Two-Story Duplex with Full
For Sale
$78,900
208 Greenbush Street, Ironwood, MI 49938
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size1,434 SF
Lot Size0.14 Acres
Price / SF$55.02
Days on Market114
Property Features for 208 Greenbush Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 2, Bedroom 4
Appliances
Range/Oven, Refrigerator
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Subdivision
Ironwood (27006)
Standard status
Active
Size
1,434 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
1503
Utilities
Heating system
Forced Air
Water source
Public
Amenities
enclosed front porch
laundry area
Building Details
Year built
1909
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
GAYLE COLASSACO · License #7056294
(906) 364-0621
Added: May 17
Changed: Sep 6
Last Checked: Sep 7 at 5:06PM
MLS# 50208148
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 two-story duplex contains 1,434 square feet and was built in 1909. Each unit includes two bedrooms, an upper-level full bathroom, a main-floor pocket bath, living room, kitchen, laundry area, and enclosed front porch. The vacant unit has newer appliances and LVP flooring, while the other unit is currently rented.
The property includes maintenance-free vinyl siding, a metal roof, and a full basement with separate panels and hot water heaters. A rear yard provides additional parking. Public water serves the building, and forced-air heating is installed. The 0.14-acre property is located in Ironwood near shopping, dining, schools, parks, downtown amenities, the Iron Belle trail, and UTV and snowmobile trails.
The property includes maintenance-free vinyl siding, a metal roof, and a full basement with separate panels and hot water heaters. A rear yard provides additional parking. Public water serves the building, and forced-air heating is installed. The 0.14-acre property is located in Ironwood near shopping, dining, schools, parks, downtown amenities, the Iron Belle trail, and UTV and snowmobile trails.
Key Highlights
- Two‑story duplex with 1,434 square feet on a 0.14‑acre lot
- Each unit offers 2 bedrooms, an upper‑level full bath, and a main‑floor pocket bath
- One unit is rented; the vacant unit includes newer appliances and LVP flooring
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
$5,710
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
7.24%
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%
$114,200
$114.2K
Cap Rate 7%
$81,571
$81.6K
Cap Rate 9%
$63,444
$63.4K
Market Conditions
NOI Build-Up for 1,434 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
$12.9K $9.00/SF
− Vacancy
−$4.7K −$3.31/SF
EGI
$8.2K $5.69/SF
− OpEx
−$2.4K −$1.71/SF
NOI
$5.7K $3.98/SF
Area
Gogebic County, MI
Vacancy
36.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$114,200
Cap Rate 7%
$81,571
Cap Rate 9%
$63,444
Alternative Uses
Best Use
Multifamily LT 5
$81.6K
$71.4K – $95.2K
NOI $5,710 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$72.9K
$63.8K – $85.0K
NOI $5,102 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$304.6K
$266.5K – $355.3K
NOI $21,319 @ 7.0% cap · market cap 27.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
406
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?
Duplex - Two residential units feature matching layouts, enclosed porches, laundry areas, and a shared rear yard with additional parking.
Where is this duplex located?
The property is located at 208 Greenbush Street Ironwood, MI.
What is the asking price?
The asking price for this property is $78,900.
What are key features of this property?
This property features: Two‑story duplex with 1,434 square feet on a 0.14‑acre lot; Each unit offers 2 bedrooms, an upper‑level full bath, and a main‑floor pocket bath; One unit is rented; the vacant unit includes newer appliances and LVP flooring
