Mixed-Use Storefront
For Sale
$97,900
122 Aurora St W, Ironwood, MI 49938
Main-level commercial space is paired with two upper-level apartments and rear off-street parking.
Days on Market270
Property Features for 122 Aurora St W
General Information
Standard status
Active
Total Parking Spaces
2
Property subtype
Commercial
Building Details
Building Size
1,112 SF
Listing Agency:
First Weber - Bessemer
(906) 285-4095
Listed By:
Kari Seifert · License #650146562
(906) 285-4095
Source:
Northwoodswi
Added: Nov 5, 2025
Changed: Jul 31
Last Checked: Aug 1 at 12:44PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of First Weber - Bessemer
Investment Insights
Based on property information with market context.
This mixed-use property combines a spacious main-level commercial storefront with two upper-level apartments. The commercial space was formerly used as a pawn shop, while the residential units provide additional occupancy within the same building. Street and alley access serve the property, and a detached garage at the rear provides additional storage along with two off-street parking spaces.
Located in downtown Ironwood at 122 Aurora St W, the property is across from Downtown City Square, which hosts community events and markets year-round. It is also steps from the Iron Belle Trail and within walking distance of Cold Iron Brewing, downtown shops, restaurants, and cafes. The property is near the Michigan-Wisconsin border.
Located in downtown Ironwood at 122 Aurora St W, the property is across from Downtown City Square, which hosts community events and markets year-round. It is also steps from the Iron Belle Trail and within walking distance of Cold Iron Brewing, downtown shops, restaurants, and cafes. The property is near the Michigan-Wisconsin border.
Key Highlights
- Main‑level commercial storefront paired with two upper‑level apartments
- Detached rear garage provides additional storage
- Two off‑street parking spaces included
Financial Insights For Multifamily LT 5
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 | $10.0k | $9.00 |
| − Vacancy | −$3.7k | −$3.31 |
| EGI | $6.3k | $5.69 |
| − OpEx | −$1.9k | −$1.71 |
| NOI | $4.4k | $3.98 |
1,112 SF · lease $9.00/SF/yr · vacancy 36.80% · expense 30.00%
Alternative Uses
Best Use
Mixed Use
$186.6K
$163.3K – $217.7K
NOI $13,064 @ 7.0% cap · market cap 13.34%
Second Best
Retail
$164.9K
$144.3K – $192.4K
NOI $11,544 @ 7.0% cap · market cap 11.79%
Theoretical Best
Office A
$236.2K
$206.7K – $275.5K
NOI $16,532 @ 7.0% cap · market cap 16.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
382
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Main-level commercial space is paired with two upper-level apartments and rear off-street parking.
Where is this mixed-use property located?
The property is located at 122 Aurora St W Ironwood, MI.
What is the asking price?
The asking price for this property is $97,900.
What are key features of this property?
This property features: Main‑level commercial storefront paired with two upper‑level apartments; Detached rear garage provides additional storage; Two off‑street parking spaces included
