI Build-Up for 1,703 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
$40.9K $24.00/SF
− Vacancy
−$5.8K −$3.38/SF
EGI
$35.1K $20.62/SF
− OpEx
−$8.8K −$5.15/SF
NOI
$26.3K $15.46/SF
Area
Marquette County, MI
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$526,640
Cap Rate 7%
$376,171
Cap Rate 9%
$292,578
Alternative Uses
Best Use
Office B
$376.2K
$329.2K – $438.9K
NOI $26,332 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$501.6K
$438.9K – $585.2K
NOI $35,109 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,104
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Four-suite office with forced air and central air, 12 paved parking spaces, and mixed-use zoning.
Where is this office units located?
The property is located at 375 N McClellan Avenue Marquette, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,703 SF office building with four suites (A, B, C, D) and common reception, break, conference, and bathroom areas; 150 feet of road frontage on McClellan Avenue with two curb cuts and three access points; 0.46‑acre site consisting of three full lots, zoned mixed use
