Mixed-Use Retail and Apartment
126 E Aurora Street Ironwood, MI 49938
For Sale
$225,000
COMMERCIAL - Ironwood, MI
Property Size2,068 SF
Lot Size0.06 Acres
Price / SF$108.80
Days on Market15
Property Features for 126 E Aurora Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- 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
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: Jul 11
Last Checked: Jul 24 at 12:06PM
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 mixed-use property offers commercial space on the main level and a generous one-bedroom rental apartment on the second floor. The upstairs unit includes a spacious bedroom with a closet, a bright bathroom with a full-sized washer and dryer, and a full kitchen that opens to the living and dining areas. The building also provides access to the basement through the commercial space, where it is currently utilized for storage.
The commercial tenant operates a wine and spirits bar with accompanying retail space, and also hosts classes and special tasting events. The property is located on Aurora Street in Downtown Ironwood, just a few yards from the Historic Ironwood Theater.
For buyers seeking a turnkey setup, this structure combines street-level commercial operations with a residential rental unit designed for short, mid, and long-term use based on its current performance.
The commercial tenant operates a wine and spirits bar with accompanying retail space, and also hosts classes and special tasting events. The property is located on Aurora Street in Downtown Ironwood, just a few yards from the Historic Ironwood Theater.
For buyers seeking a turnkey setup, this structure combines street-level commercial operations with a residential rental unit designed for short, mid, and long-term use based on its current performance.
Key Highlights
- Main‑level commercial space plus a one‑bedroom rental apartment on the second floor
- Upstairs 1‑bedroom includes a bedroom closet, bathroom with full‑sized washer/dryer, and a full kitchen open to living/dining
- Commercial tenant operates a wine and spirits bar with retail space, plus classes and special tasting events
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.8k | $10.56 |
| − Vacancy | −$8.5k | −$4.09 |
| EGI | $13.4k | $6.47 |
| − OpEx | −$6.0k | −$2.91 |
| NOI | $7.4k | $3.56 |
2,068 SF · lease $10.56/SF/yr · vacancy 38.74% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$328.6K
$287.5K – $383.4K
NOI $23,001 @ 7.0% cap · market cap 10.22%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
New Beginnings Pregnancy ...
Medical Clinic
The White Rabbit Wine ...
Bar & Pub
Similar Off Market Nearby
- Club Sierra — 21 Silver St, Hurley, WI 54534
- Beer Barrel — 212 Silver St, Hurley, WI 54534
- Dawn's Never Inn — 29 Silver St, Hurley, WI 54534
- Nora's Red Carpet Lounge — 118 Silver St, Hurley, WI 54534
- Legion Post No. 58 Bar — Hurley, WI 54534
FAQs
What type of property is this?
Bar & Pub - Turnkey building with main-level wine and spirits bar and an upstairs one-bedroom rental apartment.
Where is this bar & pub 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: Main‑level commercial space plus a one‑bedroom rental apartment on the second floor; Upstairs 1‑bedroom includes a bedroom closet, bathroom with full‑sized washer/dryer, and a full kitchen open to living/dining; Commercial tenant operates a wine and spirits bar with retail space, plus classes and special tasting events
