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    122 W Aurora Street Ironwood, MI 49938

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    Claim this Listing
    For Sale
    $97,900

    1 to 4 Units - Ironwood, MI

    Property size:
    2,100 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $46/SF
    Added:
    Nov 5, 2025
    Days on Market:
    183
    Last Refresh:
    May 7 at 1:06 am

    Property Features for 122 W Aurora Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Security features
    Fire Alarm
    Interior features
    220 Volt Power, Alley, Bath, Cable TV Available, Carpet, Internet Available, Display Window, Electric Available, Fixtures, Living Quarters, Living Quarters Attached, Off Street Loading, Outside Storage, Private Restrooms, Restroom(s), Sidewalks, Vinyl/Laminate Floors, Smoke/Fire Alarm
    Exterior features
    Alley, Outside Storage, Fence Neighbor Owned
    Fencing
    Fenced
    Standard status
    Active
    APN
    52-22-331-060
    Size
    2,100 SF
    Lot size
    0.08 Acres

    Utilities

    Utilities
    Cable Available, Electricity Available
    Heating system
    Hot Water (Heating), Radiant
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1920
    Flooring type
    Carpet, Laminate, Vinyl
    Building materials
    Brick, Vinyl Siding
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    KARI SEIFERT

    Listing agent KARI SEIFERT License #650146562

    Listing office FIRST WEBER, INC 101 E. Mary Street, Bessemer, MI

    Listing date Nov 5, 2025

    MLS# 50193831 Listing URL

    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.

    HighLights

    • Prime downtown Ironwood location: Steps from Iron Belle Trail, Michigan‑Wisconsin border, and across from Downtown City Square.
    • Versatile mixed‑use property: Commercial storefront on the main level with two upper‑level apartments.
    • Excellent investment opportunity: Rental potential from apartments and commercial space in a revitalized downtown.
    • Convenient parking: Detached garage and two off‑street parking spaces at the rear of the property.
    • High visibility storefront: Large front display windows, ideal for retail or office space.
    • Live/work setup: Opportunity to live in one of the apartments and operate a business in the storefront.

    Overview

    Downtown Ironwood Mixed-Use Investment

    Located in downtown Ironwood, this mixed-use property presents an investment opportunity. The property features a commercial storefront on the main level and two upper-level apartments, accessible from both the street and alley. A detached garage and two parking spaces are situated at the rear of the property. The property is located near the Iron Belle Trail and the Michigan-Wisconsin border, across from the Downtown City Square, and within walking distance of downtown shops, restaurants, and cafes. The main level includes front display windows, suitable for retail, a studio, office space, or other small business. The two upstairs apartments offer rental potential or owner-occupant options. The property is located in Ironwood's downtown district. The lot size is 0.08 acres, and the property size is 2100 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mattson's TV & Appliance ... Home Appliance Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.17079
    Latitude
    46.453445

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial storefront and two apartments.
    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 $97,900.
    What are key features of this property?
    This property features: Prime downtown Ironwood location: Steps from Iron Belle Trail, Michigan‑Wisconsin border, and across from Downtown City Square.; Versatile mixed‑use property: Commercial storefront on the main level with two upper‑level apartments.; Excellent investment opportunity: Rental potential from apartments and commercial space in a revitalized downtown.
    (906) 285-4095
    We can help!
    Listing Contact
    KARI SEIFERT
    Real Estate License ID: 650146562
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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