2-Unit Duplex with Detached
For Sale
$149,900
326 W Barnum Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size1,716 SF
Lot Size0.11 Acres
Price / SF$87.35
Days on Market31
Property Features for 326 W Barnum Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Laundry Room, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement
Parking features
Garage
Patio and Porch features
Patio
Exterior features
Patio
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Excelsior Iron Companys Add
Lot features
Corner Lot, Platted
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Standard status
Active
Size
1,716 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2064
Utilities
Heating system
Steam
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
KELLER WILLIAMS NORTHERN MICHIGAN · Keller Williams Realty
(231) 947-8200
Listed By:
CRYSTAL BARR BERGLUND · License #6502388666
(906) 360-2948
Added: Jul 22
Changed: Aug 20
Last Checked: Aug 21 at 9:06AM
MLS# 50215979
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 1,716 square feet with two separate units, each arranged with 2 bedrooms and 1 full bathroom. Built in 1880, the property includes a basement, laundry room, patio, steam heating, ceiling fans, and a detached 2-car garage. The garage provides covered vehicle storage along with room for equipment and household items. Public water serves the property, and appliances include a range/oven, refrigerator, washer, and dryer.
The 0.11-acre parcel is positioned at 326 W Barnum Street in Ishpeming, Michigan, near downtown amenities and Lake Bancroft. The property is next to the Cliffs Shaft Mine Museum and offers access to regional trail networks. Its elevated corner-lot setting, garage, and two-bedroom unit layout define the asset’s practical residential configuration.
The 0.11-acre parcel is positioned at 326 W Barnum Street in Ishpeming, Michigan, near downtown amenities and Lake Bancroft. The property is next to the Cliffs Shaft Mine Museum and offers access to regional trail networks. Its elevated corner-lot setting, garage, and two-bedroom unit layout define the asset’s practical residential configuration.
Key Highlights
- Two‑unit duplex with 1,716 square feet of total property size
- Each unit includes 2 bedrooms and 1 full bathroom
- Detached 2‑car garage with additional storage capacity
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
$10,719
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
7.15%
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%
$214,380
$214.4K
Cap Rate 7%
$153,129
$153.1K
Cap Rate 9%
$119,100
$119.1K
Market Conditions
NOI Build-Up for 1,716 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
$15.9K $9.24/SF
− Vacancy
−$542 −$0.32/SF
EGI
$15.3K $8.92/SF
− OpEx
−$4.6K −$2.68/SF
NOI
$10.7K $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%
$214,380
Cap Rate 7%
$153,129
Cap Rate 9%
$119,100
Alternative Uses
Best Use
Multifamily LT 5
$153.1K
$134.0K – $178.7K
NOI $10,719 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$132.6K
$116.0K – $154.7K
NOI $9,280 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$505.4K
$442.2K – $589.6K
NOI $35,377 @ 7.0% cap · market cap 23.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units, a patio, and a detached garage support practical multifamily living near downtown Ishpeming.
Where is this duplex located?
The property is located at 326 W Barnum Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,716 square feet of total property size; Each unit includes 2 bedrooms and 1 full bathroom; Detached 2‑car garage with additional storage capacity
