Mixed-Use Building with
For Sale
$799,000
519 W Washington Street, Marquette, MI 49855
COM/IND/BUS OPP, Marquette, MI
Property Size3,522 SF
Lot Size0.11 Acres
Price / SF$226.86
Days on Market212
Property Features for 519 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot, Off Street
Patio and Porch features
Patio
Exterior features
Deck/Patio
Lot features
Main Street
Subdivision
Marquette (52016)
Standard status
Active
Size
3,522 SF
Lot size
0.11 Acres
Additional Details
Currently Operating
Yes
Mixed-Use Components
retail, residential
Utilities
Cooling system
Window Unit(s)
Water source
Public
Amenities
workspace
storage
steam room
parking
Building Details
Year built
1960
Roof type
Rubber, Metal
Buildings
1
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
KRISTINE GOUPILLE
(906) 250-7344
Added: Mar 31
Changed: Oct 27
Last Checked: Oct 28 at 11:06PM
MLS# 50202907
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.
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Investment Insights
Based on property information with market context.
This 3,522-square-foot mixed-use property contains a commercial storefront and two residential units, currently operated as short-term rentals. The residential spaces include a one-bedroom studio and a two-story, three-bedroom, one-bath loft with 14-foot ceilings. Basement space provides workspace, storage, and a steam room. Parking is available behind the building for all three units, and the property has a patio.
At 519 W Washington Street, the building sits across from the Marquette Food Co-op, with Lake Superior five blocks away and a city bike path behind the property. Zoning is Commercial.
Built in 1960, the property received a second-story addition in 2017. Updates included the furnace, rubber roof, windows, and underground electrical. Roof materials include rubber and metal; cooling is provided by window units.
At 519 W Washington Street, the building sits across from the Marquette Food Co-op, with Lake Superior five blocks away and a city bike path behind the property. Zoning is Commercial.
Built in 1960, the property received a second-story addition in 2017. Updates included the furnace, rubber roof, windows, and underground electrical. Roof materials include rubber and metal; cooling is provided by window units.
Key Highlights
- 3,522 square feet on a 0.11‑acre lot
- Commercial storefront and two residential units currently used as short‑term rentals
- Residential mix: one‑bedroom studio and two‑story, three‑bedroom, one‑bath loft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,223
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,410
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit configuration pairs a commercial storefront with two residential units used as short-term rentals.
Where is this mixed-use property located?
The property is located at 519 W Washington Street 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: 3,522 square feet on a 0.11‑acre lot; Commercial storefront and two residential units currently used as short‑term rentals; Residential mix: one‑bedroom studio and two‑story, three‑bedroom, one‑bath loft
