Three-Unit Apartment Building with
For Sale
$249,900
1305 Vulcan Street, Iron Mountain, MI 49801
MULTIFAMILY, 2 Story, Iron Mountain, MI
Property Size4,600 SF
Lot Size0.22 Acres
Price / SF$130.16
Days on Market50
Property Features for 1305 Vulcan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bathroom 1, Basement, Bedroom 4, Bathroom 4, Bedroom 3, Bathroom 5, Bedroom 1
Patio and Porch features
Porch
Exterior features
Porch
Appliances
Range/Oven, Refrigerator
Subdivision
KIMBERLY'S 4TH ADDITION
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
Standard status
Active
Size
1,920 SF
Lot size
0.22 Acres
Additional Details
Property Use
Garage
Taxes and HOA fees
Tax Annual Amount
9171
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
3
Architectural style
Other
Buildings
1
Listing Agency:
MULTI STATE REALTY
(906) 828-2525
Listed By:
JANA VISH · License #6501449809
(906) 271-0110
Added: Sep 11
Changed: Oct 27
Last Checked: Oct 30 at 3:06PM
MLS# 50221531
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This three-unit apartment property includes a 3-bedroom, 1-bath residence on the main level and two 1-bedroom, 1-bath residences upstairs. The 1,920-square-foot building was constructed in 1925 and includes a porch, forced-air heating, ranges, refrigerators, and public water. All three apartments are currently rented.
A separate 4,600-square-foot garage adds substantial operational space, with a spray booth, two offices, and two half baths. Facing Stephenson Avenue, the garage carries two separate addresses, supporting storage use or distinct business operations. The property sits on a 0.22-acre lot at 1305 Vulcan Street in Iron Mountain, Michigan.
A separate 4,600-square-foot garage adds substantial operational space, with a spray booth, two offices, and two half baths. Facing Stephenson Avenue, the garage carries two separate addresses, supporting storage use or distinct business operations. The property sits on a 0.22-acre lot at 1305 Vulcan Street in Iron Mountain, Michigan.
Key Highlights
- Three apartment units: one 3‑bedroom and two 1‑bedroom residences
- All units are currently rented
- 4,600‑square‑foot garage with spray booth, two offices, and two half baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,200
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$324,000
$324.0K
Cap Rate 7%
$231,429
$231.4K
Cap Rate 9%
$180,000
$180.0K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$28.8K $15.00/SF
− Vacancy
−$2.9K −$1.50/SF
EGI
$25.9K $13.50/SF
− OpEx
−$9.7K −$5.06/SF
NOI
$16.2K $8.44/SF
Area
Dickinson County, MI
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$324,000
Cap Rate 7%
$231,429
Cap Rate 9%
$180,000
Alternative Uses
Best Use
Mixed Use
$231.4K
$202.5K – $270.0K
NOI $16,200 @ 7.0% cap · market cap 6.48%
Second Best
Multifamily LT 5
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$370.2K
$323.9K – $431.9K
NOI $25,912 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
184
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Fully rented apartments are paired with a large garage offering offices, a spray booth, and two separate addresses.
Where is this triplex located?
The property is located at 1305 Vulcan Street 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 apartment units: one 3‑bedroom and two 1‑bedroom residences; All units are currently rented; 4,600‑square‑foot garage with spray booth, two offices, and two half baths
