Grocery and Convenience Store with
For Sale
$2,400,000
920 WRIGHT ST, Marquette, MI 49855
Retail property includes a deli serving subs and pizza, central air, and parking access from two streets.
Property Size4,976 SF
Price / SF$482.32
Days on Market336
Property Features for 920 WRIGHT ST
General Information
Standard status
Active
Size
4,976 SF
Property subtype
Industrial
Amenities
Central Air
3
150117
Building Details
Year Built
1976
Listing Agency:
RE/MAX 1ST REALTY
(906) 361-7703
Listed By:
SALLY STEEN · License #6501404193
(906) 361-7703
Source:
Xome
Added: Sep 30, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:09PM
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.
This 4,976-square-foot grocery and convenience store was built in 1976 and includes a deli serving subs and pizza. Central air is listed among the interior features, while the property provides a parking lot with access from both Wright Street and Sugar Loaf Avenue.
The property is positioned at the intersection of Wright Street and Sugar Loaf Avenue in Marquette, near NMU, north Marquette neighborhoods, Marquette Tourist Park, and the Marquette Lakefront. The location also serves traffic traveling toward Big Bay, with the property information identifying it as a stop along that route.
The property is positioned at the intersection of Wright Street and Sugar Loaf Avenue in Marquette, near NMU, north Marquette neighborhoods, Marquette Tourist Park, and the Marquette Lakefront. The location also serves traffic traveling toward Big Bay, with the property information identifying it as a stop along that route.
Key Highlights
- 4,976‑square‑foot grocery and convenience store
- Deli serving subs and pizza
- Parking lot access from Wright Street and Sugar Loaf Avenue
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
$68,919
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
2.87%
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%
$1,378,380
$1.4M
Cap Rate 7%
$984,557
$984.6K
Cap Rate 9%
$765,767
$765.8K
Market Conditions
NOI Build-Up for 4,976 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
$94.3K $18.96/SF
− Vacancy
−$2.5K −$0.49/SF
EGI
$91.9K $18.47/SF
− OpEx
−$23.0K −$4.62/SF
NOI
$68.9K $13.85/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,378,380
Cap Rate 7%
$984,557
Cap Rate 9%
$765,767
Alternative Uses
Best Use
Specialty Retail
$984.6K
$861.5K – $1.15M
NOI $68,919 @ 7.0% cap · market cap 2.87%
Second Best
Retail
$872.4K
$763.3K – $1.02M
NOI $61,067 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,585 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Stone Creek Coffee
Dining
1,356 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Retail property includes a deli serving subs and pizza, central air, and parking access from two streets.
Where is this grocery and convenience store located?
The property is located at 920 WRIGHT ST Marquette, MI.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 4,976‑square‑foot grocery and convenience store; Deli serving subs and pizza; Parking lot access from Wright Street and Sugar Loaf Avenue
