Charming Duplex with Rental
1305 W B Street, Iron Mountain, MI 49801
MULTI_FAMILY - Conventional - Iron Mountain, MI
Property size:
2,120 SFLot size:
0.38 AcresPrice / SF:
$106/SF- Added:
- Jul 8, 2025
- Days on Market:
- 319
- Last Refresh:
- May 22 at 11:06 am
Property Features for 1305 W B Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 5, Basement, Bathroom 2
- Parking features
- Garage
- Patio and Porch features
- Porch, Patio
- Interior features
- Cable/Internet Avail., Hardwood Floors, Walk-In Closet
- Exterior features
- Patio, Porch, Sidewalks, Exterior Balcony
- Appliances
- Dryer, Microwave, Range/Oven, Refrigerator, Washer
- Standard status
- Active
- Size
- 2,120 SF
- Lot size
- 0.38 Acres
Taxes and HOA fees
- Tax Annual Amount
- 2973
Utilities
- Heating system
- Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1924
- Floors in Building
- 2
- Number of units
- 2
- Architectural style
- Conventional
- Additional Structures
- Second Garage
Listing agent RYAN GORDON License #6502420131 (906) 282-1644
Listing office STEPHENS REAL ESTATE 1320 CARPENTER AVE., Iron Mountain, MI (906) 774-8570
Listing date Jul 8, 2025
MLS# 50180917
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.
HighLights
- Excellent rental history makes this a promising investment property.
- Two units: a 3‑bedroom, 1.5‑bath unit and a 2‑bedroom, 1‑bath unit.
- Each unit includes basement storage, washer/dryer access, and a 1‑car garage space.
- Property includes an extra garage space for owner use/storage.
- Both units have been recently repainted and have newer appliances; entire exterior recently repainted.
- Situated on three lots with fruit trees, fenced‑in garden, and two patios; close to City Park and the stadium.
Overview
This duplex presents an investment opportunity with a history of successful rentals. The property features two units, both recently repainted and equipped with newer appliances. The first-floor unit includes 3 bedrooms and 1.5 bathrooms, hardwood floors, and a back entry suitable for use as office space. The second-floor unit offers 2 bedrooms, 1 bathroom, walk-in closets, and natural light. Both units have access to basement storage, washer/dryer, and a single-car garage space. An additional garage space is available for owner use or storage. The property is situated on three lots with fruit trees, a fenced garden, and two patios. It is located close to City Park and the stadium in Iron Mountain, MI. The property size is 2120 square feet and the lot size is 0.38 acres.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$157.3K
NOI $14,153 @ 9.00% cap · cautious / downside scenario
Moderate
$202.2K
NOI $14,153 @ 7.00% cap · market / base-case scenario
Aggressive
$283.1K
NOI $14,153 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.6k | $10.20 |
| − Vacancy | −$1.4k | −$0.66 |
| EGI | $20.2k | $9.54 |
| − OpEx | −$6.1k | −$2.86 |
| NOI | $14.2k | $6.68 |
2,120 SF · lease $10.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$202.2K
$176.9K – $235.9K
NOI $14,153 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$188.3K
$164.8K – $219.7K
NOI $13,180 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$408.7K
$357.6K – $476.9K
NOI $28,611 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Iron Mountain
- County
- Dickinson
- State
- Michigan
- Longitude
- -88.084083
- Latitude
- 45.817613
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Investment duplex with recent updates, excellent rental history, and desirable features.
Where is this duplex located?
The property is located at 1305 W B Street Iron Mountain, 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: Excellent rental history makes this a promising investment property.; Two units: a 3‑bedroom, 1.5‑bath unit and a 2‑bedroom, 1‑bath unit.; Each unit includes basement storage, washer/dryer access, and a 1‑car garage space.
