$4,500,000
SOLD JUN 6, 2025

1950 Presque Isle Ave Marquette, MI 49855

105 Beds
52 Baths
51,408 Sq Ft
1.61 Acres

Recently Sold

$88 Per Sq Ft

25% Below List Price

185 Days on Market

Highlights

  • 1.61 Acre Lot
  • Contemporary Architecture
  • Balcony
  • Graveraet Elementary School Rated A-
  • Workshop
  • Security Service

About This Home

As of June 2025

Discover the perfect investment gem in the heart of Marquette! This impressive 52-unit apartment building is situated in an unbeatable location, just steps from NMU and the breathtaking Lake Superior. With low rents that are on the rise and a solid base of long-term tenants, there's immense potential for income growth. Boasting a remarkable 0% vacancy rate and a waiting list, this opportunity is truly extraordinary. The three-story building features charming top-floor units with fireplaces (non-working) and balconies, while the lower level is designed for accessibility, complete with a wheelchair ramp and three handicap apartments. A mix of 51 two-bedroom units generating rental income and a three-bedroom manager's unit, alongside a well-maintained infrastructure with a recent roof, freshly painted exterior, and added vinyl siding, this property is ready to shine. Additional perks include a manager's office, an attached workshop, and two sheds for lawn and snow maintenance equipment. Seize this exceptional opportunity and elevate your investment portfolio today!

Last Agent to Sell the Property

Darlene Martin

SELECT REALTY License #UPAR Listed on: 12/03/2024

Co-Listed By

SHERRY MCCARTHY

SELECT REALTY License #UPAR

Last Buyer's Agent

Scott Moiser

KEY REALTY DELTA COUNTY LLC License #UPAR

KEY REALTY DELTA COUNTY LLC

Property Details

Home Type

  • Apartment

Est. Annual Taxes

Year Built

  • Built in 1977

Lot Details

  • 1.61 Acre Lot
  • Lot Dimensions are 435 x 150

Home Design

  • Contemporary Architecture
  • Wood Siding
  • Vinyl Siding

Interior Spaces

  • 2-Story Property
  • Workshop
  • Home Security System
  • Oven or Range

Bedrooms and Bathrooms

  • 105 Bedrooms
  • 52 Full Bathrooms

Basement

  • Walk-Out Basement
  • Basement Fills Entire Space Under The House
  • Basement Window Egress

Parking

  • Lighted Parking
  • Parking Permit Required
  • Unassigned Parking

Accessible Home Design

  • Wheelchair Access

Outdoor Features

  • Balcony
  • Shed

Utilities

  • Hot Water Heating System
  • Boiler Heating System
  • Separate Meters
  • Gas Water Heater

Listing and Financial Details

  • Assessor Parcel Number 52-52-004-700-20

Community Details

Overview

  • 52 Units
  • Clark & Wrights Add Subdivision
  • Maintained Community

Pet Policy

  • No Pets Allowed

Additional Features

  • Laundry Facilities
  • Security Service

Property Details

Home Type

Apartment

Est. Annual Taxes

$41

Year Built

Built in 1977

Lot Details

0

Listing Details

  • Originating MLS: Upper Peninsula Assoc of Realtors
  • Class: MULTIFAMILY
  • Type: Apartment, Investment
  • Type Of Property: Multi-Family
  • Structure Style: 2 Story
  • Styles: Contemporary
  • Sub Structure Types: Shed
  • Flood Insurance: Not Required
  • Flood Plain: Unknown
  • Total Tax Amount: 41154
  • Total Tax Year: 2023
  • Year Built: 1977
  • Mail City: Marquette
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Interior Amenities: Security System
  • Appliances: Range/Oven, Refrigerator
  • Basement: Yes
  • Basement Type: Egress/Daylight Windows, Full, Walk Out, Exposed Basement
  • Bedrooms: 105
  • Full Bathrooms: 52
  • Total Bathrooms: 52
  • Sub Room Description: Workshop
  • Source of Sq Ft: Assessors Data
  • Estimated Sq Ft: 51408

Exterior Features

  • Construction: Vinyl Siding, Wood
  • Exterior Features: Wheelchair Access, Sidewalks, Storms/Screens, Street Lights, Exterior Balcony
  • Sideof Street: E
  • Foundation Type: Basement
  • Roads: City/County, Curbed, Paved Street, Year Round

Garage/Parking

  • Parking: Permit Required, Unassigned/General, Lighted, Paved Driveway

Utilities

  • Water: Public Water
  • Water Heater: Gas
  • Fuel Type: Natural Gas
  • Heating System: Boiler, Hot Water
  • Separate Electric: Yes
  • Sewer/Septic System: Public Sanitary

Condo/Co-op/Association

  • Community Amenities: Grounds Maintenance, Laundry Facility, Security, Pets-Not Allowed

Lot Info

  • Assessor Parcel Number: 52-52-004-700-20
  • Location: Main Street
  • Lot Dimensions: 435 x 150
  • Acreage: 1.61
  • Zoning: Multi-Family
  • Geo Subdivision: MI

Rental Info

  • Lease Information: Heat Included, Lease Required, Security Deposit, Water Included

Tax Info

  • Summer Tax: Year: 2023, Amount: $39,459.00
  • Winter Tax: Year: 2023, Amount: $1,695.00
  • Total Tax: Year: 2023, Amount: $41,154.00

Multi Family

  • Total Units: 52

MLS Schools

  • School District: Marquette Area School District

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Dec 3, 2024
Closed on
May 6, 2025
Sold by
Presque Isle Place Llc
Bought by
Presque Isle Heights Llc
Seller's Agent
Darlene Martin
SELECT REALTY
Buyer's Agent
Scott Moiser
KEY REALTY DELTA COUNTY LLC
List Price
$6,000,000
Sold Price
$4,500,000
Premium/Discount to List
-$1,500,000
-25%
Views
130

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$3,825,000
Outstanding Balance
$3,818,472
Interest Rate
6.81%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jun 10, 1987
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Type Sale Price Title Company
Warranty Deed -- Transnation Title Agency
Quit Claim Deed -- Transnation Title Agency
Deed -- --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $3,825,000 New Conventional
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/06/2025 06/06/25 Sold $4,500,000 -18.2% $88 / Sq Ft
06/06/2025 06/06/25 Pending -- -- --
02/08/2025 02/08/25 Price Changed $5,500,000 -8.3% $107 / Sq Ft
12/03/2024 12/03/24 For Sale $6,000,000 -- $117 / Sq Ft
Source: Upper Peninsula Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $415 $1,300,600 $0 $0
2024 $415 $1,196,600 $0 $0
2023 $39,459 $1,036,200 $0 $0
2022 $38,204 $854,600 $0 $0
2021 $33,743 $847,000 $0 $0
2020 $33,277 $854,600 $0 $0
2019 $34,169 $643,500 $0 $0
2018 $33,922 $695,500 $0 $0
2017 $1,532 $663,700 $0 $0
2016 $33,987 $771,600 $0 $0
2015 -- $771,600 $0 $0
2014 -- $757,700 $0 $0
2012 -- $684,100 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Darlene Martin

    Seller's Agent in 2025

    Darlene Martin

    SELECT REALTY

    (906) 251-0166

    40 in this area

    121 Total Sales

    Darlene Martin
    Section Image
  • SHERRY MCCARTHY

    Seller Co-Listing Agent in 2025

    SHERRY MCCARTHY

    SELECT REALTY

    (906) 235-9077

    22 in this area

    208 Total Sales

    SHERRY MCCARTHY
    Section Image
  • Scott Moiser

    Buyer's Agent in 2025

    Scott Moiser

    KEY REALTY DELTA COUNTY LLC

    (906) 280-0903

    1 in this area

    382 Total Sales

    Scott Moiser
    Section Image
See All Agents

Map

Source: Upper Peninsula Association of REALTORS®

MLS Number: 50162352

Upper Peninsula Association of REALTORS®

APN: 52-52-004-700-20

Michigan Marquette County Marquette 49855

1950 Presque Isle Ave, Marquette, MI

This home is located at 1950 Presque Isle Ave, Marquette, MI 49855 and is currently priced at $4,500,000, approximately $87 per square foot. This property was built in 1977. 1950 Presque Isle Ave is a home located in Marquette County with nearby schools including Graveraet Elementary School, Bothwell Middle School, and Marquette Senior High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Upper Peninsula Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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