Building Details

Year Built 1924

Listed By: Ryan Gordon Show Phone

Added: Jul 8, 2025 Changed: Jun 10

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,153

Cap Rate

6.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$283,060 $283.1K

Cap Rate 7%

$202,186 $202.2K

Cap Rate 9%

$157,256 $157.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,120 SF

Gross rent

$21.6K $10.20/SF

− Vacancy

−$1.4K −$0.66/SF

EGI

$20.2K $9.54/SF

− OpEx

−$6.1K −$2.86/SF

NOI

$14.2K $6.68/SF

Area

Dickinson County, MI

Vacancy

6.50%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$283,060

Cap Rate 7%

$202,186

Cap Rate 9%

$157,256

Alternative Uses

Best Use

Multifamily LT 5

$202.2K

$176.9K – $235.9K (±1% cap)

NOI $14,153 @ 7.0% cap · market cap 6.29%

Second Best

Apartment 5plus

$188.3K

$164.8K – $219.7K (±1% cap)

NOI $13,180 @ 7.0% cap · market cap 5.86%

Theoretical Best

Office A

$408.7K

$357.6K – $476.9K (±1% cap)

NOI $28,611 @ 7.0% cap · market cap 12.72%

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

Location Intelligence

Trade Area within ½ mile

80

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Investment duplex with recent updates, excellent rental history, and desirable features.

Where is this duplex located?

The property is located at 1305 W B St Iron Mountain, MI.

What is the asking price?

The asking price for this property is $225,000.