Duplex with Two
For Sale
$225,000
1305 W B Street, Iron Mountain, MI 49801
MULTIFAMILY, 2 Story, Iron Mountain, MI
Property Size2,120 SF
Lot Size0.38 Acres
Price / SF$106.13
Days on Market410
Property Features for 1305 W B Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 3, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3
Parking features
Garage
Patio and Porch features
Porch, Patio
Interior features
Cable/Internet Avail., Hardwood Floors, Walk-In Closet
Exterior features
Patio, Porch, Sidewalks, Exterior Balcony
Appliances
Dryer, Microwave, Range/Oven, Refrigerator, Washer
Lot features
Large Lot - 65+ Ft.
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,120 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Annual Amount
2973
Utilities
Heating system
Hot Water(Heating)
Water source
Public
Amenities
basement storage
washer/dryer access
fruit trees
fenced-in garden
patios
Building Details
Year built
1924
Floors in Building
2
Number of units
2
Architectural style
Conventional
Additional Structures
Second Garage
Listing Agency:
STEPHENS REAL ESTATE
(906) 774-8570
Listed By:
RYAN GORDON · License #6502420131
(906) 282-1644
Added: Jul 8, 2025
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 50180917
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 duplex on three lots was built in 1924 and offers two rental units with complementary layouts. The first-floor unit features three bedrooms and 1.5 baths, hardwood floors, and a back entry that could double as office space. The second-floor unit offers two bedrooms and 1 bath, walk-in closets, and lots of natural light. Both units have been recently repainted and include newer appliances, along with basement storage and washer/dryer access. Parking includes each unit’s own 1-car garage space plus an extra garage space for owner use or storage.
Outside, the property includes two patios, a fenced-in garden, and fruit trees. It also sits close to City Park and the stadium.
Additional details include hot water heating, public water, and interior features such as cable/internet availability, hardwood floors, and walk-in closets.
Outside, the property includes two patios, a fenced-in garden, and fruit trees. It also sits close to City Park and the stadium.
Additional details include hot water heating, public water, and interior features such as cable/internet availability, hardwood floors, and walk-in closets.
Key Highlights
- 0.38‑acre, three‑lot duplex built in 1924
- First‑floor unit: 3 bedrooms, 1.5 baths, hardwood floors, back entry
- Second‑floor unit: 2 bedrooms, 1 bath, walk‑in closets and natural light
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
$14,153
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
6.29%
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%
$283,060
$283.1K
Cap Rate 7%
$202,186
$202.2K
Cap Rate 9%
$157,256
$157.3K
Market Conditions
NOI Build-Up for 2,120 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
$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 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%
$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
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
Property Profile
Current Use
Lease Details
2
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with repainted interiors, newer appliances, and basement storage, plus garages and two patios.
Where is this duplex located?
The property is located at 1305 W B Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 0.38‑acre, three‑lot duplex built in 1924; First‑floor unit: 3 bedrooms, 1.5 baths, hardwood floors, back entry; Second‑floor unit: 2 bedrooms, 1 bath, walk‑in closets and natural light
