Updated Two-Unit
For Sale
$199,900
10342 N Lake Road, Ironwood, MI 49938
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size2,040 SF
Lot Size0.99 Acres
Price / SF$97.99
Days on Market144
Property Features for 10342 N Lake Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Laundry Room, Bedroom 1, Basement, Bathroom 2
Patio and Porch features
Deck, Porch
Interior features
Hardwood Floors, Walk-In Closet
Exterior features
Deck, Porch, Storms/Screens, Street Lights
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
SEC. 14 T47N R47W MAP NO. 203J
Lot features
Cleared
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Standard status
Active
Size
2,040 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Annual Amount
1449
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
fire pit
BBQ area
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
FERNDALE REALTY
(888) 983-2544
Listed By:
AMANDA MAGLEY
(906) 285-1929
Added: May 20
Changed: Oct 7
Last Checked: Oct 10 at 11:06AM
MLS# 50208922
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.
Built in 1900, this conventional duplex contains 2,040 square feet across an up-and-down layout. Each residence has its own kitchen, living area, bedrooms, and bathroom, while hardwood floors, original woodwork, large windows, and a walk-in closet add distinctive interior character. The property also includes a basement, forced-air heat, wall/window cooling units, and public water.
Set on 0.99 acres, the exterior includes a porch, deck, fire pit, BBQ area, and ample parking. Recent work includes a roof installed in 2021, siding completed in 2025, replacement windows, and new decking. The property is near Lake Superior recreation, skiing, trails, and downtown Ironwood.
Set on 0.99 acres, the exterior includes a porch, deck, fire pit, BBQ area, and ample parking. Recent work includes a roof installed in 2021, siding completed in 2025, replacement windows, and new decking. The property is near Lake Superior recreation, skiing, trails, and downtown Ironwood.
Key Highlights
- 2,040 SF up‑and‑down duplex with two separate living areas
- 0.99‑acre property with mature pines and lilacs
- Each unit includes a kitchen, living area, bedrooms, and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,122
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$162,440
$162.4K
Cap Rate 7%
$116,029
$116.0K
Cap Rate 9%
$90,244
$90.2K
Market Conditions
NOI Build-Up for 2,040 SF
Gross rent
$18.4K $9.00/SF
− Vacancy
−$6.8K −$3.31/SF
EGI
$11.6K $5.69/SF
− OpEx
−$3.5K −$1.71/SF
NOI
$8.1K $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 Rate 5%
$162,440
Cap Rate 7%
$116,029
Cap Rate 9%
$90,244
Alternative Uses
Best Use
Multifamily LT 5
$116.0K
$101.5K – $135.4K
NOI $8,122 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$103.7K
$90.7K – $121.0K
NOI $7,258 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$433.3K
$379.1K – $505.5K
NOI $30,328 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
45
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down configuration offers two independent living areas with kitchens, bedrooms, bathrooms, and a shared laundry room.
Where is this duplex located?
The property is located at 10342 N Lake Road Ironwood, 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: 2,040 SF up‑and‑down duplex with two separate living areas; 0.99‑acre property with mature pines and lilacs; Each unit includes a kitchen, living area, bedrooms, and bathroom
