Mixed-Use Property with
200 202 & 204 S Pine Street, Ishpeming, MI 49849
For Sale
$225,000
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size3,645 SF
Lot Size0.17 Acres
Price / SF$61.73
Days on Market25
Property Features for 200 202 & 204 S Pine Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking features
Interior features
Exterior features
Appliances
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
Size
Lot size
Additional Details
Tenant in Place
Mixed-Use Components
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Architectural style
Buildings
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
DANIEL MENARD · License MI #6506048241
(906) 360-1964
Added: Oct 19
Changed: Oct 29
Last Checked: Nov 12 at 6:06AM
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.
The property comprises two buildings with four residential apartments and two commercial spaces. The apartments include an efficiency unit, two one-bedroom units, and a two-bedroom unit; another residence has three bedrooms. One commercial space is occupied by a massage studio, while the other is vacant and was formerly a barber shop. A roof replacement was completed in 2021.
The buildings total 3,645 square feet on a 0.17-acre parcel. The property was built in 1880 and has hot-water heating, public water, assigned parking, sidewalks, street lights, and an exterior balcony. Utility responsibilities vary among the units.
The buildings total 3,645 square feet on a 0.17-acre parcel. The property was built in 1880 and has hot-water heating, public water, assigned parking, sidewalks, street lights, and an exterior balcony. Utility responsibilities vary among the units.
Key Highlights
- Two buildings with four residential units and two commercial spaces
- 3,645 square feet on a 0.17‑acre parcel
- Residential mix includes an efficiency, two one‑bedroom units, a two‑bedroom unit, and a three‑bedroom residence
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
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine four residential rentals with two commercial spaces.
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 on a 0.17‑acre parcel; Residential mix includes an efficiency, two one‑bedroom units, a two‑bedroom unit, and a three‑bedroom residence
