Mixed-Use Property with Drive-Through
For Sale
$719,900
908 N Third Street, Marquette, MI 49855
Ground-floor office space is paired with a three-bedroom apartment, storage, and an attached drive-through garage.
Property Size3,558 SF
Price / SF$202.33
Days on Market519
Property Features for 908 N Third Street
General Information
Standard status
Active
Size
3,558 SF
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Office Units
1
Additional Details
Floor
1
Amenities
reception area
meeting rooms
private office space
restroom
garage
breakroom area
ramp
Building Details
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
RE/MAX 1ST REALTY
(906) 361-7653
Listed By:
KELLIE HILLIER-GENSCHAW · License #6501271285
(906) 361-7653
Source:
Exprealty
Added: Mar 31, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:35PM
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 RE/MAX 1ST REALTY
Investment Insights
Based on property information with market context.
Located at 908 N Third Street, this 3,558-square-foot mixed-use property combines professional office space with an upper-level residential component. The commercial level includes a reception area, meeting rooms, private offices, a restroom, breakroom, storage, and an attached 14-by-31-foot drive-through garage. A ramp provides convenient access to the main floor.
The second level contains a three-bedroom, two-bath apartment with just under 2,000 square feet of living space. Its layout includes an open kitchen and dining area, hardwood floors, vaulted ceilings, skylights, and a fireplace. A third-story reading nook overlooks the living area, while a covered balcony extends toward the backyard, firepit area, and garden space.
The property is situated in the Third St. Village commercial district, surrounded by eclectic shops, dining establishments, and professional services. Improvements include newer electrical, a boiler, and a water heater.
The second level contains a three-bedroom, two-bath apartment with just under 2,000 square feet of living space. Its layout includes an open kitchen and dining area, hardwood floors, vaulted ceilings, skylights, and a fireplace. A third-story reading nook overlooks the living area, while a covered balcony extends toward the backyard, firepit area, and garden space.
The property is situated in the Third St. Village commercial district, surrounded by eclectic shops, dining establishments, and professional services. Improvements include newer electrical, a boiler, and a water heater.
Key Highlights
- 3,558‑square‑foot mixed‑use property at 908 N Third Street
- Ground‑floor office layout with reception, meeting rooms, private offices, restroom, breakroom, and storage
- Attached 14‑by‑31‑foot drive‑through garage with ramp access
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
$55,014
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
7.64%
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%
$1,100,280
$1.1M
Cap Rate 7%
$785,914
$785.9K
Cap Rate 9%
$611,267
$611.3K
Market Conditions
NOI Build-Up for 3,558 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
$85.4K $24.00/SF
− Vacancy
−$12.0K −$3.38/SF
EGI
$73.4K $20.62/SF
− OpEx
−$18.3K −$5.15/SF
NOI
$55.0K $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%
$1,100,280
Cap Rate 7%
$785,914
Cap Rate 9%
$611,267
Alternative Uses
Best Use
Office B
$785.9K
$687.7K – $916.9K
NOI $55,014 @ 7.0% cap · market cap 7.64%
Second Best
Mixed Use
$335.5K
$293.5K – $391.4K
NOI $23,483 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$1.05M
$916.9K – $1.22M
NOI $73,352 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,107
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor office space is paired with a three-bedroom apartment, storage, and an attached drive-through garage.
Where is this mixed-use property located?
The property is located at 908 N Third Street Marquette, MI.
What is the asking price?
The asking price for this property is $719,900.
What are key features of this property?
This property features: 3,558‑square‑foot mixed‑use property at 908 N Third Street; Ground‑floor office layout with reception, meeting rooms, private offices, restroom, breakroom, and storage; Attached 14‑by‑31‑foot drive‑through garage with ramp access
