Mixed-Use Retail and Apartment
For Sale
$225,000
126 E Aurora Street, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Size2,068 SF
Lot Size0.06 Acres
Price / SF$108.80
Days on Market48
Property Features for 126 E Aurora Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Lot features
Main Street, Downtown Dev Authority
Subdivision
Ironwood (27006)
Standard status
Active
Size
2,068 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1920
Utilities
Heating system
Oil
Cooling system
Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1920
Roof type
Shingle, Metal
Listing Agency:
PINE ROAD REALTY, LLC
(906) 675-8901
Listed By:
HELENA LONGHINI · License #6501449634
(906) 285-9868
Added: Jul 10
Changed: Aug 5
Last Checked: Aug 26 at 7:06AM
MLS# 50214472
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 mixed-use property offers commercial space on the main level and a generous one-bedroom rental apartment on the second floor. The upstairs unit includes a spacious bedroom with a closet, a bright bathroom with a full-sized washer and dryer, and a full kitchen that opens to the living and dining areas. The building also provides access to the basement through the commercial space, where it is currently utilized for storage.
The commercial tenant operates a wine and spirits bar with accompanying retail space, and also hosts classes and special tasting events. The property is located on Aurora Street in Downtown Ironwood, just a few yards from the Historic Ironwood Theater.
For buyers seeking a turnkey setup, this structure combines street-level commercial operations with a residential rental unit designed for short, mid, and long-term use based on its current performance.
The commercial tenant operates a wine and spirits bar with accompanying retail space, and also hosts classes and special tasting events. The property is located on Aurora Street in Downtown Ironwood, just a few yards from the Historic Ironwood Theater.
For buyers seeking a turnkey setup, this structure combines street-level commercial operations with a residential rental unit designed for short, mid, and long-term use based on its current performance.
Key Highlights
- Main‑level commercial space plus a one‑bedroom rental apartment on the second floor
- Upstairs 1‑bedroom includes a bedroom closet, bathroom with full‑sized washer/dryer, and a full kitchen open to living/dining
- Commercial tenant operates a wine and spirits bar with retail space, plus classes and special tasting events
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
$7,358
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
3.27%
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%
$147,160
$147.2K
Cap Rate 7%
$105,114
$105.1K
Cap Rate 9%
$81,756
$81.8K
Market Conditions
NOI Build-Up for 2,068 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
$21.8K $10.56/SF
− Vacancy
−$8.5K −$4.09/SF
EGI
$13.4K $6.47/SF
− OpEx
−$6.0K −$2.91/SF
NOI
$7.4K $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%
$147,160
Cap Rate 7%
$105,114
Cap Rate 9%
$81,756
Alternative Uses
Best Use
Specialty Retail
$328.6K
$287.5K – $383.4K
NOI $23,001 @ 7.0% cap · market cap 10.22%
Second Best
Apartment 5plus
$105.1K
$92.0K – $122.6K
NOI $7,358 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$439.2K
$384.3K – $512.4K
NOI $30,744 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Ben Franklin
Shops & Services
2,528 visits/mo
0.1 miles
Domino's Pizza
Dining
1,602 visits/mo
0.1 miles
Carquest Auto Parts
Shops & Services
450 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey building with main-level wine and spirits bar and an upstairs one-bedroom rental apartment.
Where is this bar & pub located?
The property is located at 126 E Aurora Street Ironwood, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Main‑level commercial space plus a one‑bedroom rental apartment on the second floor; Upstairs 1‑bedroom includes a bedroom closet, bathroom with full‑sized washer/dryer, and a full kitchen open to living/dining; Commercial tenant operates a wine and spirits bar with retail space, plus classes and special tasting events
