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    105 S Suffolk St Ironwood, MI 49938

    View on Map
    Sponsored
    For Sale
    $199,900

    1 to 4 Units,Investment - Ironwood, MI

    Property size:
    5,952 SF
    Lot size:
    0.07 Acres
    Days on Market:
    32
    Last Refresh:
    Mar 16 at 3:06 pm

    Property Features for 105 S Suffolk St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm
    Zoning
    Commercial
    APN
    52-22-330-190
    Patio and Porch features
    Patio, Deck
    Interior features
    Display Window, Living Quarters Attached, No Loading Facility, Restroom(s), Sidewalks, Wood Floors, Smoke/Fire Alarm
    Exterior features
    Deck/Patio
    Size
    5,952 SF
    Lot size
    0.07 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Ceiling Fan(s), Central Air

    Building Details

    Year built
    1900
    Flooring type
    Wood
    Building materials
    Brick
    Roof type
    Tar/Gravel
    Architectural style
    Other

    We can help!

    Listing Contact
    HELENA LONGHINI

    FIRST WEBER, INC (906) 667-6366

    Listing agent PETER SEIFERT (906) 667-6366 License #6501422652

    Listing date Feb 12, 2026

    MLS# 50194382 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Downtown Ironwood Mixed-Use Investment Property

    This large investment property is located in historic downtown Ironwood. The main floor commercial space features hardwood floors, exposed wood beams and posts, two entrances, and four front sidewalk window displays. A back storage area and utility closet are present. The extra-large basement runs the length of the building, suitable for inventory, storage, or equipment. Above the commercial space are residential living areas. The foyer provides access to two individual apartments and a separate room currently used as an owner's sleeping area, which could also serve as an office for the commercial space. There is a one-bedroom, one-bathroom apartment that was used as a short and mid-term rental. Just off that apartment is a single room converted from the utility room into another sleeping area, which could be added to the one-bedroom apartment. This apartment also has access to a small exterior deck that holds the AC units and overlooks the back alleyway. The second apartment is a larger one-bedroom, one-bathroom unit with original windows overlooking Suffolk Street and was used as a long-term rental. All of the upstairs areas have original woodwork around the trim, windows, and some of the original doors. The property size is 5952 square feet and the lot size is 0.07 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Time Again Studios Theater & Performing Art Venue

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.169165044146
    Latitude
    46.455084304822

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    FAQs

    What type of property is this?
    Mixed-use property - Unique investment property in historic downtown Ironwood, Michigan.
    Where is this mixed-use property located?
    The property is located at 105 S Suffolk St Ironwood, MI.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: - Large commercial space in Historic Downtown Ironwood featuring hardwood floors, exposed wood beams, and multiple entrances.; - Residential living areas above the commercial space, including two apartments and a separate room.; - One apartment is set up as a short/mid-term rental with potential for expansion.
    (906) 285-9868
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    105 S Suffolk St Ironwood, MI 49938
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    Ironwood, MI 49938
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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
    105 S Suffolk St Ironwood, MI 49938
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    We can help!
    Listing Contact
    HELENA LONGHINI
    Real Estate License ID: 6501449634
    (906) 285-9868 (906) 667-6366
    Learn more
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