Updated Two-Unit
For Sale
$260,000
309 TOBIN STREET, Negaunee, MI 49866
NEGAUNEE, MI
Property Size2,569 SF
Price / SF$101.21
Days on Market35
Property Features for 309 TOBIN STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 4
Standard status
Active
Size
2,569 SF
Building Details
Year built
1898
Listing Agency:
Marquette · Coldwell Banker Real Estate
(906) 225-5992
Listed By:
Chelsey Daavettila · License #6501412271
(906) 282-2524
Added: Aug 14
Changed: Sep 12
Last Checked: Sep 17 at 4:06PM
MLS# 50217087
Copyright © 2026 Coldwell Banker Schmidt 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-unit residential property contains 2,569 square feet within a front-and-back duplex configuration. The front residence includes a retro-style kitchen, living room, formal dining room, three upstairs bedrooms, and a full bathroom. The rear residence offers hardwood flooring, an eat-in kitchen with walk-in pantry, living room, office or den, two upstairs bedrooms, and a full bathroom.
Property improvements include a newer roof, rebuilt chimneys, an updated electrical panel, and a new furnace serving the rear unit. A two-car garage and additional off-street parking support both residences. Built in 1898, the property is located on Tobin Street in Negaunee, near the Iron Ore Heritage Trail, parks, and downtown amenities.
Property improvements include a newer roof, rebuilt chimneys, an updated electrical panel, and a new furnace serving the rear unit. A two-car garage and additional off-street parking support both residences. Built in 1898, the property is located on Tobin Street in Negaunee, near the Iron Ore Heritage Trail, parks, and downtown amenities.
Key Highlights
- Two‑unit front‑and‑back duplex with 2,569 square feet
- Front unit has 3 upstairs bedrooms; rear unit has 2
- Two‑car garage plus additional off‑street parking
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Front and rear units provide separate living areas with shared garage access and additional off-street parking.
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: Two‑unit front‑and‑back duplex with 2,569 square feet; Front unit has 3 upstairs bedrooms; rear unit has 2; Two‑car garage plus additional off‑street parking
