Multifamily Apartment
For Sale
$1,092,250
246 Ashland Court, Ironwood, MI 49938
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size18,934 SF
Lot Size1.73 Acres
Price / SF$57.69
Days on Market86
Property Features for 246 Ashland Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
39
Bathrooms
23
Full bathrooms
22
Half bathrooms
1
Rooms
Bedroom 16, Bedroom 23, Bathroom 16, Bathroom 20, Bedroom 29, Bedroom 38, Bedroom 35, Bedroom 9, Bedroom 18, Bedroom 34, Bathroom 4, Bathroom 8, Bathroom 13, Bedroom 4, Bedroom 13, Bedroom 26, Bedroom 31, Bathroom 14, Basement, Bedroom 36, Bathroom 23, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 9, Bedroom 24, Bedroom 37, Bedroom 28, Bedroom 6, Bedroom 33, Bathroom 17, Bedroom 32, Bedroom 8, Bathroom 5, Bedroom 25, Bedroom 30, Bedroom 15, Bathroom 15, Bedroom 20, Bathroom 7, Bathroom 10, Bedroom 17, Bathroom 22, Bedroom 11, Bathroom 12, Bedroom 39, Bathroom 2, Bedroom 19, Bathroom 1, Bathroom 3, Bathroom 19, Bathroom 6, Bedroom 27, Bedroom 22, Bedroom 3, Bedroom 7, Bedroom 21, Bathroom 18, Bathroom 21, Bedroom 10, Bedroom 14, Bathroom 11, Bedroom 12
Parking features
Garage, Driveway, Assigned
Interior features
Cable/Internet Avail., Cathedral/Vaulted Ceiling, Walk-In Closet
Fireplace
1
Lot features
Cleared
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
18,934 SF
Lot size
1.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20652
Utilities
Heating system
Forced Air, Oil
Water source
Public
Amenities
coin-operated laundry facilities
storage units
common bathroom
private balconies
Building Details
Year built
1975
Floors in Building
2
Number of units
21
Architectural style
Other
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Aug 24
Last Checked: Aug 26 at 5:06AM
MLS# 50211077
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 multifamily portfolio spans 1.73 acres and includes 18,934 square feet across 21 rental units and 24 garages. The holdings comprise a 15-unit brick apartment building plus three duplexes, including one side-by-side configuration and two upper/lower layouts. The apartment building offers twelve two-bedroom units and three one-bedroom units, along with three secured entrances, coin-operated laundry, storage units, and a common bathroom. Many apartments have private balconies.
The duplexes add varied residential layouts, including private back decks and dedicated garage spaces. One duplex includes original woodwork, a fireplace, high ceilings, spacious kitchens, and large living areas. The property was built in 1975, uses public water, and has forced-air oil heating. Ownership covers water, sewer, garbage, natural gas, snow removal, and lawn care; tenants pay electricity. The portfolio is located minutes from downtown Ironwood.
The duplexes add varied residential layouts, including private back decks and dedicated garage spaces. One duplex includes original woodwork, a fireplace, high ceilings, spacious kitchens, and large living areas. The property was built in 1975, uses public water, and has forced-air oil heating. Ownership covers water, sewer, garbage, natural gas, snow removal, and lawn care; tenants pay electricity. The portfolio is located minutes from downtown Ironwood.
Key Highlights
- 21 rental units and 24 garages across a 1.73‑acre portfolio
- 18,934 square feet of multifamily improvements built in 1975
- 15‑unit brick apartment building with twelve 2‑bedroom and three 1‑bedroom units
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
$75,388
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
6.90%
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%
$1,507,760
$1.5M
Cap Rate 7%
$1,076,971
$1.1M
Cap Rate 9%
$837,644
$837.6K
Market Conditions
NOI Build-Up for 18,934 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
$170.4K $9.00/SF
− Vacancy
−$62.7K −$3.31/SF
EGI
$107.7K $5.69/SF
− OpEx
−$32.3K −$1.71/SF
NOI
$75.4K $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%
$1,507,760
Cap Rate 7%
$1,076,971
Cap Rate 9%
$837,644
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$942.4K – $1.26M
NOI $75,388 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$962.4K
$842.1K – $1.12M
NOI $67,367 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$4.02M
$3.52M – $4.69M
NOI $281,483 @ 7.0% cap · market cap 25.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
368
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio combines a brick apartment building with three duplexes and garage parking.
Where is this apartment building located?
The property is located at 246 Ashland Court Ironwood, MI.
What is the asking price?
The asking price for this property is $1,092,250.
What are key features of this property?
This property features: 21 rental units and 24 garages across a 1.73‑acre portfolio; 18,934 square feet of multifamily improvements built in 1975; 15‑unit brick apartment building with twelve 2‑bedroom and three 1‑bedroom units
