Quadplex with Private
For Sale
$334,990
5216 E Sunset Road, Ironwood, MI 49938
MULTIFAMILY, Ironwood, MI
Property Size2,432 SF
Lot Size1.73 Acres
Price / SF$137.74
Days on Market44
Property Features for 5216 E Sunset Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 2, Basement, Bedroom 5, Bedroom 9, Bedroom 6, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Garage
Appliances
Range/Oven, Refrigerator
Subdivision
Ironwood Homesteads
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Standard status
Active
APN
03-08-002-000; 03-08-002-100
Size
2,432 SF
Lot size
1.73 Acres
Taxes and HOA fees
Tax Annual Amount
5843
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
private basement
laundry hookups
storage shed
vinyl windows
Building Details
Year built
1937
Floors in Building
2
Number of units
4
Listing Agency:
HomeCoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #B.1003079.CORP
(888) 400-2513
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 22 at 9:06AM
MLS# 50214401
Copyright © 2026 Multiple Listing Service MiRealSource. 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 quadplex comprises four side-by-side residences totaling 2,432 square feet. Three units provide two bedrooms, one bathroom, a private basement, laundry hookups, a one-car garage, and an individual driveway. The larger end residence includes three bedrooms, one bathroom, a private basement with laundry hookups, a detached two-car garage, and a storage shed. Block construction, vinyl windows, updated flooring, a newer roof, and exterior repainting completed approximately three years ago are among the property improvements. Public water and sewer serve the residences, while heating is provided by forced air and cooling by wall/window units.
Each home is separately deeded and assigned to its own tax parcel. Tenants pay gas, electric, water/sewer, and trash; the owner handles lawn care and snow removal. The property is within driving distance of Big Powderhorn Mountain, Blackjack Mountain, Indianhead Mountain, Lake Superior, and snowmobile and ATV trail systems.
Each home is separately deeded and assigned to its own tax parcel. Tenants pay gas, electric, water/sewer, and trash; the owner handles lawn care and snow removal. The property is within driving distance of Big Powderhorn Mountain, Blackjack Mountain, Indianhead Mountain, Lake Superior, and snowmobile and ATV trail systems.
Key Highlights
- Four residences, each separately deeded on its own tax parcel
- 2,432 square feet across three 2‑bedroom units and one 3‑bedroom end unit
- Three units include a one‑car garage; the end unit has a detached 2‑car garage
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
$9,683
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
2.89%
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%
$193,660
$193.7K
Cap Rate 7%
$138,329
$138.3K
Cap Rate 9%
$107,589
$107.6K
Market Conditions
NOI Build-Up for 2,432 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
$21.9K $9.00/SF
− Vacancy
−$8.1K −$3.31/SF
EGI
$13.8K $5.69/SF
− OpEx
−$4.1K −$1.71/SF
NOI
$9.7K $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%
$193,660
Cap Rate 7%
$138,329
Cap Rate 9%
$107,589
Alternative Uses
Best Use
Multifamily LT 5
$138.3K
$121.0K – $161.4K
NOI $9,683 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$123.6K
$108.2K – $144.2K
NOI $8,653 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$516.5K
$451.9K – $602.6K
NOI $36,155 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
20
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately deeded residences offer distinct parking, basement, and utility features within one multifamily property.
Where is this quadplex located?
The property is located at 5216 E Sunset Road Ironwood, MI.
What is the asking price?
The asking price for this property is $334,990.
What are key features of this property?
This property features: Four residences, each separately deeded on its own tax parcel; 2,432 square feet across three 2‑bedroom units and one 3‑bedroom end unit; Three units include a one‑car garage; the end unit has a detached 2‑car garage
