Split-Level Duplex with Mixed-Use
For Sale
$199,900
827 & 831 S Stephenson Avenue, Iron Mountain, MI 49801
MULTI_FAMILY - Split Level - Iron Mountain, MI
Property Size2,142 SF
Lot Size0.27 Acres
Price / SF$93.32
Days on Market95
Property Features for 827 & 831 S Stephenson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 2, Bathroom 1
Parking features
Driveway
Exterior features
Sidewalks, Exterior Balcony
Appliances
Range/Oven, Refrigerator
Subdivision
Spies & Jenkins 1st Add
Lot features
Main Street
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
Standard status
Active
Size
2,142 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4722
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Number of units
2
Architectural style
Split Level
Listing Agency:
MULTI STATE REALTY
(906) 828-2525
Listed By:
THOMAS MINER · License #6501448767
(906) 221-7955
Added: May 19
Changed: Aug 3
Last Checked: Aug 21 at 2:06AM
MLS# 50208093
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 split-level duplex package includes 827 and 831 S Stephenson Avenue, sold together. Each address features an upper and a lower 1 bedroom, 1 bathroom unit. At 831, the lower unit is currently being used as a business space, creating a flexible live-and-work or mixed-use setup.
The properties were built in 1916 and sit on a combined 0.27-acre lot. Exterior features include sidewalks and an exterior balcony. Heating is forced air, and cooling is provided by ceiling fan(s). Parking is available via driveway, and the homes connect to public water.
Inside, the units include a range/oven and refrigerator. Both properties are split-level, with rooms and spaces arranged across bedrooms, bathrooms, and a basement area.
The properties were built in 1916 and sit on a combined 0.27-acre lot. Exterior features include sidewalks and an exterior balcony. Heating is forced air, and cooling is provided by ceiling fan(s). Parking is available via driveway, and the homes connect to public water.
Inside, the units include a range/oven and refrigerator. Both properties are split-level, with rooms and spaces arranged across bedrooms, bathrooms, and a basement area.
Key Highlights
- Two properties sold together: 827 and 831 S Stephenson Avenue
- Split‑level design with upper and lower 1 bed, 1 bath units at each address
- 831 lower unit currently used as a business space
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
$14,300
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%
$286,000
$286.0K
Cap Rate 7%
$204,286
$204.3K
Cap Rate 9%
$158,889
$158.9K
Market Conditions
NOI Build-Up for 2,142 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
$21.8K $10.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$20.4K $9.54/SF
− OpEx
−$6.1K −$2.86/SF
NOI
$14.3K $6.68/SF
Area
Dickinson County, MI
Vacancy
6.50%
Lease Rate
$10.20 /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%
$286,000
Cap Rate 7%
$204,286
Cap Rate 9%
$158,889
Alternative Uses
Best Use
Multifamily LT 5
$204.3K
$178.8K – $238.3K
NOI $14,300 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$190.2K
$166.5K – $222.0K
NOI $13,317 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$413.0K
$361.4K – $481.8K
NOI $28,908 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two split-level duplex homes offer upper and lower 1 bed, 1 bath living units, including a lower business-use space at 831.
Where is this duplex located?
The property is located at 827 & 831 S Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two properties sold together: 827 and 831 S Stephenson Avenue; Split‑level design with upper and lower 1 bed, 1 bath units at each address; 831 lower unit currently used as a business space
