Two-Story
For Sale
$209,000
10740 N Cannonball Court, Bessemer, MI 49911
MULTIFAMILY, 2 Story, Bessemer, MI
Property Size2,592 SF
Lot Size0.96 Acres
Price / SF$80.63
Days on Market127
Property Features for 10740 N Cannonball Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 2, Basement, Bathroom 1, Bedroom 1
Interior features
Cable/Internet Avail., Window Treatment(s)
Appliances
Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
POWDERVILLE
Lot features
Dead End, Rural, Treed, Wooded
Elementary school district
Bessemer City School District
Middle school district
Bessemer City School District
High school district
Bessemer City School District
Standard status
Active
Size
2,592 SF
Lot size
0.96 Acres
Taxes and HOA fees
Tax Annual Amount
4092
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Well, Private
Amenities
shared laundry area
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Architectural style
Conventional
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
TAMMY KAURANEN · License #6506047069
(906) 285-2618
Added: May 4
Changed: Sep 6
Last Checked: Sep 7 at 7:06PM
MLS# 50206343
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 2,592-square-foot quadplex, built in 1977, contains four residential units: three one-bedroom apartments and one larger two-bedroom apartment. The building has a full basement, with part of the space configured for shared laundry and an exterior entrance. Two units include updated flooring, light fixtures, and appliances, while the bathrooms are newer. Forced-air heating and central air serve the property, and the appliance package includes ranges, refrigerators, microwaves, washers, and dryers.
Set on 0.96 acres at 10740 N Cannonball Court in Bessemer, Michigan, the property sits at the end of the road in a wooded setting. A creek can be heard from the property during most seasons. The location is near town and down the road from the ski hills. Water service is provided by a private well.
Set on 0.96 acres at 10740 N Cannonball Court in Bessemer, Michigan, the property sits at the end of the road in a wooded setting. A creek can be heard from the property during most seasons. The location is near town and down the road from the ski hills. Water service is provided by a private well.
Key Highlights
- Four‑unit configuration with three one‑bedroom apartments and one two‑bedroom apartment
- 2,592 square feet on 0.96 acres
- Full basement with shared laundry area and exterior entrance
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
$10,320
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
4.94%
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%
$206,400
$206.4K
Cap Rate 7%
$147,429
$147.4K
Cap Rate 9%
$114,667
$114.7K
Market Conditions
NOI Build-Up for 2,592 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
$23.3K $9.00/SF
− Vacancy
−$8.6K −$3.31/SF
EGI
$14.7K $5.69/SF
− OpEx
−$4.4K −$1.71/SF
NOI
$10.3K $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%
$206,400
Cap Rate 7%
$147,429
Cap Rate 9%
$114,667
Alternative Uses
Best Use
Multifamily LT 5
$147.4K
$129.0K – $172.0K
NOI $10,320 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$131.7K
$115.3K – $153.7K
NOI $9,222 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$550.5K
$481.7K – $642.2K
NOI $38,534 @ 7.0% cap · market cap 18.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 49911, MI
2,626
Population
1,879
Households
1.4
Avg Household Size
49
Median Age
19%
College-Educated
97%
High-School Grad
45.5 sq mi
ZIP Area
58
Density / Sq Mi
$51,326
Median Household Income
$28,778
Median Earnings
$529
Median Rent
$109,500
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?
Quadplex - Rental property with updated interiors, shared laundry, and a full basement.
Where is this quadplex located?
The property is located at 10740 N Cannonball Court Bessemer, MI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Four‑unit configuration with three one‑bedroom apartments and one two‑bedroom apartment; 2,592 square feet on 0.96 acres; Full basement with shared laundry area and exterior entrance
