Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    655 E Ayer St Ironwood, MI 49938

    Sponsored
    For Sale
    $949,900

    Apartment, 2 Story - Ironwood, MI

    Type:Apartment
    Property size:
    22,912 SF
    Lot size:
    1.30 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 28 at 8:06 am

    Property Features for 655 E Ayer St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen
    Bedrooms
    44
    Bathrooms
    20
    APN
    2752-22-281-170 & 281-160
    Parking features
    Driveway, Garage, Garage - Detached, Paved or Surfaced
    Patio and Porch features
    Patio, Deck
    Exterior features
    Grounds Maintenance, Laundry Facility, Deck, Patio, Street Lights
    Appliances
    Range, Refrigerator
    Size
    22,912 SF
    Lot size
    1.30 Acres

    Utilities

    Heating system
    Hot Water (Heating)

    Building Details

    Year built
    1989
    Floors in Building
    2
    Number of units
    20
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    NANCY ZAK

    Zak's Realty Inc (906) 932-2688

    Listing agent NANCY ZAK (906) 932-2688 License #6501351668

    Listing date Jan 27, 2026

    MLS# 50198322 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Ironwood Apartment Complex Near Schools

    This is a 20-unit apartment complex constructed in 1989, featuring sixteen 2-bedroom apartments and four 3-bedroom units. A 6-car garage was added in 2013. Ten units offer main level living with outdoor patio areas, while the other ten units are located on the second floor and include balcony areas. The property is located directly across from the Ironwood area schools and is close to downtown Ironwood and trail systems. The property is situated on a 1.3-acre lot. The building has a total area of 22912 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.159588
    Latitude
    46.457134

    Nearby Similar for Sale

    • $215,000
      5,952 SF

      Downtown Ironwood Mixed-Use Investment Property

      Unique investment opportunity in historic downtown Ironwood, Michigan.
      105 S Suffolk St, Ironwood, MI 49938
      View Details
    • $129,900
      2,232 SF

      Solid Income-Generating Triplex Opportunity

      Three-unit apartment building with steady income potential in Ironwood, Michigan.
      217 S Mansfield St, Ironwood, MI 49938
      View Details
    • $219,900
      2,862 SF

      Historic Ironwood Property with Updates

      Updated historic property with endless potential in a prime location.
      400 Silver St, Ironwood, MI 49938
      View Details
    • $204,900
      1,952 SF

      Turn-Key Restaurant Opportunity in Ironwood

      Operational restaurant with bar and patio near Powderhorn Ski Hill.
      N11582 Black River Rd, Ironwood, MI 49938
      View Details
    • $30,000
      20,000 SF

      Jessieville Commercial Building Opportunity

      Two-story brick building in Jessieville, ready for renovation.
      1 Iron King Rd, Ironwood, MI 49938
      View Details
    • New
      $189,000
      1,600 SF

      Established Bakery Business Opportunity

      Turnkey artisan bakery with equipment, recipes, and real estate.
      230 E Aurora St, Ironwood, MI 49938
      View Details
    • $160,000
      2,781 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 E Cloverland Dr, Ironwood, MI 49938
      View Details
    • $160,000
      0.20 Acres

      Commercial Building on US 2

      2700 sq ft commercial building on US 2.
      135 Cloverland Dr E, Ironwood, MI 49938
      View Details
    • $117,900
      2,100 SF

      Downtown Ironwood Mixed-Use Investment

      Mixed-use property with commercial space and apartments in downtown Ironwood.
      122 W Aurora St, Ironwood, MI 49938
      View Details
    • New
      $199,900
      6,670 SF

      Commercial Building with Multiple Tenants

      Commercial building in Ironwood, MI with multiple tenants and apartments.
      237 E Cloverland Dr, Ironwood, MI 49938
      View Details
    • $52,000
      2,756 SF

      Mixed-Use Building with Apartment

      2,756 sq ft commercial building with apartment and garage.
      100 Bonnie St, Ironwood, MI 49938
      View Details
    • $229,999
      1,952 SF

      Ironwood Restaurant - Turnkey Opportunity

      Established Restaurant, Ski Area Proximity, High Traffic
      N11582 Black River Rd, Ironwood, MI 49938
      View Details

    FAQs

    What type of property is this?
    Apartment building - 20-unit apartment complex near schools and downtown Ironwood.
    Where is this apartment building located?
    The property is located at 655 E Ayer St Ironwood, MI.
    What is the asking price?
    The asking price for this property is $949,900.
    What are key features of this property?
    This property features: - Directly across from Ironwood area schools.; - Mix of 2-bedroom (16 units) and 3-bedroom (4 units) apartments.; - **10 units with main level living and outdoor patio.**
    (906) 932-2688
    Request Owner's contact information
    655 E Ayer St Ironwood, MI 49938
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    655 E Ayer St
    Ironwood, MI 49938
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    655 E Ayer St Ironwood, MI 49938
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    NANCY ZAK
    Real Estate License ID: 6501351668
    (906) 932-2688
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.