Apartment Building with Six
1114 N Douglas Boulevard, Ironwood, MI 49938
For Sale
$299,000
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size4,960 SF
Lot Size0.76 Acres
Price / SF$60.28
Days on Market161
Property Features for 1114 N Douglas Boulevard
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Exterior features
Appliances
Subdivision
Lot features
Elementary school district
Middle school district
High school district
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Amenities
coin-operated laundry
private balconies
wooded views
Building Details
Year built
Floors in Building
Number of units
Architectural style
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Oct 28
Last Checked: Nov 9 at 10:06AM
MLS# 50211089
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.
This income property features seven total rental units, including a six-unit apartment building and a three-bedroom, one-bath single-family rental home. The apartment mix includes one- and two-bedroom, one-bath units, with private balconies and residents enjoying peaceful wooded views. Coin-operated laundry facilities are on site, and the property also includes four garage units.
The single-family home includes a living room and family room, a full basement, a newer furnace, and updated electrical service. The property sits on a 0.76-acre lot and includes sidewalks, street lights, an exterior balcony, and a garden area. Parking is available with assigned parking and garages, plus additional parking located across the road.
Built in 1970, the apartments include in-unit appliances such as a range/oven, refrigerator, washer, and dryer, with forced-air electric heating. Cooling is provided via wall/window units and ceiling fans, and the water source is public.
The single-family home includes a living room and family room, a full basement, a newer furnace, and updated electrical service. The property sits on a 0.76-acre lot and includes sidewalks, street lights, an exterior balcony, and a garden area. Parking is available with assigned parking and garages, plus additional parking located across the road.
Built in 1970, the apartments include in-unit appliances such as a range/oven, refrigerator, washer, and dryer, with forced-air electric heating. Cooling is provided via wall/window units and ceiling fans, and the water source is public.
Key Highlights
- Six total rental units: six‑unit apartment building plus a three‑bedroom, one‑bath single‑family rental home
- 0.76‑acre lot with sidewalks, street lights, exterior balcony, and garden area
- Apartment unit mix includes one- and two‑bedroom, one‑bath layouts
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,648
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$352,960
$353.0K
Cap Rate 7%
$252,114
$252.1K
Cap Rate 9%
$196,089
$196.1K
Market Conditions
NOI Build-Up for 4,960 SF
Gross rent
$52.4K $10.56/SF
− Vacancy
−$20.3K −$4.09/SF
EGI
$32.1K $6.47/SF
− OpEx
−$14.4K −$2.91/SF
NOI
$17.6K $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%
$352,960
Cap Rate 7%
$252,114
Cap Rate 9%
$196,089
Alternative Uses
Best Use
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,648 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.7K – $1.23M
NOI $73,738 @ 7.0% cap · market cap 24.66%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
173
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 - Six-unit apartment building with garages and coin-operated laundry facilities plus a single-family rental home.
Where is this apartment building located?
The property is located at 1114 N Douglas Boulevard Ironwood, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Six total rental units: six‑unit apartment building plus a three‑bedroom, one‑bath single‑family rental home; 0.76‑acre lot with sidewalks, street lights, exterior balcony, and garden area; Apartment unit mix includes one- and two‑bedroom, one‑bath layouts
