Five-Plex Apartment Building with Basement
For Sale
$525,000
421 N Front Street, Marquette, MI 49855
MULTIFAMILY, More than 2 Stories, Marquette, MI
Property Size4,258 SF
Lot Size0.17 Acres
Price / SF$123.30
Days on Market479
Property Features for 421 N Front Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Basement, Bathroom 3, Bedroom 3, Bedroom 4, Laundry Room, Bedroom 6, Bathroom 4, Bedroom 2
Parking features
Driveway
Patio and Porch features
Deck, Porch
Interior features
Hardwood Floors
Exterior features
Deck, Porch, Sidewalks, Street Lights
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Lot features
Main Street, Walk to School, Sidewalks
Elementary school
Graveraet
Middle school
Bothwell
High school
Marquette Senior High School
Elementary school district
Marquette Area School District
Middle school district
Marquette Area School District
High school district
Marquette Area School District
Subdivision
Marquette (52016)
Standard status
Active
Size
4,258 SF
Lot size
0.17 Acres
Utilities
Heating system
Oil
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
separate locked storage spaces
laundry area
Building Details
Year built
1912
Number of units
5
Architectural style
Conventional
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
SEAN LEAHY · License #UPAR
(906) 362-1158
Added: Apr 30, 2025
Changed: Aug 19
Last Checked: Aug 21 at 2:06AM
MLS# 50173167
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 five-plex apartment building includes four one-bedroom units and one two-bedroom unit. The basement offers convenient separate locked storage spaces and a dedicated laundry area. Interior features include hardwood floors. Heating is oil-based, with ceiling fans for cooling support. The property also includes deck and porch features and is served by public water.
Off-street parking is available with five parking spots, accessed via a driveway. The building is located at 421 N Front Street in Marquette, near downtown and the Third Street corridor.
Built in 1912, the property includes sidewalks and street lights, which can support walk-up convenience for tenants and visitors.
Off-street parking is available with five parking spots, accessed via a driveway. The building is located at 421 N Front Street in Marquette, near downtown and the Third Street corridor.
Built in 1912, the property includes sidewalks and street lights, which can support walk-up convenience for tenants and visitors.
Key Highlights
- Four one‑bedroom units plus one two‑bedroom unit in a five‑plex apartment building
- Basement offers separate locked storage spaces and a laundry area
- Hardwood floors throughout with oil heat and ceiling fans
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
$23,027
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
4.39%
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%
$460,540
$460.5K
Cap Rate 7%
$328,957
$329.0K
Cap Rate 9%
$255,856
$255.9K
Market Conditions
NOI Build-Up for 4,258 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
$43.4K $10.20/SF
− Vacancy
−$1.6K −$0.37/SF
EGI
$41.9K $9.83/SF
− OpEx
−$18.8K −$4.42/SF
NOI
$23.0K $5.41/SF
Area
Marquette County, MI
Vacancy
3.60%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
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%
$460,540
Cap Rate 7%
$328,957
Cap Rate 9%
$255,856
Alternative Uses
Best Use
Apartment 5plus
$329.0K
$287.8K – $383.8K
NOI $23,027 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,783 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,271
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-plex with a one- to two-bedroom mix, hardwood floors, basement laundry and locked storage, plus off-street parking.
Where is this apartment building located?
The property is located at 421 N Front Street Marquette, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four one‑bedroom units plus one two‑bedroom unit in a five‑plex apartment building; Basement offers separate locked storage spaces and a laundry area; Hardwood floors throughout with oil heat and ceiling fans
