Three-Unit Apartment Building with
New
For Sale
$279,900
1305 Vulcan Street, Iron Mountain, MI 49801
MULTIFAMILY, 2 Story, Iron Mountain, MI
Property Size4,600 SF
Lot Size0.22 Acres
Price / SF$145.78
Days on Market4
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
Bedroom 5, Bathroom 4, Bathroom 5, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2
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
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
Listing Agency:
MULTI STATE REALTY
(906) 828-2525
Listed By:
JANA VISH · License #6501449809
(906) 271-0110
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 9:06AM
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.
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 = 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
$16,200
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
5.79%
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%
$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
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
$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 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%
$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 5.79%
Second Best
Multifamily LT 5
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$370.2K
$323.9K – $431.9K
NOI $25,912 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $279,900.
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
