Mixed-Use Property with
New
For Sale
$225,000
200 202 & 204 S Pine Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size3,645 SF
Lot Size0.17 Acres
Price / SF$61.73
Days on Market2
Property Features for 200 202 & 204 S Pine Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bedrooms
7
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 5, Basement, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 4
Parking features
Assigned
Interior features
Cable/Internet Avail.
Exterior features
Sidewalks, Street Lights, Exterior Balcony
Appliances
Range/Oven, Refrigerator
Lot features
Corner Lot, Sidewalks
Elementary school
Birchview
Middle school
Ishpeming
High school
Ishpeming
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Subdivision
Ishpeming (52013)
Standard status
Active
Size
3,645 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
2086
Utilities
Heating system
Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
6
Architectural style
Conventional
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
DANIEL MENARD
(906) 360-1964
Added: Oct 19
Last Checked: Oct 20 at 12:06AM
MLS# 50225266
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.
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Investment Insights
Based on property information with market context.
Two buildings contain four residential units and two commercial spaces, with a combined reported building area of 3,645 square feet on a 0.17-acre lot. The residential mix includes an efficiency, two one-bedroom apartments, and a three-bedroom home. The commercial spaces are a massage studio and a vacant former barber shop. The buildings date to 1880 and have assigned parking, public water, and oil-fired hot-water heating.
Utility arrangements vary by unit: heat is included for the two apartments above the barber shop, while the efficiency includes all utilities. Utilities are not included for the three-bedroom home, and the massage studio excludes electricity.
Utility arrangements vary by unit: heat is included for the two apartments above the barber shop, while the efficiency includes all utilities. Utilities are not included for the three-bedroom home, and the massage studio excludes electricity.
Key Highlights
- Two buildings with four residential units and two commercial spaces
- 3,645 square feet of building area on a 0.17‑acre lot
- Residential mix includes an efficiency, two one‑bedroom apartments, and a three‑bedroom home
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,712
Cap Rate
8.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,240
$394.2K
Cap Rate 7%
$281,600
$281.6K
Cap Rate 9%
$219,022
$219.0K
Market Conditions
NOI Build-Up for 3,645 SF
Gross rent
$37.2K $10.20/SF
− Vacancy
−$1.3K −$0.37/SF
EGI
$35.8K $9.83/SF
− OpEx
−$16.1K −$4.42/SF
NOI
$19.7K $5.41/SF
Area
Marquette County, MI
Vacancy
3.60%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,240
Cap Rate 7%
$281,600
Cap Rate 9%
$219,022
Alternative Uses
Best Use
Mixed Use
$343.7K
$300.7K – $401.0K
NOI $24,057 @ 7.0% cap · market cap 10.69%
Second Best
Apartment 5plus
$281.6K
$246.4K – $328.5K
NOI $19,712 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$1.07M
$939.3K – $1.25M
NOI $75,145 @ 7.0% cap · market cap 33.40%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four residential rentals accompany two commercial spaces across a pair of buildings.
Where is this mixed-use property located?
The property is located at 200 202 & 204 S Pine Street Ishpeming, 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: Two buildings with four residential units and two commercial spaces; 3,645 square feet of building area on a 0.17‑acre lot; Residential mix includes an efficiency, two one‑bedroom apartments, and a three‑bedroom home
