Historic Coffee Shop and
For Sale
$849,000
401 N Third Street, Marquette, MI 49855
Turnkey coffee shop, roastery, and bar in a Victorian building with retained original features and a basement walk-in cooler.
Property Size2,806 SF
Price / SF$302.57
Days on Market463
Property Features for 401 N Third Street
General Information
Standard status
Active
Size
2,806 SF
Additional Details
Business Included
Yes
Liquor License
Yes
Amenities
hardwood floors
trim
large pocket doors
high ceilings
marble-tiled fireplaces
sound system
air conditioning
walk-in cooler
patio
private meeting room
Building Details
Year Built
1890
Stories
2
Construction
Victorian
Listing Agency:
RE/MAX 1ST REALTY
Listed By:
KELLIE HILLIER-GENSCHAW · License #6501271285
(906) 361-7653
Source:
Exprealty
Added: Jun 2, 2025
Changed: Sep 3
Last Checked: Sep 6 at 2:02PM
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 RE/MAX 1ST REALTY
Investment Insights
Based on property information with market context.
This turnkey coffee shop, roastery, and bar operates from a Victorian-style home originally built in 1890. The property has been converted into commercial space and restored and renovated, while retaining original details including hardwood floors, trim, large pocket doors, high ceilings, and two marble-tiled fireplaces. Modern amenities include a sound system, air conditioning, and a large walk-in cooler located in the basement. The space offers two levels of gathering areas with casual and intimate seating options, along with a private meeting room that can be reserved. There is also a patio area for outdoor beverage service.
Located in historic downtown Marquette at the Third St. location, the business is surrounded by unique shops, restaurants, and professional services. Customer parking is available behind the building and along Third St.
The purchase includes the building, business, equipment, and liquor license.
Located in historic downtown Marquette at the Third St. location, the business is surrounded by unique shops, restaurants, and professional services. Customer parking is available behind the building and along Third St.
The purchase includes the building, business, equipment, and liquor license.
Key Highlights
- Established in 2018, The Crib is a coffee shop, roastery, and bar in Historic Downtown Marquette
- Victorian‑style home built in 1890, converted into commercial space and restored/renovated by the current owners
- Retained original features include hardwood floors, trim, large pocket doors, and high ceilings, plus two marble‑tiled fireplaces
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
$38,864
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
4.58%
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%
$777,280
$777.3K
Cap Rate 7%
$555,200
$555.2K
Cap Rate 9%
$431,822
$431.8K
Market Conditions
NOI Build-Up for 2,806 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
$53.2K $18.96/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$51.8K $18.47/SF
− OpEx
−$13.0K −$4.62/SF
NOI
$38.9K $13.85/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$777,280
Cap Rate 7%
$555,200
Cap Rate 9%
$431,822
Alternative Uses
Best Use
Specialty Retail
$555.2K
$485.8K – $647.7K
NOI $38,864 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$826.4K
$723.1K – $964.1K
NOI $57,848 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
16k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 46%
Dining 28%
Shops & Services 26%
Ramada
Hotels & Casinos
7,592 visits/mo
0.3 miles
BP
Shops & Services
3,286 visits/mo
0.4 miles
Domino's Pizza
Dining
2,454 visits/mo
0.5 miles
Jimmy John's
Dining
2,197 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
937 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- JML Coffee — 402 Rock St #1, Marquette, MI 49855
- Dead River Coffee Roasters — 119 W Baraga Ave, Marquette, MI 49855
- Zephyr Winebar + Café — 215 S Front St, Marquette, MI 49855
- Yoop-Phoria — 156 W Washington St, Marquette, MI 49855
- Blossom Bird Bubble Tea — 128 N 3rd St, Marquette, MI 49855
Frequently Asked Questions
What type of property is this?
Coffee shop - Turnkey coffee shop, roastery, and bar in a Victorian building with retained original features and a basement walk-in cooler.
Where is this coffee shop located?
The property is located at 401 N Third Street Marquette, MI.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Established in 2018, The Crib is a coffee shop, roastery, and bar in Historic Downtown Marquette; Victorian‑style home built in 1890, converted into commercial space and restored/renovated by the current owners; Retained original features include hardwood floors, trim, large pocket doors, and high ceilings, plus two marble‑tiled fireplaces
