For Sale
$225,000
1305 W B St, Iron Mountain, MI 49801
Investment duplex with recent updates, excellent rental history, and desirable features.
Property Size2,120 SF
Lot Size0.38 Acres
Price / SF$106.13
Days on Market390
Property Features for 1305 W B St
General Information
Standard status
Active
Property type
Duplexes, Multifamily properties, Residential income properties
Size
2,120 SF
Lot size
0.38 Acres
Building Details
Year Built
1924
Listing Agency:
(906) 774-8570
Listed By:
Ryan
(906) 774-8570
Added: Jul 8, 2025
Changed: Jun 10
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.6k | $10.20 |
| − Vacancy | −$1.4k | −$0.66 |
| EGI | $20.2k | $9.54 |
| − OpEx | −$6.1k | −$2.86 |
| NOI | $14.2k | $6.68 |
2,120 SF · lease $10.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$202.2K
$176.9K – $235.9K
NOI $14,153 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$188.3K
$164.8K – $219.7K
NOI $13,180 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$408.7K
$357.6K – $476.9K
NOI $28,611 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
308
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
Questions? Ask Rey
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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.
