Mixed-Use Investment with
101 N Lowell Street Ironwood, MI 49938
For Sale
$599,000
COMMERCIAL - Ironwood, MI
Property Size13,062 SF
Lot Size1.44 Acres
Price / SF$45.86
Days on Market58
Property Features for 101 N Lowell Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Parking features
Parking Lot, Off Street
Standard status
Active
Size
13,062 SF
Lot size
1.44 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Hot Water(Heating), Baseboard, Oil, Forced Air
Water source
Public
Building Details
Year built
1920
Roof type
Rubber, Metal
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
GAYLE COLASSACO · License #7056294
(906) 364-0621
Added: May 31
Changed: Jul 12
Last Checked: Jul 27 at 8:06PM
MLS# 50209660
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 for-sale mixed-use package includes a three-story brick apartment building with a unit mix of studios, one 1-bedroom unit, two 2-bedroom units, and one 3-bedroom unit. The property includes kitchen appliances, an onsite office, additional storage rooms, and a full basement with a laundry area, tenant storage closets, and other rooms described as available for potential use.
Separate electrical meters are in place, and the listing notes a 2-year-old central hot water boiler system and newer 800 amp service. The adjacent two-story mixed-use building (#107) has separate entrances to both levels, with a ground-floor commercial space described as a blank slate, including concrete floors, a temporary wall creating front and back areas, and a new wall-mounted heater. The upper level contains an updated 2-bedroom, 1-bath apartment with fireplace, updated appliances, a new stackable washer/dryer, and features including tall ceilings, rounded archways, crown molding, hardwood floors, large rooms, and many closets, along with newer vinyl windows and a metal roof.
A detached 3-car garage built in 1981 is located at the back of the large gravel parking lot. The combined property site is described as 1.44 acres and runs parallel to the snowmobile and UTV trails as well as the Iron Belle Trail.
Separate electrical meters are in place, and the listing notes a 2-year-old central hot water boiler system and newer 800 amp service. The adjacent two-story mixed-use building (#107) has separate entrances to both levels, with a ground-floor commercial space described as a blank slate, including concrete floors, a temporary wall creating front and back areas, and a new wall-mounted heater. The upper level contains an updated 2-bedroom, 1-bath apartment with fireplace, updated appliances, a new stackable washer/dryer, and features including tall ceilings, rounded archways, crown molding, hardwood floors, large rooms, and many closets, along with newer vinyl windows and a metal roof.
A detached 3-car garage built in 1981 is located at the back of the large gravel parking lot. The combined property site is described as 1.44 acres and runs parallel to the snowmobile and UTV trails as well as the Iron Belle Trail.
Key Highlights
- 15‑apartment three‑story brick building (built 1920) plus an adjacent mixed‑use building with commercial space and a 2‑bedroom apartment
- Unit mix: ten studio, one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom; all include kitchen appliances
- Separate electrical meters with new 800 amp service and a 2‑year‑old central hot water boiler system
Financial Insights For Apartment 5plus
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 | $137.9k | $10.56 |
| − Vacancy | −$53.4k | −$4.09 |
| EGI | $84.5k | $6.47 |
| − OpEx | −$38.0k | −$2.91 |
| NOI | $46.5k | $3.56 |
13,062 SF · lease $10.56/SF/yr · vacancy 38.74% · expense 45.00%
Alternative Uses
Best Use
Retail
$1.94M
$1.69M – $2.26M
NOI $135,595 @ 7.0% cap · market cap 22.64%
Second Best
Apartment 5plus
$663.9K
$580.9K – $774.6K
NOI $46,474 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$2.77M
$2.43M – $3.24M
NOI $194,187 @ 7.0% cap · market cap 32.42%
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?
Apartment building - Three-story brick apartment building plus an adjacent mixed-use building with commercial space and a second-floor apartment.
Where is this apartment building located?
The property is located at 101 N Lowell Street Ironwood, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 15‑apartment three‑story brick building (built 1920) plus an adjacent mixed‑use building with commercial space and a 2‑bedroom apartment; Unit mix: ten studio, one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom; all include kitchen appliances; Separate electrical meters with new 800 amp service and a 2‑year‑old central hot water boiler system
