Mixed-Use Property with
For Sale
$113,900
122 W Aurora Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size2,100 SF
Lot Size0.08 Acres
Price / SF$54.24
Days on Market324
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, Oil, Hot Water(Heating)
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: Sep 22
Last Checked: Sep 25 at 3:06PM
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.
This 2,100-square-foot mixed-use property combines a commercial storefront on the main level with two apartments above. Large front display windows provide natural light and street exposure, while both street and alley access serve the building. A detached garage and two rear parking spaces add storage and off-street parking. The property was built in 1920 and includes radiant oil and hot-water heating, ceiling fans, fencing, and public water service.
The building is located in downtown Ironwood across from Downtown City Square and near the Iron Belle Trail. Cold Iron Brewing, downtown shops, restaurants, and cafes are within walking distance, with the Michigan-Wisconsin border nearby. Commercial zoning supports the property’s mixed-use configuration, pairing a customer-facing business area with residential space above.
The building is located in downtown Ironwood across from Downtown City Square and near the Iron Belle Trail. Cold Iron Brewing, downtown shops, restaurants, and cafes are within walking distance, with the Michigan-Wisconsin border nearby. Commercial zoning supports the property’s mixed-use configuration, pairing a customer-facing business area with residential space above.
Key Highlights
- 2,100‑square‑foot mixed‑use building with a commercial storefront and two upper‑level apartments
- Commercial zoning supports the property’s retail and residential configuration
- Detached garage plus 2 rear parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,472
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$149,440
$149.4K
Cap Rate 7%
$106,743
$106.7K
Cap Rate 9%
$83,022
$83.0K
Market Conditions
NOI Build-Up for 2,100 SF
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.
Gross rent
$22.2K $10.56/SF
− Vacancy
−$8.6K −$4.09/SF
EGI
$13.6K $6.47/SF
− OpEx
−$6.1K −$2.91/SF
NOI
$7.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$149,440
Cap Rate 7%
$106,743
Cap Rate 9%
$83,022
Alternative Uses
Best Use
Office B
$373.5K
$326.8K – $435.7K
NOI $26,144 @ 7.0% cap · market cap 22.95%
Second Best
Mixed Use
$352.4K
$308.4K – $411.2K
NOI $24,671 @ 7.0% cap · market cap 21.66%
Theoretical Best
Office A
$446.0K
$390.3K – $520.3K
NOI $31,220 @ 7.0% cap · market cap 27.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned building combines a street-level storefront with two upper-floor apartments and rear parking.
Where is this mixed-use property located?
The property is located at 122 W Aurora Street Ironwood, MI.
What is the asking price?
The asking price for this property is $113,900.
What are key features of this property?
This property features: 2,100‑square‑foot mixed‑use building with a commercial storefront and two upper‑level apartments; Commercial zoning supports the property’s retail and residential configuration; Detached garage plus 2 rear parking spaces
