Negaunee Duplex: Investment or
315 Tobin Street Negaunee, MI 49866
For Sale
Under Contract
$239,900
MULTI_FAMILY - Conventional - Negaunee, MI
Property Size2,078 SF
Lot Size0.14 Acres
Price / SF$115.45
Days on Market71
Property Features for 315 Tobin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bedroom 2, Laundry Room
Parking features
Garage, Driveway
Patio and Porch features
Deck, Porch
Exterior features
Deck, Porch, Sidewalks, Street Lights, Exterior Balcony
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Standard status
Active Under Contract
Size
2,078 SF
Lot size
0.14 Acres
Utilities
Heating system
Radiant, Space Heater
Water source
Public
Building Details
Year built
1900
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 #UPAR
(906) 282-2524
Added: May 18
Changed: Jun 10
Last Checked: Jul 27 at 9:06AM
MLS# 50207941
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 duplex in Negaunee is located near downtown, parks, and the Iron Ore Heritage Trail. Each unit features a 2 bedroom, 2 bathroom layout with private entrances and natural gas radiant space heating. There is potential for a 3rd bedroom in each unit. Unit 1 includes in-unit laundry. Unit 2 features a private balcony off the living room, a dedicated storage room, and attic access. Exterior features include a one-car garage and a large paved driveway with space for 6 cars. The property has a newly installed roof (May 2026) and new kitchen flooring in Unit 2 (May 2026). The property is situated on a lot of 0.14 acres and the building size is 2078 square feet. This property is suitable for investment or owner-occupancy.
Key Highlights
- Duplex in Negaunee with two 2‑bedroom, 2‑bath units and private entrances
- New roof installed May 2026, plus new kitchen flooring in Unit 2 (May 2026)
- Natural gas radiant space heating; includes additional space heater
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $19.2k | $9.24 |
| − Vacancy | −$657 | −$0.32 |
| EGI | $18.5k | $8.92 |
| − OpEx | −$5.6k | −$2.68 |
| NOI | $13.0k | $6.25 |
2,078 SF · lease $9.24/SF/yr · vacancy 3.42% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$185.4K
$162.3K – $216.4K
NOI $12,981 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$160.5K
$140.5K – $187.3K
NOI $11,238 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$612.0K
$535.5K – $714.0K
NOI $42,840 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Spacious duplex near downtown Negaunee with recent updates.
Where is this duplex located?
The property is located at 315 Tobin Street Negaunee, MI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Duplex in Negaunee with two 2‑bedroom, 2‑bath units and private entrances; New roof installed May 2026, plus new kitchen flooring in Unit 2 (May 2026); Natural gas radiant space heating; includes additional space heater
