Duplex with 2-Car
For Sale
$260,000
309 Tobin Street, Negaunee, MI 49866
MULTIFAMILY, 2 Story, Negaunee, MI
Property Size2,569 SF
Lot Size0.17 Acres
Price / SF$101.21
Days on Market46
Property Features for 309 Tobin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 5, Den, Basement, Family Room, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
Parking features
Garage
Patio and Porch features
Porch
Interior features
Hardwood Floors, Window Treatment(s)
Exterior features
Porch, Street Lights
Lot features
Walk to School
Elementary school district
Negaunee Public Schools
Middle school district
Negaunee Public Schools
High school district
Negaunee Public Schools
Subdivision
Negaunee (52021)
Standard status
Active
Size
2,569 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3400
Utilities
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1898
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
CHELSEY DAAVETTILA · License #6501412271
(906) 282-2524
Added: Aug 3
Changed: Sep 13
Last Checked: Sep 17 at 4:06PM
MLS# 50217087
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 conventional duplex contains 2,569 square feet across two separate units within a front-and-back layout. The front residence offers a retro-style kitchen, living room, formal dining room, three upstairs bedrooms, and a full bathroom. The rear unit includes a hardwood-floored interior, eat-in kitchen, walk-in pantry, living room, office or den, two upstairs bedrooms, and a full bathroom. A porch, basement, window treatments, and a two-car garage are also included.
The property occupies 0.17 acres at 309 Tobin Street in Negaunee, Michigan. Public water serves the building, while forced-air oil heat provides heating. Improvements include a new furnace in the rear unit, an updated electrical panel, a newer roof, and rebuilt chimneys. Additional off-street parking is available, and the property is near the Iron Ore Heritage Trail, parks, and downtown amenities.
The property occupies 0.17 acres at 309 Tobin Street in Negaunee, Michigan. Public water serves the building, while forced-air oil heat provides heating. Improvements include a new furnace in the rear unit, an updated electrical panel, a newer roof, and rebuilt chimneys. Additional off-street parking is available, and the property is near the Iron Ore Heritage Trail, parks, and downtown amenities.
Key Highlights
- 2,569‑square‑foot duplex with front‑and‑back unit arrangement
- Front unit includes three upstairs bedrooms, formal dining room, and full bathroom
- Rear unit features hardwood floors, walk‑in pantry, office or den, and two upstairs bedrooms
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
$16,048
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
6.17%
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%
$320,960
$321.0K
Cap Rate 7%
$229,257
$229.3K
Cap Rate 9%
$178,311
$178.3K
Market Conditions
NOI Build-Up for 2,569 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
$23.7K $9.24/SF
− Vacancy
−$812 −$0.32/SF
EGI
$22.9K $8.92/SF
− OpEx
−$6.9K −$2.68/SF
NOI
$16.0K $6.25/SF
Area
Marquette County, MI
Vacancy
3.42%
Lease Rate
$9.24 /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%
$320,960
Cap Rate 7%
$229,257
Cap Rate 9%
$178,311
Alternative Uses
Best Use
Multifamily LT 5
$229.3K
$200.6K – $267.5K
NOI $16,048 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$198.5K
$173.7K – $231.6K
NOI $13,893 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$756.6K
$662.0K – $882.7K
NOI $52,963 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 49866, MI
8,259
Population
3,723
Households
2.2
Avg Household Size
41
Median Age
34%
College-Educated
96%
High-School Grad
201.3 sq mi
ZIP Area
41
Density / Sq Mi
$83,433
Median Household Income
$47,467
Median Earnings
$900
Median Rent
$191,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Front-and-back configuration with separate living spaces, updated electrical service, and off-street parking in Negaunee.
Where is this duplex located?
The property is located at 309 Tobin Street Negaunee, MI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 2,569‑square‑foot duplex with front‑and‑back unit arrangement; Front unit includes three upstairs bedrooms, formal dining room, and full bathroom; Rear unit features hardwood floors, walk‑in pantry, office or den, and two upstairs bedrooms
