Mixed-Use Storefront with
122 W Aurora Street, Ironwood, MI 49938
For Sale
$113,900
COM/IND/BUS OPP, Ironwood, MI
Property Size2,100 SF
Lot Size0.08 Acres
Price / SF$54.24
Days on Market370
Property Features for 122 W Aurora Street
General Information
Property type
Property subtype
Zoning
Zoning description
Exterior features
Fencing
Lot features
Subdivision
Standard status
Size
Lot size
Additional Details
Mixed-Use Components
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Buildings
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
KARI SEIFERT · License MI #650146562
(906) 285-4095
Added: Nov 5, 2025
Changed: Oct 29
Last Checked: Nov 9 at 10:06PM
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.
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Investment Insights
Based on property information with market context.
This 2,100-square-foot mixed-use building combines a ground-floor commercial storefront with two apartments above. Large display windows bring natural light into the street-level space, and the building offers street and alley access. A detached garage and two parking spaces sit at the rear. The property was built in 1920 and has radiant and hot-water heating, ceiling fans, and public water.
The building is at 122 W Aurora Street in downtown Ironwood, across from the Downtown City Square. The Iron Belle Trail and Cold Iron Brewing are within walking distance, along with downtown shops, restaurants, and cafes. The Michigan-Wisconsin border is also nearby.
The storefront may accommodate retail, studio, or office use, while the upper apartments provide residential space within the same property. Commercial zoning is reported for the site.
The building is at 122 W Aurora Street in downtown Ironwood, across from the Downtown City Square. The Iron Belle Trail and Cold Iron Brewing are within walking distance, along with downtown shops, restaurants, and cafes. The Michigan-Wisconsin border is also nearby.
The storefront may accommodate retail, studio, or office use, while the upper apartments provide residential space within the same property. Commercial zoning is reported for the site.
Key Highlights
- 2,100‑square‑foot mixed‑use building with a storefront and 2 upper‑level apartments
- Detached garage and 2 rear parking spaces
- Street and alley access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,472
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Current Use
Lease Details
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-facing display windows, rear parking, and separate upper-floor residences support a combination of commercial and residential occupancy.
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 storefront and 2 upper‑level apartments; Detached garage and 2 rear parking spaces; Street and alley access
