Updated Mixed-Use
519 W Washington St Marquette, MI 49855
For Sale
Contact for pricing
Mixed-use property with a high-visibility storefront and two residential units, plus a basement steam room and back parking.
Property Size3,522 SF
Price / SF$243.90
Days on Market410
Property Features for 519 W Washington St
General Information
- Standard status
- Active
- Size
- 3,522 SF
- Property subtype
- Mixed Use, Multifamily, Office
Building Details
- Year Built
- 1960
Listing Agency:
RE/MAX 1st Realty
Listed By:
Andrea Couvillion · License #6506048671
Source:
Crexi
Added: Jun 9, 2025
Changed: Jul 23
Last Checked: Jul 23 at 9:09AM
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 updated mixed-use building includes a high-visibility commercial storefront and two residential units used as Airbnb rentals: a 1-bedroom studio and a 3-bedroom, 1-bath two-story loft-style apartment. The loft unit features 14-foot ceilings, custom cabinetry, tile accents, Miele appliances, and heated towel racks. A second-story addition was completed in 2017. Major updates include a new furnace, rubber roof, windows, and underground electrical.
Located at 519 W Washington St in downtown Marquette, the building is on Washington Street directly across from the Marquette Food Co-op, with Lake Superior about five blocks away. The city bike path runs behind the building.
The basement provides additional workspace, storage, and a steam room. Parking in the back accommodates all three units.
Located at 519 W Washington St in downtown Marquette, the building is on Washington Street directly across from the Marquette Food Co-op, with Lake Superior about five blocks away. The city bike path runs behind the building.
The basement provides additional workspace, storage, and a steam room. Parking in the back accommodates all three units.
Key Highlights
- Mixed‑use building in Downtown Marquette on Washington Street, with a high‑visibility commercial storefront and two residential units
- Two Airbnb rental units: a 1‑bedroom studio and a 3‑bedroom, 1‑bath two‑story loft with 14‑ft ceilings, custom cabinetry, tile accents, and Miele appliances
- Second‑story addition completed in 2017; major updates include a new furnace, rubber roof, windows, and underground electrical
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.4k | $18.00 |
| − Vacancy | −$1.6k | −$0.47 |
| EGI | $61.7k | $17.53 |
| − OpEx | −$18.5k | −$5.26 |
| NOI | $43.2k | $12.27 |
3,522 SF · lease $18.00/SF/yr · vacancy 2.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$617.5K
$540.3K – $720.4K
NOI $43,223 @ 7.0% cap · market cap 5.03%
Second Best
Mixed Use
$332.1K
$290.6K – $387.4K
NOI $23,245 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,610 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Short term rental ...
FAQs
What type of property is this?
Short term rental property - Mixed-use property with a high-visibility storefront and two residential units, plus a basement steam room and back parking.
Where is this short term rental property located?
The property is located at 519 W Washington St Marquette, MI.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Mixed‑use building in Downtown Marquette on Washington Street, with a high‑visibility commercial storefront and two residential units; Two Airbnb rental units: a 1‑bedroom studio and a 3‑bedroom, 1‑bath two‑story loft with 14‑ft ceilings, custom cabinetry, tile accents, and Miele appliances; Second‑story addition completed in 2017; major updates include a new furnace, rubber roof, windows, and underground electrical
