Apartment Building with Six
For Sale
$339,150
1114 N Douglas Boulevard, Ironwood, MI 49938
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size4,960 SF
Lot Size0.76 Acres
Price / SF$68.38
Days on Market86
Property Features for 1114 N Douglas Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
11
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 5, Bedroom 6, Bedroom 11, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 6, Basement, Bathroom 3, Bathroom 7, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 9, Bedroom 10, Bathroom 5, Bedroom 7
Parking features
Assigned, Garage
Exterior features
Sidewalks, Street Lights, Exterior Balcony, Garden Area
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Original Plat
Lot features
Treed
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Standard status
Active
Size
4,960 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5626
Utilities
Heating system
Electric (Heating), Forced Air
Cooling system
Ceiling Fan(s), Wall/Window Unit(s)
Water source
Public
Amenities
coin-operated laundry
private balconies
wooded views
Building Details
Year built
1970
Floors in Building
2
Number of units
7
Architectural style
Other
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Aug 24
Last Checked: Aug 26 at 5:06AM
MLS# 50211089
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 income property features seven total rental units, including a six-unit apartment building and a three-bedroom, one-bath single-family rental home. The apartment mix includes one- and two-bedroom, one-bath units, with private balconies and residents enjoying peaceful wooded views. Coin-operated laundry facilities are on site, and the property also includes four garage units.
The single-family home includes a living room and family room, a full basement, a newer furnace, and updated electrical service. The property sits on a 0.76-acre lot and includes sidewalks, street lights, an exterior balcony, and a garden area. Parking is available with assigned parking and garages, plus additional parking located across the road.
Built in 1970, the apartments include in-unit appliances such as a range/oven, refrigerator, washer, and dryer, with forced-air electric heating. Cooling is provided via wall/window units and ceiling fans, and the water source is public.
The single-family home includes a living room and family room, a full basement, a newer furnace, and updated electrical service. The property sits on a 0.76-acre lot and includes sidewalks, street lights, an exterior balcony, and a garden area. Parking is available with assigned parking and garages, plus additional parking located across the road.
Built in 1970, the apartments include in-unit appliances such as a range/oven, refrigerator, washer, and dryer, with forced-air electric heating. Cooling is provided via wall/window units and ceiling fans, and the water source is public.
Key Highlights
- Six total rental units: six‑unit apartment building plus a three‑bedroom, one‑bath single‑family rental home
- 0.76‑acre lot with sidewalks, street lights, exterior balcony, and garden area
- Apartment unit mix includes one- and two‑bedroom, one‑bath layouts
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
$17,648
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
5.20%
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%
$352,960
$353.0K
Cap Rate 7%
$252,114
$252.1K
Cap Rate 9%
$196,089
$196.1K
Market Conditions
NOI Build-Up for 4,960 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
$52.4K $10.56/SF
− Vacancy
−$20.3K −$4.09/SF
EGI
$32.1K $6.47/SF
− OpEx
−$14.4K −$2.91/SF
NOI
$17.6K $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%
$352,960
Cap Rate 7%
$252,114
Cap Rate 9%
$196,089
Alternative Uses
Best Use
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,648 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.7K – $1.23M
NOI $73,738 @ 7.0% cap · market cap 21.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
173
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 - Six-unit apartment building with garages and coin-operated laundry facilities plus a single-family rental home.
Where is this apartment building located?
The property is located at 1114 N Douglas Boulevard Ironwood, MI.
What is the asking price?
The asking price for this property is $339,150.
What are key features of this property?
This property features: Six total rental units: six‑unit apartment building plus a three‑bedroom, one‑bath single‑family rental home; 0.76‑acre lot with sidewalks, street lights, exterior balcony, and garden area; Apartment unit mix includes one- and two‑bedroom, one‑bath layouts
