Historic Apartment Building With Mixed-Use
For Sale
$599,000
101 N Lowell Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size13,062 SF
Lot Size1.44 Acres
Price / SF$45.86
Days on Market101
Property Features for 101 N Lowell Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Zoning description
Mixed Use
Parking features
Off Street, Parking Lot
Lot features
Corner Lot
Subdivision
Ironwood (27006)
Standard status
Active
Size
13,062 SF
Lot size
1.44 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air, Oil, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
laundry room
storage rooms
onsite office
fireplace
Building Details
Year built
1920
Roof type
Metal, Rubber
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
GAYLE COLASSACO · License #7056294
(906) 364-0621
Added: May 31
Changed: Sep 6
Last Checked: Sep 8 at 2:06AM
MLS# 50209660
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property combines a three-story brick apartment building with an adjacent two-story mixed-use structure and a detached three-car garage. The apartment building contains 15 units: 10 studios, one one-bedroom, two two-bedroom, and one three-bedroom unit, with kitchen appliances, an on-site office, tenant storage, and a full basement with laundry facilities. The newer boiler system and separate electrical meters support the building’s operating configuration.
The adjoining building includes a 1,200-square-foot open commercial area with concrete floors and a wall-mounted heater, plus an updated two-bedroom, one-bath apartment featuring a fireplace, updated appliances, and a stackable washer and dryer. Original details include tall ceilings, rounded archways, crown molding, hardwood floors, and large rooms. The property also includes a gravel parking lot, metal roofing, newer vinyl windows, 1.44 acres, and Mixed Use zoning at 101 N Lowell Street in Ironwood.
The adjoining building includes a 1,200-square-foot open commercial area with concrete floors and a wall-mounted heater, plus an updated two-bedroom, one-bath apartment featuring a fireplace, updated appliances, and a stackable washer and dryer. Original details include tall ceilings, rounded archways, crown molding, hardwood floors, and large rooms. The property also includes a gravel parking lot, metal roofing, newer vinyl windows, 1.44 acres, and Mixed Use zoning at 101 N Lowell Street in Ironwood.
Key Highlights
- 15 apartment units with a mix of studios, one-, two-, and three‑bedroom layouts
- Adjacent mixed‑use building with a 1,200‑square‑foot commercial space and 2‑bedroom apartment
- 1.44‑acre property with a large gravel parking lot and detached 3‑car garage
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
$46,474
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
7.76%
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%
$929,480
$929.5K
Cap Rate 7%
$663,914
$663.9K
Cap Rate 9%
$516,378
$516.4K
Market Conditions
NOI Build-Up for 13,062 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
$137.9K $10.56/SF
− Vacancy
−$53.4K −$4.09/SF
EGI
$84.5K $6.47/SF
− OpEx
−$38.0K −$2.91/SF
NOI
$46.5K $3.56/SF
Area
Gogebic County, MI
Vacancy
38.74%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$929,480
Cap Rate 7%
$663,914
Cap Rate 9%
$516,378
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.92M – $2.56M
NOI $153,452 @ 7.0% cap · market cap 25.62%
Second Best
Retail
$1.94M
$1.69M – $2.26M
NOI $135,595 @ 7.0% cap · market cap 22.64%
Theoretical Best
Office A
$2.77M
$2.43M – $3.24M
NOI $194,187 @ 7.0% cap · market cap 32.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 49938, MI
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with an adjacent commercial suite, apartment, detached garage, parking, and on-site storage.
Where is this apartment building located?
The property is located at 101 N Lowell Street Ironwood, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 15 apartment units with a mix of studios, one-, two-, and three‑bedroom layouts; Adjacent mixed‑use building with a 1,200‑square‑foot commercial space and 2‑bedroom apartment; 1.44‑acre property with a large gravel parking lot and detached 3‑car garage
