15-Unit Apartment Property with Commercial
For Sale
$589,000
101 N Lowell Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size13,062 SF
Lot Size1.44 Acres
Price / SF$45.09
Days on Market152
Property Features for 101 N Lowell Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use
Zoning description
Mixed Use
Parking features
Off Street, Parking Lot
Lot features
Corner Lot
Subdivision
Ironwood (27006)
Standard status
Active
Size
13,062 SF
Lot size
1.44 Acres
Additional Details
Individually Metered Utilities
electricity
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Baseboard, Forced Air, Hot Water(Heating)
Water source
Public
Amenities
on-site laundry
storage
Building Details
Year built
1920
Roof type
Metal, Rubber
Buildings
3
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
GAYLE COLASSACO
(906) 364-0621
Added: May 31
Changed: Oct 27
Last Checked: Oct 29 at 8:06AM
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.
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Investment Insights
Based on property information with market context.
The property includes a three-story brick apartment building with 15 units, an on-site office, storage rooms, and a full basement with laundry facilities and tenant storage. The building dates to 1920 and has a central hot water boiler system, separate electrical meters, and 800-amp service. A detached garage provides three vehicle spaces. The site totals 1.44 acres, with a gravel parking area.
A second, two-story mixed-use building has separate entrances for its commercial and residential levels. The 1,200-square-foot ground-floor space has concrete flooring and a wall-mounted heater. Upstairs, an updated two-bedroom, one-bath apartment includes a fireplace, hardwood floors, and a stackable washer and dryer. The property is zoned Mixed Use and lies alongside the Iron Belle Trail and snowmobile and UTV trails.
A second, two-story mixed-use building has separate entrances for its commercial and residential levels. The 1,200-square-foot ground-floor space has concrete flooring and a wall-mounted heater. Upstairs, an updated two-bedroom, one-bath apartment includes a fireplace, hardwood floors, and a stackable washer and dryer. The property is zoned Mixed Use and lies alongside the Iron Belle Trail and snowmobile and UTV trails.
Key Highlights
- Three‑story brick apartment building with 15 units
- Adjacent two‑story mixed‑use building includes 1,200 square feet of commercial space and an upstairs two‑bedroom apartment
- 1.44‑acre site with gravel parking and a detached three‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,474
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$929,480
$929.5K
Cap Rate 7%
$663,914
$663.9K
Cap Rate 9%
$516,378
$516.4K
Market Conditions
NOI Build-Up for 13,062 SF
Gross rent
$137.9K $10.56/SF
− Vacancy
−$53.4K −$4.09/SF
EGI
$84.5K $6.47/SF
− OpEx
−$38.0K −$2.91/SF
NOI
$46.5K $3.56/SF
Area
Gogebic County, MI
Vacancy
38.74%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$929,480
Cap Rate 7%
$663,914
Cap Rate 9%
$516,378
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.92M – $2.56M
NOI $153,452 @ 7.0% cap · market cap 26.05%
Second Best
Retail
$1.94M
$1.69M – $2.26M
NOI $135,595 @ 7.0% cap · market cap 23.02%
Theoretical Best
Office A
$2.77M
$2.43M – $3.24M
NOI $194,187 @ 7.0% cap · market cap 32.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - A separate two-story building adds street-level commercial space and an updated apartment above.
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 $589,000.
What are key features of this property?
This property features: Three‑story brick apartment building with 15 units; Adjacent two‑story mixed‑use building includes 1,200 square feet of commercial space and an upstairs two‑bedroom apartment; 1.44‑acre site with gravel parking and a detached three‑car garage
