Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Marquette Wooded Parcel Near Conveniences Title is generated by Realmo AI

    713 Grove Street, Marquette, MI 49855

    View on Map
    Claim this Listing
    For Sale
    $229,000

    LAND - Marquette, MI

    Lot size:
    2.21 Acres
    Added:
    Jun 25, 2025
    Days on Market:
    332
    Last Refresh:
    May 22 at 1:06 pm

    Property Features for 713 Grove Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    2.21 Acres

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    PAULA LUTEY

    Listing agent PAULA LUTEY License #251752

    Listing office COLDWELL BANKER SCHMIDT REALTORS 407 S Lakeshore Blvd Suite A, MARQUETTE, MI

    Listing date Jun 25, 2025

    MLS# 50179646 Listing URL

    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.

    HighLights

    • Prime location in the heart of Marquette, close to hospital, golf course, bike path, downtown, and Lake Superior.
    • Large 2.2 acre wooded parcel offering privacy and space.
    • Zoning allows for single family or duplex construction.
    • Potential for rental income or multi‑generational living.
    • No subdivision restrictions, offering flexibility in building plans.
    • Public water source available.

    Overview

    This 2.2 acre wooded parcel is located in Marquette, just blocks away from the Hospital, golf course, bike path, downtown, Lake Superior and all local conveniences. The current zoning allows for single family or duplex development. There is potential for building a primary residence without subdivision restrictions, supplementing a mortgage with a rental property, or providing a second residence for extended family. The City may grant a variance to allow multi-family development. Taxes will change upon sale due to the new legal description and increased lot size.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.412517
    Latitude
    46.537209

    Nearby Similar for Sale

    • $325,000
      2,408 SF

      Marquette Commercial Investment Opportunity

      Prime commercial building on high-traffic corridor with strong rental history.
      1104 Washington Street, Marquette, MI 49855
      View Details
    • $700,000
      3,600 SF

      High-Traffic Commercial Property on US 41

      Updated 3,600 sq ft building on 0.90 acres.
      2220 S US41 Highway, Marquette, MI 49855
      View Details
    • $425,000
      1,639 SF

      Charming Marquette Multifamily Opportunity

      Victorian home near Village District, ideal for investment or residence.
      339 W Park Street, Marquette, MI 49855
      View Details
    • $425,000
      1,639 SF

      Victorian Home in Marquette's Heart

      Charming Victorian home near Village District, potential for income.
      339 W Park Street, Marquette, MI 49855
      View Details
    • $347,000
      1,777 SF

      Marquette East Side Duplex

      East side duplex near downtown, NMU, and Lake Superior.
      321 E Michigan Street, Marquette, MI 49855
      View Details
    • $599,900
      1,962 SF

      Commercial Building with Living Quarters

      Commercial building with living space in Marquette, Michigan.
      521 W Washington Street, Marquette, MI 49855
      View Details
    • $449,900

      Established Restaurant Opportunity in Marquette

      Turnkey restaurant with loyal following on North Third Street.
      824 North 3rd Street, Marquette, MI 49855
      View Details
    • $229,000

      Marquette Wooded Parcel Near Conveniences

      2.2 acre wooded parcel in the heart of Marquette, Michigan.
      713 GROVE STREET, MARQUETTE, MI 49855
      View Details
    • $2,750,000
      65,000 SF

      Historic Downtown Marquette Mixed-Use Building

      Mixed-use building in downtown Marquette with retail, office, and entertainment.
      128 West Washington Street, Marquette, MI 49855
      View Details
    • $399,999

      280 Acres Vacant Land Marquette

      280 acres of vacant land near Lake Superior.
      M28 E Road, Marquette, MI 49855
      View Details
    • $525,000
      4,258 SF

      Marquette 5-Plex Income Opportunity

      Five-unit apartment building near downtown Marquette.
      421 N Front Street, Marquette, MI 49855
      View Details
    • $2,250,000

      Marquette Land For Sale

      6.5 acre building site near new Veterans facility.
      Venture Drive, Marquette, MI 49855
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 2.2 acre wooded parcel in the heart of Marquette.
    Where is this residential land & home lot located?
    The property is located at 713 Grove Street Marquette, MI.
    What is the asking price?
    The asking price for this property is $229,000.
    What are key features of this property?
    This property features: Prime location in the heart of Marquette, close to hospital, golf course, bike path, downtown, and Lake Superior.; Large 2.2 acre wooded parcel offering privacy and space.; Zoning allows for single family or duplex construction.
    (906) 869-3611
    We can help!
    Listing Contact
    PAULA LUTEY
    Real Estate License ID: 251752
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    713 Grove Street, Marquette, MI 49855
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!