Up-Down Duplex with Separate
For Sale
$210,000
10342 N Lake Road, Ironwood, MI 49938
MULTI_FAMILY - Conventional - Ironwood, MI
Property Size2,040 SF
Lot Size0.99 Acres
Price / SF$102.94
Days on Market99
Property Features for 10342 N Lake Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Laundry Room, Bathroom 2, Bedroom 3, Bathroom 1, Basement, Bedroom 1, Bedroom 4
Patio and Porch features
Porch, Deck
Interior features
Hardwood Floors, Walk-In Closet
Exterior features
Deck, Porch, Storms/Screens, Street Lights
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
SEC. 14 T47N R47W MAP NO. 203J
Lot features
Cleared
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Standard status
Active
Size
2,040 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Annual Amount
1449
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
fire pit
BBQ area
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
FERNDALE REALTY
(888) 983-2544
Listed By:
AMANDA MAGLEY
(906) 285-1929
Added: May 20
Changed: Aug 15
Last Checked: Aug 26 at 7:06AM
MLS# 50208922
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 up-down duplex provides two separate living spaces under one roof, each with its own kitchen, living area, bedrooms, and bath—an arrangement well-suited for rental income or owner occupancy. The interior features hardwood floors, original woodwork, large windows, and vintage details, along with a walk-in closet and a forced-air heating system. Cooling is provided by wall/window unit(s). The home includes a basement, laundry room, and multiple bedrooms and baths across the two units.
Set on 0.99 acres, the property includes exterior decks and a porch, storm/screen protection, and street lights. The home is served by public water. Appliances include a range/oven, refrigerator, washer, and dryer.
Recent improvements include a new roof in 2021, new siding in 2025, new windows, new decking, and many additional updates. Outdoor amenities include a fire pit, BBQ area, and ample parking. Built in 1900, the property is located at 10342 N Lake Road in Ironwood, MI.
Set on 0.99 acres, the property includes exterior decks and a porch, storm/screen protection, and street lights. The home is served by public water. Appliances include a range/oven, refrigerator, washer, and dryer.
Recent improvements include a new roof in 2021, new siding in 2025, new windows, new decking, and many additional updates. Outdoor amenities include a fire pit, BBQ area, and ample parking. Built in 1900, the property is located at 10342 N Lake Road in Ironwood, MI.
Key Highlights
- 0.99‑acre lot with ample parking
- Up‑down duplex with two separate units, each with a kitchen, living area, bedrooms, and bath
- 2,040 SF duplex with multiple bedrooms and two baths
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
$8,122
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
3.87%
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%
$162,440
$162.4K
Cap Rate 7%
$116,029
$116.0K
Cap Rate 9%
$90,244
$90.2K
Market Conditions
NOI Build-Up for 2,040 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
$18.4K $9.00/SF
− Vacancy
−$6.8K −$3.31/SF
EGI
$11.6K $5.69/SF
− OpEx
−$3.5K −$1.71/SF
NOI
$8.1K $3.98/SF
Area
Gogebic County, MI
Vacancy
36.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$162,440
Cap Rate 7%
$116,029
Cap Rate 9%
$90,244
Alternative Uses
Best Use
Multifamily LT 5
$116.0K
$101.5K – $135.4K
NOI $8,122 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$103.7K
$90.7K – $121.0K
NOI $7,258 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$433.3K
$379.1K – $505.5K
NOI $30,328 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
45
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?
Duplex - Up-down duplex on 0.99 acres with two separate units, each with a kitchen, living area, bedrooms, and bath.
Where is this duplex located?
The property is located at 10342 N Lake Road Ironwood, MI.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 0.99‑acre lot with ample parking; Up‑down duplex with two separate units, each with a kitchen, living area, bedrooms, and bath; 2,040 SF duplex with multiple bedrooms and two baths
