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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    212 Rock St Marquette, MI 49855

    • Commercial real estate
    • 2,094 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2173800
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 212 Rock St

    Property size
    2,094 SF
    Property type
    Commercial real estate

    Description

    This meticulously maintained four-unit apartment building in Marquette, Michigan, presents a compelling investment opportunity. Located just two blocks from Lake Superior, this Class B property boasts 2,094 square feet and features four one-bedroom, one-bathroom apartments, each with a private entrance. Currently fully rented with an excellent rental history, this turnkey investment offers immediate income potential. Recent exterior updates include a new concrete driveway and retaining wall (2023) and a new roof (2022). Each unit has its own electric meter, with a fifth meter for common area lighting. The basement includes four individual locking storage units for tenants, a shared coin-operated laundry, and a sauna. A four-car garage provides ample parking and storage. A new water heater was installed in 2021, and a recent city rental inspection (September) was successfully passed. The property's exceptional condition reflects the care and attention provided by the previous owners over the past 26 years. This property is priced at $525,000 and offers a strong return on investment in a highly desirable location. The combination of its prime location, excellent rental history, recent upgrades, and tenant amenities makes this a truly exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.396981
    Latitude
    46.54054

    Comparable in this City

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      Exceptional Marquette Investment

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    • $569,000
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      Marquette 5-Plex Income Opportunity

      Five-unit apartment building near downtown Marquette.
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    • $889,000
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      Downtown Marquette Turnkey Business Opportunity

      Profitable coffee shop with two apartments in downtown Marquette.
      223 W Washington St, Marquette, MI 49855
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    • $450,000
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      Marquette Commercial Property with Apartment

      Versatile commercial property with residential opportunities and income potential.
      325 Erickson St, Marquette, MI 49855
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    • $395,000

      Prime Marquette Commercial Land

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      4205 Us Highway 41, Marquette, MI 49855
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    • $607,200
      240.00 Acres

      240 Acres Vacant Land Marquette

      240-acre parcel suited for residential or recreational use.
      Off Brown Deer, Marquette, MI 49855
      View Details

    Similar Nearby for Sale

    • $995,000
      6,048 SF

      Exceptional Marquette Investment

      Multifamily & Office Complex, High Return
      321 Front St, Marquette, MI 49855
      View Details
    • $569,000
      4,258 SF

      Marquette 5-Plex Income Opportunity

      Five-unit apartment building near downtown Marquette.
      421 N Front St, Marquette, MI 49855
      View Details
    • $889,000
      3,456 SF

      Downtown Marquette Turnkey Business Opportunity

      Profitable coffee shop with two apartments in downtown Marquette.
      223 W Washington St, Marquette, MI 49855
      View Details
    • $450,000
      2,512 SF

      Marquette Commercial Property with Apartment

      Versatile commercial property with residential opportunities and income potential.
      325 Erickson St, Marquette, MI 49855
      View Details
    • $395,000

      Prime Marquette Commercial Land

      US-41 Frontage, Lake Views, High Traffic
      4205 Us Highway 41, Marquette, MI 49855
      View Details
    • $607,200
      240.00 Acres

      240 Acres Vacant Land Marquette

      240-acre parcel suited for residential or recreational use.
      Off Brown Deer, Marquette, MI 49855
      View Details
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    212 Rock St
    Marquette, MI 49855
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    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
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