Mixed-Use Building with
For Sale
$225,000
126 E Aurora Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size2,068 SF
Lot Size0.06 Acres
Price / SF$108.80
Days on Market61
Property Features for 126 E Aurora Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Lot features
Main Street, Downtown Dev Authority
Subdivision
Ironwood (27006)
Standard status
Active
Size
2,068 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1920
Utilities
Heating system
Oil
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
washer/dryer
Building Details
Year built
1920
Roof type
Metal, Shingle
Listing Agency:
PINE ROAD REALTY, LLC
(906) 675-8901
Listed By:
HELENA LONGHINI · License #6501449634
(906) 285-9868
Added: Jul 10
Changed: Sep 3
Last Checked: Sep 8 at 3:06AM
MLS# 50214472
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 2,068-square-foot mixed-use building dates to 1920 and includes commercial space on the ground level with a one-bedroom apartment above. The residential unit has a full kitchen, living and dining areas, a dedicated bedroom with closet, and a bathroom with a full-sized washer and dryer. Basement access is provided through the commercial area, with the lower level used for storage.
The property occupies 0.06 acres at 126 E Aurora Street in Ironwood, near the Historic Ironwood Theater. Public water serves the building, while heating is provided by oil and cooling by wall/window units. The roof includes both metal and shingle materials. The operating business on the main floor is excluded from the transaction.
The property occupies 0.06 acres at 126 E Aurora Street in Ironwood, near the Historic Ironwood Theater. Public water serves the building, while heating is provided by oil and cooling by wall/window units. The roof includes both metal and shingle materials. The operating business on the main floor is excluded from the transaction.
Key Highlights
- 2,068‑square‑foot mixed‑use building on 0.06 acres
- Ground‑floor commercial space with a one‑bedroom apartment above
- Second‑floor unit includes full kitchen, living and dining areas, and in‑unit washer and dryer
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
$7,358
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
3.27%
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%
$147,160
$147.2K
Cap Rate 7%
$105,114
$105.1K
Cap Rate 9%
$81,756
$81.8K
Market Conditions
NOI Build-Up for 2,068 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
$21.8K $10.56/SF
− Vacancy
−$8.5K −$4.09/SF
EGI
$13.4K $6.47/SF
− OpEx
−$6.0K −$2.91/SF
NOI
$7.4K $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%
$147,160
Cap Rate 7%
$105,114
Cap Rate 9%
$81,756
Alternative Uses
Best Use
Mixed Use
$347.1K
$303.7K – $404.9K
NOI $24,295 @ 7.0% cap · market cap 10.80%
Second Best
Retail
$306.7K
$268.4K – $357.8K
NOI $21,468 @ 7.0% cap · market cap 9.54%
Theoretical Best
Office A
$439.2K
$384.3K – $512.4K
NOI $30,744 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Ben Franklin
Shops & Services
2,528 visits/mo
0.1 miles
Domino's Pizza
Dining
1,602 visits/mo
0.1 miles
Carquest Auto Parts
Shops & Services
450 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property combines commercial space with a one-bedroom residential unit.
Where is this mixed-use property located?
The property is located at 126 E Aurora Street Ironwood, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,068‑square‑foot mixed‑use building on 0.06 acres; Ground‑floor commercial space with a one‑bedroom apartment above; Second‑floor unit includes full kitchen, living and dining areas, and in‑unit washer and dryer
