Mixed-Use Live-Work
For Sale
$97,900
122 W Aurora Street, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Size2,100 SF
Lot Size0.08 Acres
Price / SF$46.62
Days on Market273
Property Features for 122 W Aurora Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Exterior features
Fence Neighbor Owned
Fencing
Fenced
Lot features
Main Street
Subdivision
Ironwood (27006)
Standard status
Active
Size
2,100 SF
Lot size
0.08 Acres
Utilities
Heating system
Radiant, Hot Water(Heating), Oil
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1920
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
KARI SEIFERT · License #650146562
(906) 285-4095
Added: Nov 5, 2025
Changed: Aug 4
Last Checked: Aug 5 at 9:06AM
MLS# 50193831
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.
Mixed-use live-work property at 122 W Aurora Street featuring a commercial storefront on the main level paired with two upper-level apartments. The main level includes large front display windows for retail, studio, or office use, and provides access from both the street and the alley. The rear of the property includes a detached garage and two parking spaces, offering convenient off-street parking and additional storage.
Set on a 0.08-acre lot with 2,100 square feet of building area, the property was built in 1920. Heating is provided by radiant hot water systems fueled by oil. Cooling includes ceiling fan(s). Water service is public, and the property is fenced.
The location places the property steps from the Iron Belle Trail and the Michigan-Wisconsin border, and directly across from the Downtown City Square, where community events and markets are held year-round. It is also within walking distance of Cold Iron Brewing and other downtown shops, restaurants, and cafes.
Set on a 0.08-acre lot with 2,100 square feet of building area, the property was built in 1920. Heating is provided by radiant hot water systems fueled by oil. Cooling includes ceiling fan(s). Water service is public, and the property is fenced.
The location places the property steps from the Iron Belle Trail and the Michigan-Wisconsin border, and directly across from the Downtown City Square, where community events and markets are held year-round. It is also within walking distance of Cold Iron Brewing and other downtown shops, restaurants, and cafes.
Key Highlights
- 0.08‑acre lot with 2,100 SF mixed‑use live‑work building built in 1920
- Main‑level storefront with large front display windows plus two upper‑level apartments
- Street and alley access for both commercial and residential components
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 | $18.9k | $9.00 |
| − Vacancy | −$7.0k | −$3.31 |
| EGI | $11.9k | $5.69 |
| − OpEx | −$3.6k | −$1.71 |
| NOI | $8.4k | $3.98 |
2,100 SF · lease $9.00/SF/yr · vacancy 36.80% · expense 30.00%
Alternative Uses
Best Use
Office B
$373.5K
$326.8K – $435.7K
NOI $26,144 @ 7.0% cap · market cap 26.70%
Second Best
Mixed Use
$352.4K
$308.4K – $411.2K
NOI $24,671 @ 7.0% cap · market cap 25.20%
Theoretical Best
Office A
$446.0K
$390.3K – $520.3K
NOI $31,220 @ 7.0% cap · market cap 31.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Commercial mixed-use building with main-level storefront and two upper apartments, plus street and alley access and off-street parking.
Where is this live-work space located?
The property is located at 122 W Aurora Street 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: 0.08‑acre lot with 2,100 SF mixed‑use live‑work building built in 1920; Main‑level storefront with large front display windows plus two upper‑level apartments; Street and alley access for both commercial and residential components
