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    212 Iron St Norway, MI 49870

    Sponsored
    For Sale
    Under Contract
    $229,900

    Apartment,Duplex, 2 Story - Norway, MI

    Property size:
    4,348 SF
    Lot size:
    0.28 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 23 at 1:06 am

    Property Features for 212 Iron St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    Multi-Family
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room, Kitchen
    Bedrooms
    8
    Bathrooms
    4
    APN
    053-101-004-00& 053-101-005-00
    Parking features
    Unassigned
    Patio and Porch features
    Porch
    Exterior features
    Porch
    Basement Y/N
    1
    Appliances
    Range, Refrigerator
    Size
    4,348 SF
    Lot size
    0.28 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    4
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    CARRIE TORETTA-PARTELLO

    HANSON REALTY INC (715) 324-5868

    Listing agent CARRIE TORETTA-PARTELLO (906) 774-1300 License #6501298751

    Listing date Jan 21, 2026

    MLS# 50181065 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

    Norway MI Investment Opportunity

    This property presents a great investment opportunity with two well-maintained duplexes, each featuring upper and lower units. Ideal for investors or owner-occupants seeking additional rental income, each unit includes either 2 or 3 bedrooms and 1 bathroom. Storage space is available for tenants in the basement. Tenants are responsible for rent and all utilities. Noteworthy improvements include window replacements in 2009, insulation and siding work on Unit 212 Iron in 2018, along with a renovated front porch. In 2023, the roofs on both units were replaced, and in 2024, the front porch of Unit 218 Iron was redone. Situated on a 0.28-acre lot, the multi-family property offers a total area of 4348 square feet. The property is zoned for multi-family use. The listed square footage represents the finished area of both buildings and does not include the full basement square footage for either building. Located in Norway, Michigan, these fully functional and well-cared-for duplexes are ready for new ownership.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norway
    County
    Dickinson
    State
    Michigan
    Longitude
    -87.905985253967
    Latitude
    45.78177211209

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    FAQs

    What type of property is this?
    Duplex - Two well-maintained duplexes, perfect for investors or owner-occupants.
    Where is this duplex located?
    The property is located at 212 Iron St Norway, MI.
    What is the asking price?
    The asking price for this property is $229,900.
    What are key features of this property?
    This property features: - Income-generating duplexes offer a great investment opportunity or potential for owner-occupancy with rental income.; - Recent improvements include 2023 roof replacements on both units and porch updates in 2024 and 2018.; - Tenants pay rent plus all utilities, simplifying management for the owner.
    (906) 396-4985
    Request Owner's contact information
    212 Iron St Norway, MI 49870
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    Norway, MI 49870
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    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
    212 Iron St Norway, MI 49870
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    We can help!
    Listing Contact
    CARRIE TORETTA-PARTELLO
    Real Estate License ID: 6501298751
    (906) 396-4985
    Learn more
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