Flex Space With Overhead
New
For Sale
$295,000
405 WRIGHT ST, Marquette, MI 49855
Newer mixed-use commercial space with warehouse capacity, office support, and public utilities near downtown Marquette.
Property Size1,620 SF
Price / SF$182.10
Days on Market4
Property Features for 405 WRIGHT ST
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Industrial
Zoning
M-U Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
1,427 SF
Office Build-Out
193 SF
Drive-In Doors
1
Power
200 amps
Three-Phase Power
Yes
Amenities
kitchenette
ADA restroom
mop sink
3
Concrete
Metal
50120
Building Details
Year Built
2021
Buildings
1
Building Size
1,620 SF
Listing Agency:
RE/MAX 1ST REALTY
(906) 225-1136
Listed By:
DAVE MINGAY · License #6505420592
(906) 361-7604
Source:
Xome
Added: Aug 30
Changed: Sep 2
Last Checked: Sep 2 at 1:01PM
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.
Constructed in 2021, this 1,620-square-foot flex property combines approximately 1,427 square feet of warehouse and storage area with 193 square feet allocated to office and bathroom space. The office includes a kitchenette with a refrigerator and microwave, while the building also has an ADA restroom, mop sink, wood shelving, LED lighting, and an 11-foot automatic overhead door. Full insulation, gas and electric heat, and a 6-inch concrete slab support practical year-round use.
The building is equipped with three-phase electricity and a 200-amp electrical panel. Its east wall has a fire-rated assembly with two layers of drywall beneath the metal sheeting. Zoned M-U Mixed Use, the property is connected to public water and sanitary sewer. The site is on Wright Street near downtown Marquette, Northern Michigan University, and US-41, with potential uses subject to City approval.
The building is equipped with three-phase electricity and a 200-amp electrical panel. Its east wall has a fire-rated assembly with two layers of drywall beneath the metal sheeting. Zoned M-U Mixed Use, the property is connected to public water and sanitary sewer. The site is on Wright Street near downtown Marquette, Northern Michigan University, and US-41, with potential uses subject to City approval.
Key Highlights
- 1,620‑square‑foot flex building constructed in 2021
- Approximately 1,427 square feet of warehouse/storage area and 193 square feet of office and bathroom space
- 11‑foot automatic overhead door serving the warehouse area
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
$14,789
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
5.01%
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%
$295,780
$295.8K
Cap Rate 7%
$211,271
$211.3K
Cap Rate 9%
$164,322
$164.3K
Market Conditions
NOI Build-Up for 1,620 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
$25.9K $15.96/SF
− Vacancy
−$3.1K −$1.92/SF
EGI
$22.8K $14.04/SF
− OpEx
−$8.0K −$4.92/SF
NOI
$14.8K $9.13/SF
Area
Marquette County, MI
Vacancy
12.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
35.00%
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%
$295,780
Cap Rate 7%
$211,271
Cap Rate 9%
$164,322
Alternative Uses
Best Use
Flex RnD
$211.3K
$184.9K – $246.5K
NOI $14,789 @ 7.0% cap · market cap 5.01%
Second Best
Warehouse
$147.1K
$128.7K – $171.6K
NOI $10,294 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$477.1K
$417.5K – $556.6K
NOI $33,398 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- SMOKD. — 1614 Wilkinson Ave, Marquette, MI 49855
Frequently Asked Questions
What type of property is this?
Flex space - Newer mixed-use commercial space with warehouse capacity, office support, and public utilities near downtown Marquette.
Where is this flex space located?
The property is located at 405 WRIGHT ST Marquette, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,620‑square‑foot flex building constructed in 2021; Approximately 1,427 square feet of warehouse/storage area and 193 square feet of office and bathroom space; 11‑foot automatic overhead door serving the warehouse area
