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1104 W Washington St 2,408 SF 100% Leased Office Building Marquette, MI 49855 $325,000 ($134.97/SF) 10.34% Cap Rate
Investment Highlights
- Stable in-place income with two occupied commercial suites.
- Long-term tenancy reduces near-term leasing risk.
- Significant property upgrades minimize deferred maintenance concerns.
- Below-assessment pricing presents a rare value-add opportunity.
- High-profile corridor location supports long-term asset value.
- Flexible office and retail configuration appeals to a broad tenant base.
Executive Summary
Income-producing commercial investment opportunity in one of Marquette's most visible business corridors. Located at 1104 W. Washington Street along the US-41 Business Corridor, this multi-tenant office and retail property offers immediate cash flow, long-term occupancy, and future owner-user flexibility.
The property is fully leased with established tenants in place. The upper-level suite is leased through August 2028, while the lower-level suite is leased through April 2027, providing stable income from day one. For investors seeking future occupancy, the lower-level lease term offers a near-term opportunity to transition into owner use while maintaining rental income from the second suite.
Positioned near the signalized intersection of Washington Street and McClellan Avenue, the property benefits from exceptional visibility, easy access, and consistent daily traffic exposure. Ample on-site parking serves both tenants and visitors, with a shared parking lot maintenance agreement that distributes upkeep responsibilities among the participating property owners.
Ownership has made substantial capital improvements throughout the years, including extensive renovations, window replacements, exterior updates, drainage improvements, remodeled tenant spaces, a replacement boiler, new water heater, and mini-split systems in both suites. The roof has been regularly maintained and sealed, with the most recent treatment completed in July 2024.
Offered at $325,000, below its assessed value of $417,200, this is a compelling opportunity to acquire a well-maintained commercial asset with proven tenancy, strong visibility, and immediate income in the heart of Marquette.
The property is fully leased with established tenants in place. The upper-level suite is leased through August 2028, while the lower-level suite is leased through April 2027, providing stable income from day one. For investors seeking future occupancy, the lower-level lease term offers a near-term opportunity to transition into owner use while maintaining rental income from the second suite.
Positioned near the signalized intersection of Washington Street and McClellan Avenue, the property benefits from exceptional visibility, easy access, and consistent daily traffic exposure. Ample on-site parking serves both tenants and visitors, with a shared parking lot maintenance agreement that distributes upkeep responsibilities among the participating property owners.
Ownership has made substantial capital improvements throughout the years, including extensive renovations, window replacements, exterior updates, drainage improvements, remodeled tenant spaces, a replacement boiler, new water heater, and mini-split systems in both suites. The roof has been regularly maintained and sealed, with the most recent treatment completed in July 2024.
Offered at $325,000, below its assessed value of $417,200, this is a compelling opportunity to acquire a well-maintained commercial asset with proven tenancy, strong visibility, and immediate income in the heart of Marquette.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Office/Residential
Building Size
2,408 SF
Building Class
B
Year Built
1950
Price
$325,000
Price Per SF
$134.97
Cap Rate
10.34%
NOI
$33,605
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
1,204 SF
Building FAR
0.13
Lot Size
0.44 AC
Zoning
GC - General Commercial
Parking
25 Spaces (4.26 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Signage
- Reception
- Storage Space
- Central Heating
- DDA Compliant
- Wi-Fi
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Finance and Insurance
- 1,662 SF
- -
- -
State Farm began in Illinois in 1922, when G.J. Mecherle founded the business around fairer auto insurance pricing for farmers. The company operates as a mutual insurer and has grown into a broad financial services firm. State Farm offers auto, home, renters, condo, life, health, disability, pet, commercial, and small business insurance, along with related financial products and services. The company maintains a significant U.S. market presence through an agent-based model and a long-running focus on helping customers manage everyday risks and recover from losses.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Finance and Insurance | 1,662 SF | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 52-52-002-700-12 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $208,600 |
Property Taxes
Parcel Number
52-52-002-700-12
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$208,600
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1104 W Washington St