Triplex with Commercial
1305 Vulcan #1300 & 1301 N Stephenson Ave Iron, Iron Mountain, MI 49801
For Sale
$249,900
Three apartments accompany a substantial garage with office space, a spray booth, and separate addressing for business use.
Property Size4,600 SF
Price / SF$54.33
Days on Market58
Property Features for 1305 Vulcan #1300 & 1301 N Stephenson Ave Iron
General Information
Standard status
Size
Property subtype
Amenities
Forced Air
Range/Oven
Refrigerator
Building Details
Year Built
Buildings
Listing Agency:
MULTI STATE REALTY
Listed By:
JANA VISH · License #6501449809
(906) 828-2525
Source:
Kw
Added: Sep 13
Changed: Nov 8
Last Checked: Nov 8 at 8:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MULTI STATE REALTY
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1925, this triplex contains three currently rented apartments: one 3-bedroom, 1-bath residence on the main floor and two 1-bedroom, 1-bath residences above. Interior features include forced-air heating, a range/oven, and a refrigerator.
The property also includes a 4,600-square-foot garage facing N Stephenson Avenue. The garage is equipped with a spray booth, two offices, and two half baths, along with two separate addresses that support independent storage or business operations.
The property also includes a 4,600-square-foot garage facing N Stephenson Avenue. The garage is equipped with a spray booth, two offices, and two half baths, along with two separate addresses that support independent storage or business operations.
Key Highlights
- Three‑unit apartment building with all units currently rented
- Unit mix includes one 3‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- 4,600‑square‑foot garage with spray booth
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,791
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,820
$455.8K
Cap Rate 7%
$325,586
$325.6K
Cap Rate 9%
$253,233
$253.2K
Market Conditions
NOI Build-Up for 4,600 SF
Gross rent
$33.8K $7.35/SF
− Vacancy
−$1.3K −$0.27/SF
EGI
$32.6K $7.08/SF
− OpEx
−$9.8K −$2.12/SF
NOI
$22.8K $4.95/SF
Area
Dickinson County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,820
Cap Rate 7%
$325,586
Cap Rate 9%
$253,233
Alternative Uses
Best Use
Multifamily LT 5
$438.7K
$383.9K – $511.8K
NOI $30,709 @ 7.0% cap · market cap 12.29%
Second Best
Apartment 5plus
$408.6K
$357.5K – $476.7K
NOI $28,599 @ 7.0% cap · market cap 11.44%
Theoretical Best
Office A
$886.9K
$776.0K – $1.03M
NOI $62,080 @ 7.0% cap · market cap 24.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments accompany a substantial garage with office space, a spray booth, and separate addressing for business use.
Where is this triplex located?
The property is located at 1305 Vulcan #1300 & 1301 N Stephenson Ave Iron Iron Mountain, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Three‑unit apartment building with all units currently rented; Unit mix includes one 3‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; 4,600‑square‑foot garage with spray booth
