Professional Office Building with Private
856 W Washington Street, Marquette, MI 49855
For Sale
$658,000
COM/IND/BUS OPP, Marquette, MI
Property Size3,563 SF
Lot Size0.24 Acres
Price / SF$184.68
Days on Market137
Property Features for 856 W Washington Street
General Information
Property type
Property subtype
Zoning
Zoning description
Parking features
Exterior features
Accessibility
Subdivision
Lot features
Standard status
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Amenities
reception areas
private offices
conference and meeting rooms
private restrooms
storage
basement space
central air conditioning
zoned heating
network wiring
accessibility features
Building Details
Year built
Roof type
Buildings
Listing Agency:
GREAT LAKES & LAND OF MARQUETTE, INC.
Listed By:
TIM KEOHANE
(906) 228-9312
Added: Jul 1
Changed: Oct 30
Last Checked: Nov 14 at 8:06AM
MLS# 50213482
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 3,563-square-foot office building, constructed in 1960, provides a practical setting for professional business operations. The interior includes reception areas, private offices, conference and meeting rooms, private restrooms, storage, and basement space. Central air conditioning, zoned heating, network wiring, natural gas, public water, and accessibility improvements support day-to-day occupancy. The property also includes off-street parking and an asphalt roof.
Positioned at 856 W Washington Street in Marquette, the building sits along a principal commercial corridor with visibility for business signage. Downtown Marquette, Northern Michigan University, UP Health System, financial institutions, restaurants, retail shopping, and government and professional offices are identified as nearby destinations. Wheelchair access and an approach ramp add practical accessibility for visitors and occupants.
Positioned at 856 W Washington Street in Marquette, the building sits along a principal commercial corridor with visibility for business signage. Downtown Marquette, Northern Michigan University, UP Health System, financial institutions, restaurants, retail shopping, and government and professional offices are identified as nearby destinations. Wheelchair access and an approach ramp add practical accessibility for visitors and occupants.
Key Highlights
- 3,563+/- square foot professional office building on 0.24 acres
- Reception areas, private offices, conference rooms, restrooms, storage, and basement space
- Central Air and zoned heating with network wiring and natural gas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,091
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,101,820
$1.1M
Cap Rate 7%
$787,014
$787.0K
Cap Rate 9%
$612,122
$612.1K
Market Conditions
NOI Build-Up for 3,563 SF
Gross rent
$85.5K $24.00/SF
− Vacancy
−$12.1K −$3.38/SF
EGI
$73.5K $20.62/SF
− OpEx
−$18.4K −$5.15/SF
NOI
$55.1K $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 Rate 5%
$1,101,820
Cap Rate 7%
$787,014
Cap Rate 9%
$612,122
Alternative Uses
Best Use
Office B
$787.0K
$688.6K – $918.2K
NOI $55,091 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.2K – $1.22M
NOI $73,455 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
760
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Functional professional office layout with reception areas, meeting rooms, private restrooms, storage, and basement space.
Where is this office building located?
The property is located at 856 W Washington Street Marquette, MI.
What is the asking price?
The asking price for this property is $658,000.
What are key features of this property?
This property features: 3,563+/- square foot professional office building on 0.24 acres; Reception areas, private offices, conference rooms, restrooms, storage, and basement space; Central Air and zoned heating with network wiring and natural gas
