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    Downtown Marquette Commercial Storefront Space Title is generated by Realmo AI

    407 S Lakeshore, Marquette, MI 49855

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    New
    For Lease
    $20 SF/Yr $2,623/Mo (calc)

    Office - Marquette, MI

    Type:Office
    Property size:
    1,574 SF
    Lot size:
    1.94 Acres
    Added:
    May 8, 2026
    Days on Market:
    2
    Last Refresh:
    May 9 at 2:06 am

    Property Features for 407 S Lakeshore

    General Information

    Property type
    Residential Lease
    Property subtype
    Office
    Property condition
    New Construction
    Zoning
    Commercial
    Parking features
    Parking Lot
    Interior features
    Internet Available, Private Restrooms, Sidewalks, Unfinished Floor
    Standard status
    Active
    APN
    0510608
    Size
    1,574 SF
    Lot size
    1.94 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Great Lake, Waterfront
    Water front
    1

    Building Details

    Year built
    2022
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    CRAIG HEINONEN
    CRAIG HEINONEN

    Listing agent CRAIG HEINONEN

    Listing office COLDWELL BANKER SCHMIDT REALTORS 407 S. Lakeshore Blvd, MARQUETTE, MI

    Listing date May 8, 2026

    MLS# 50206876 Listing URL

    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.

    HighLights

    • Prime downtown lakeshore location with high visibility and convenient access.
    • Opportunity for a custom build‑out to perfectly suit specific business needs.
    • Rare private patio area with south‑facing views and adjoining green space.
    • Dedicated open‑air parking with direct access.
    • Suitable for office, retail, showroom, or client‑facing space.
    • New construction (built in 2022) in a modern mixed‑use development.

    Overview

    Located in the heart of Marquette’s downtown lakeshore corridor, this first-floor commercial storefront space, Leasehold “C,” offers approximately 1,574 square feet in as-is condition and is available for office or retail use. The space provides an excellent opportunity for a tenant to design and complete a custom build-out suited to their business needs while enjoying strong visibility, convenient access, and proximity to downtown shops, restaurants, hotels, the waterfront, and year-round community activity. A unique added feature is the private patio area with south-facing views, along with an adjoining green space. The private outdoor component adds flexibility rarely found in downtown commercial lease space, creating a natural extension of the storefront during Marquette’s active summer season. Dedicated open-air parking with direct access is available, with additional undedicated parking available on a first-come, first-served basis through Marquette DDA rates. Situated within a modern mixed-use development, this property on 1.94 acres is zoned for commercial use. Whether used for office, retail, showroom, or client-facing space, this is a rare opportunity to create a customized business presence in one of Marquette’s most recognizable downtown developments.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.380154
    Latitude
    46.54648

    FAQs

    What type of property is this?
    Office units - Modern mixed-use development, customizable space for office or retail.
    Where is this office units located?
    The property is located at 407 S Lakeshore Marquette, MI.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown lakeshore location with high visibility and convenient access.; Opportunity for a custom build‑out to perfectly suit specific business needs.; Rare private patio area with south‑facing views and adjoining green space.
    (906) 231-3635
    We can help!
    Listing Contact
    CRAIG HEINONEN
    CRAIG HEINONEN
    Real Estate License ID: UPAR
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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