Historic Mixed-Use Office
For Sale
$524,900
216 E Aurora Street, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Size7,093 SF
Lot Size0.13 Acres
Price / SF$74
Days on Market89
Property Features for 216 E Aurora Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Other
Lot features
Main Street
Subdivision
Ironwood (27006)
Standard status
Active
Size
7,093 SF
Lot size
0.13 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 891-6686
Listed By:
RACHEL MARTIN · License #7842194
(715) 891-6686
Added: Jun 3
Changed: Aug 4
Last Checked: Aug 30 at 7:06AM
MLS# 50210165
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 historic, multi-purpose building has undergone a comprehensive interior renovation, including electrical and lighting improvements and a complete remodel of the second-level loft area. The main level offers over 4,200 square feet of functional office space with terrazzo flooring under carpet and multiple office spaces that can be reconfigured for different business uses. A shared hall provides access for the businesses.
The second level has a separate entrance. It includes the fully renovated loft along with a 2-bedroom, 1-bath apartment that is currently occupied by a long-term renter, with access provided via a restored staircase. The loft features skylights, neutral finishes, red oak flooring, and amenities that include a laundry room, spacious living area, and a newly designed kitchen with newer appliances, updated lighting, and an island with a butcher block countertop. The dining area and a hot tub room provide access to a patio and green area.
Additional building features include a drive-in garage and basement that are accessible from two locations on the main level, supporting parking and storage for tenants or other rental arrangements.
The second level has a separate entrance. It includes the fully renovated loft along with a 2-bedroom, 1-bath apartment that is currently occupied by a long-term renter, with access provided via a restored staircase. The loft features skylights, neutral finishes, red oak flooring, and amenities that include a laundry room, spacious living area, and a newly designed kitchen with newer appliances, updated lighting, and an island with a butcher block countertop. The dining area and a hot tub room provide access to a patio and green area.
Additional building features include a drive-in garage and basement that are accessible from two locations on the main level, supporting parking and storage for tenants or other rental arrangements.
Key Highlights
- Main level offers over 4,200 sq ft of functional space with multiple office areas available to rent or lease.
- Interior has been comprehensively renovated, including electric and lighting upgrades, plus a complete remodel of the 2nd‑level loft area.
- 2nd level features a separate entrance with access to a fully renovated loft plus a 2BD, 1BA apartment with a long‑term renter.
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
$25,237
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
4.81%
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%
$504,740
$504.7K
Cap Rate 7%
$360,529
$360.5K
Cap Rate 9%
$280,411
$280.4K
Market Conditions
NOI Build-Up for 7,093 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
$74.9K $10.56/SF
− Vacancy
−$29.0K −$4.09/SF
EGI
$45.9K $6.47/SF
− OpEx
−$20.6K −$2.91/SF
NOI
$25.2K $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%
$504,740
Cap Rate 7%
$360,529
Cap Rate 9%
$280,411
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,306 @ 7.0% cap · market cap 16.82%
Second Best
Apartment 5plus
$360.5K
$315.5K – $420.6K
NOI $25,237 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,449 @ 7.0% cap · market cap 20.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
403
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated office spaces on the main level with a separately accessed second-floor loft and apartment.
Where is this office units located?
The property is located at 216 E Aurora Street Ironwood, MI.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Main level offers over 4,200 sq ft of functional space with multiple office areas available to rent or lease.; Interior has been comprehensively renovated, including electric and lighting upgrades, plus a complete remodel of the 2nd‑level loft area.; 2nd level features a separate entrance with access to a fully renovated loft plus a 2BD, 1BA apartment with a long‑term renter.
