Triplex with Commercial
For Sale
$279,900
1305 Vulcan #1300 & 1301 N Stephenson Ave Iron, Iron Mountain, MI 49801
Three apartments accompany a substantial garage with office space, a spray booth, and separate addressing for business use.
Property Size4,600 SF
Price / SF$60.85
Days on Market14
Property Features for 1305 Vulcan #1300 & 1301 N Stephenson Ave Iron
General Information
Standard status
Active
Size
4,600 SF
Property subtype
Multi-Family
Amenities
Forced Air
Range/Oven
Refrigerator
Building Details
Year Built
1925
Buildings
2
Listing Agency:
MULTI STATE REALTY
Listed By:
JANA VISH · License #6501449809
(906) 828-2525
Source:
Kw
Added: Sep 11
Changed: Sep 23
Last Checked: Sep 22 at 9:35PM
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
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 = 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
$22,791
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
8.14%
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%
$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
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
$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 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%
$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 10.97%
Second Best
Apartment 5plus
$408.6K
$357.5K – $476.7K
NOI $28,599 @ 7.0% cap · market cap 10.22%
Theoretical Best
Office A
$886.9K
$776.0K – $1.03M
NOI $62,080 @ 7.0% cap · market cap 22.18%
Zoning and permitted uses should be independently verified with authorities.
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
Questions? Ask Rey
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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 $279,900.
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
