Retail Building with Living
For Sale
$650,000
521 W Washington Street, Marquette, MI 49855
Versatile retail layout with attached living quarters, offering multiple configuration options in a walkable neighborhood setting.
Property Size1,962 SF
Price / SF$331.29
Days on Market434
Property Features for 521 W Washington Street
General Information
Standard status
Active
Size
1,962 SF
Listing Agency:
SELECT REALTY
(906) 362-1158
Listed By:
SEAN LEAHY · License #UPAR
(906) 362-1158
Source:
Exprealty
Added: Jun 2, 2025
Changed: Jul 10
Last Checked: Aug 9 at 9:22AM
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 SELECT REALTY
Investment Insights
Based on property information with market context.
This commercial building includes living quarters alongside a retail storefront area. It was previously used as a jewelry store, and the interior layout is designed to support multiple configurations to suit different operating needs. The property’s flexible floor plan can accommodate a range of retail or mixed-use setups.
Located on Washington Street, the building sits across from the Marquette Food Co-op. It is also near Harlow Park, and the convenient bike path is located right out the back door, providing practical access for foot and bicycle traffic.
For buyers seeking a mixed-use arrangement, the combination of retail space and on-site living quarters can support a live-work model or a tenant/owner setup. The multiple configuration potential may appeal to operators who need adaptability within the storefront and adjoining areas. All offers are subject to probate approval.
Located on Washington Street, the building sits across from the Marquette Food Co-op. It is also near Harlow Park, and the convenient bike path is located right out the back door, providing practical access for foot and bicycle traffic.
For buyers seeking a mixed-use arrangement, the combination of retail space and on-site living quarters can support a live-work model or a tenant/owner setup. The multiple configuration potential may appeal to operators who need adaptability within the storefront and adjoining areas. All offers are subject to probate approval.
Key Highlights
- Commercial building with attached living quarters
- Previously used as a jewelry store
- Washington Street location across from the Marquette Food Co‑op
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
$30,336
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
4.67%
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%
$606,720
$606.7K
Cap Rate 7%
$433,371
$433.4K
Cap Rate 9%
$337,067
$337.1K
Market Conditions
NOI Build-Up for 1,962 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
$47.1K $24.00/SF
− Vacancy
−$6.6K −$3.38/SF
EGI
$40.4K $20.62/SF
− OpEx
−$10.1K −$5.15/SF
NOI
$30.3K $15.46/SF
Area
Marquette County, MI
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$606,720
Cap Rate 7%
$433,371
Cap Rate 9%
$337,067
Alternative Uses
Best Use
Office B
$433.4K
$379.2K – $505.6K
NOI $30,336 @ 7.0% cap · market cap 4.67%
Second Best
Retail
$344.0K
$301.0K – $401.3K
NOI $24,078 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$577.8K
$505.6K – $674.2K
NOI $40,449 @ 7.0% cap · market cap 6.22%
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
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Versatile retail layout with attached living quarters, offering multiple configuration options in a walkable neighborhood setting.
Where is this storefront property located?
The property is located at 521 W Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Commercial building with attached living quarters; Previously used as a jewelry store; Washington Street location across from the Marquette Food Co‑op
