Updated Mixed-Use
For Sale
Contact for pricing
519 W Washington St, Marquette, MI 49855
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$226.86
Days on Market456
Property Features for 519 W Washington St
General Information
Standard status
Active
Size
3,522 SF
Property subtype
Mixed Use, Multifamily, Office
Zoning
CBD
Investment Type
Owner/User
Building Details
Year Built
1960
Year Renovated
2017
Buildings
1
Stories
2
Units
3
Listing Agency:
RE/MAX 1st Realty
Listed By:
Andrea Couvillion · License #6506048671
Source:
Crexi
Added: Jun 9, 2025
Changed: Sep 3
Last Checked: Sep 6 at 8:51PM
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
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
$43,223
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
5.41%
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%
$864,460
$864.5K
Cap Rate 7%
$617,471
$617.5K
Cap Rate 9%
$480,256
$480.3K
Market Conditions
NOI Build-Up for 3,522 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
$63.4K $18.00/SF
− Vacancy
−$1.6K −$0.47/SF
EGI
$61.7K $17.53/SF
− OpEx
−$18.5K −$5.26/SF
NOI
$43.2K $12.27/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$864,460
Cap Rate 7%
$617,471
Cap Rate 9%
$480,256
Alternative Uses
Best Use
Retail
$617.5K
$540.3K – $720.4K
NOI $43,223 @ 7.0% cap · market cap 5.41%
Second Best
Mixed Use
$332.1K
$290.6K – $387.4K
NOI $23,245 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.04M
$907.6K – $1.21M
NOI $72,610 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,410
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?
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 $799,000.
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
