Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    122 W Aurora St Ironwood, MI 49938

    View on Map
    Sponsored
    For Sale
    $97,900

    1 to 4 Units - Ironwood, MI

    Property size:
    2,100 SF
    Lot size:
    0.08 Acres
    Days on Market:
    20
    Last Refresh:
    Mar 28 at 1:06 am

    Property Features for 122 W Aurora St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm
    Zoning
    Commercial
    APN
    52-22-331-060
    Interior features
    220 Volt Power, Alley, Bath, Cable TV Available, Carpet, Internet Available, Display Window, Electric Available, Fixtures, Living Quarters, Living Quarters Attached, Off Street Loading, Outside Storage, Private Restrooms, Restroom(s), Sidewalks, Vinyl/Laminate Floors, Smoke/Fire Alarm
    Exterior features
    Alley, Outside Storage, Fence Neighbor Owned
    Fencing
    Fenced
    Size
    2,100 SF
    Lot size
    0.08 Acres

    Utilities

    Utilities
    Cable Available, Electricity Available
    Heating system
    Hot Water (Heating), Radiant
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1920
    Flooring type
    Carpet, Laminate, Vinyl
    Building materials
    Brick, Vinyl Siding
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    KARI SEIFERT

    FIRST WEBER, INC

    Listing agent KARI SEIFERT License #650146562

    Listing date Mar 9, 2026

    MLS# 50193831 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

    Mixed-Use Property in Downtown Ironwood

    Located in the heart of Downtown Ironwood, this mixed-use property presents an excellent investment opportunity. The property features a spacious commercial storefront on the main level, previously used as a pawn shop. Two upper-level apartments are accessible from both the street and an alley. A detached garage and two parking spaces are located at the rear of the property, providing convenient off-street parking and additional storage. Situated steps from the Iron Belle Trail and the Michigan-Wisconsin border, the property is in a desirable location near Ironwood's attractions, across from the Downtown City Square, where community events and markets are held year-round, and within walking distance of Cold Iron Brewing and downtown shops, restaurants, and cafes. The main level benefits from excellent visibility and natural light through large front display windows, suitable for retail, a studio, office space, or any small business. The two upstairs apartments offer rental potential or owner-occupant options, creating a live/work setup. The property is ideal for investors or business owners seeking to be part of Ironwood's revitalized downtown district. The property size is 2100 square feet and it sits on a lot of 0.08 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mattson's TV & Appliance ... Home Appliance Store

    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
    -90.17079
    Latitude
    46.453445

    Nearby Similar for Sale

    • $160,000
      2,781 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 E Cloverland Dr, Ironwood, MI 49938
      View Details
    • $189,000
      1,600 SF

      Established Bakery Business Opportunity

      Turnkey artisan bakery with equipment, recipes, and real estate.
      230 E Aurora St, Ironwood, MI 49938
      View Details
    • $160,000
      0.20 Acres

      Commercial Building on US 2

      2700 sq ft commercial building on US 2.
      135 Cloverland Dr E, Ironwood, MI 49938
      View Details
    • New
      $199,900
      5,952 SF

      Downtown Ironwood Mixed-Use Investment Property

      Unique investment property in historic downtown Ironwood, Michigan.
      105 S Suffolk St, Ironwood, MI 49938
      View Details
    • $219,900
      2,862 SF

      Historic Ironwood Property with Updates

      Updated historic property with endless potential in a prime location.
      400 Silver St, Ironwood, MI 49938
      View Details
    • $204,900
      1,952 SF

      Turn-Key Restaurant Opportunity in Ironwood

      Operational restaurant with bar and patio near Powderhorn Ski Hill.
      N11582 Black River Rd, Ironwood, MI 49938
      View Details
    • $949,900
      22,912 SF

      Ironwood Apartment Complex Near Schools

      20-unit apartment complex near schools and downtown Ironwood.
      655 E Ayer St, Ironwood, MI 49938
      View Details
    • $52,000
      2,756 SF

      Mixed-Use Building with Apartment

      2,756 sq ft commercial building with apartment and garage.
      100 Bonnie St, Ironwood, MI 49938
      View Details
    • $595,000
      8,640 SF

      Ironwood Cinema: Family Entertainment

      Established Movie Theatre, 8,640 sq ft, 2.54 acres
      932 Cloverland Dr, Ironwood, MI 49938
      View Details
    • $425,000
      10,800 SF

      Ironwood Industrial Corner Property

      Downtown Ironwood, MI - 10,800 sq ft
      101 Aurora St, Ironwood, MI 49938
      View Details
    • $249,900
      7,740 SF

      Downtown Ironwood Industrial Gem

      Historic building, huge potential, prime location.
      112 Lowell St, Ironwood, MI 49938
      View Details
    • Contact for pricing
      19,304 SF

      Modern Industrial Facility on Acreage

      Move-in-ready industrial facility with acreage and US-2 access.
      1760 Liberty St, Ironwood, MI 49938
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile property with commercial storefront and upper-level apartments.
    Where is this mixed-use property located?
    The property is located at 122 W Aurora St Ironwood, MI.
    What is the asking price?
    The asking price for this property is $97,900.
    What are key features of this property?
    This property features: - Mixed-use property with commercial storefront and two apartments offers versatile investment and live/work options.; - Prime downtown location near Iron Belle Trail, City Square, and local attractions.; - Spacious commercial storefront with excellent visibility and natural light, suitable for various business types.
    (906) 285-4095
    Request Owner's contact information
    122 W Aurora St Ironwood, MI 49938
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    122 W Aurora St
    Ironwood, MI 49938
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    122 W Aurora St Ironwood, MI 49938
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    KARI SEIFERT
    Real Estate License ID: 650146562
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!