Mixed-Use Building with Living
For Sale
$550,000
521 W Washington Street, Marquette, MI 49855
COM/IND/BUS OPP, Marquette, MI
Property Size1,962 SF
Lot Size0.12 Acres
Price / SF$280.33
Days on Market446
Property Features for 521 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Off Street
Patio and Porch features
Patio
Exterior features
Deck/Patio
Lot features
Main Street
Subdivision
Marquette (52016)
Standard status
Active
Size
1,962 SF
Lot size
0.12 Acres
Utilities
Heating system
Oil
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
bike path
Building Details
Roof type
Rubber, Shingle
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
SEAN LEAHY · License #UPAR
(906) 362-1158
Added: Jun 2, 2025
Changed: Aug 19
Last Checked: Aug 21 at 2:06AM
MLS# 50176855
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 1,962-square-foot mixed-use building sits on a 0.12-acre parcel and includes living quarters within the commercial property. The building was previously occupied by a jewelry store, and its layout can accommodate multiple configurations. Commercial zoning supports the existing mixed-use profile. Exterior features include a patio, off-street parking, public water service, oil heat, and wall/window air-conditioning units. The roof includes both rubber and shingle sections.
The property is located at 521 W Washington Street in Marquette, across from the Marquette Food Co-op and near Harlow Park. A bike path is positioned directly behind the building, adding a transportation and recreation connection to the site. The property is offered for sale, with offers subject to probate approval.
The property is located at 521 W Washington Street in Marquette, across from the Marquette Food Co-op and near Harlow Park. A bike path is positioned directly behind the building, adding a transportation and recreation connection to the site. The property is offered for sale, with offers subject to probate approval.
Key Highlights
- 1,962‑square‑foot mixed‑use building with living quarters
- 0.12‑acre parcel with Commercial zoning
- Previously occupied by a jewelry store
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
$24,078
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
4.38%
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%
$481,560
$481.6K
Cap Rate 7%
$343,971
$344.0K
Cap Rate 9%
$267,533
$267.5K
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
$35.3K $18.00/SF
− Vacancy
−$918 −$0.47/SF
EGI
$34.4K $17.53/SF
− OpEx
−$10.3K −$5.26/SF
NOI
$24.1K $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%
$481,560
Cap Rate 7%
$343,971
Cap Rate 9%
$267,533
Alternative Uses
Best Use
Retail
$344.0K
$301.0K – $401.3K
NOI $24,078 @ 7.0% cap · market cap 4.38%
Second Best
Mixed Use
$185.0K
$161.9K – $215.8K
NOI $12,949 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$577.8K
$505.6K – $674.2K
NOI $40,449 @ 7.0% cap · market cap 7.35%
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
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 56%
Shops & Services 30%
Dining 14%
Ramada
Hotels & Casinos
7,592 visits/mo
0.1 miles
BP
Shops & Services
3,286 visits/mo
Domino's Pizza
Dining
2,454 visits/mo
0.2 miles
Staybridge Suites Marquette
Hotels & Casinos
1,940 visits/mo
0.5 miles
Advance Auto Parts
Shops & Services
937 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned property combines a former jewelry-store setting with on-site residential quarters.
Where is this mixed-use 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 $550,000.
What are key features of this property?
This property features: 1,962‑square‑foot mixed‑use building with living quarters; 0.12‑acre parcel with Commercial zoning; Previously occupied by a jewelry store
