Four-Unit Mixed-Use
New
For Sale
$499,900
205 Fifth Street, Calumet, MI 49913
MULTIFAMILY, 2 Story, Calumet, MI
Property Size3,010 SF
Lot Size0.07 Acres
Price / SF$166.08
Days on Market4
Property Features for 205 Fifth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Commercial
Bedrooms
3
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bathroom 1, Basement, Laundry Room, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 3
Parking features
On Street
Interior features
Hardwood Floors, Fire Sprinkler, Walk-In Closet
Exterior features
Sidewalks, Street Lights
Appliances
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
Village/Calumet
Lot features
Main Street
Elementary school district
Public Schools of Calumet
Middle school district
Public Schools of Calumet
High school district
Public Schools of Calumet
Standard status
Active
Size
3,010 SF
Lot size
0.07 Acres
Utilities
Heating system
Forced Air, Electric (Heating)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
4
Architectural style
Other
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
MARK HEINONEN
(906) 299-2350
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 23 at 1:06PM
MLS# 50225549
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.
This 3,010-square-foot mixed-use building, constructed in 1890, contains four units: two commercial storefronts, a one-bedroom apartment on the main floor, and a two-bedroom apartment upstairs. The commercial space includes a front showroom with hardwood flooring and display windows, plus private rooms, a kitchenette, and a bathroom. Both apartments have updated bathrooms and kitchens with stainless steel appliances. Building improvements include exterior siding and trim, rear stairs, a sprinkler system, electrical service, two furnaces, and new water and sewer lines. Each unit has separate utilities.
The property occupies a 0.07-acre site on Fifth Street in downtown Calumet. Shops, restaurants, and local attractions are within walking distance.
The property occupies a 0.07-acre site on Fifth Street in downtown Calumet. Shops, restaurants, and local attractions are within walking distance.
Key Highlights
- Four units: two storefronts, one one‑bedroom apartment, and one two‑bedroom apartment
- 3,010 square feet on a 0.07‑acre site
- Both apartments have updated kitchens and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,778
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$535,560
$535.6K
Cap Rate 7%
$382,543
$382.5K
Cap Rate 9%
$297,533
$297.5K
Market Conditions
NOI Build-Up for 3,010 SF
Gross rent
$46.6K $15.48/SF
− Vacancy
−$8.3K −$2.77/SF
EGI
$38.3K $12.71/SF
− OpEx
−$11.5K −$3.81/SF
NOI
$26.8K $8.90/SF
Area
Houghton County, MI
Vacancy
17.90%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$535,560
Cap Rate 7%
$382,543
Cap Rate 9%
$297,533
Alternative Uses
Best Use
Apartment 5plus
$32.40M
$28.35M – $37.79M
NOI $2,267,674 @ 7.0% cap · market cap 453.63%
Second Best
Retail
$382.5K
$334.7K – $446.3K
NOI $26,778 @ 7.0% cap · market cap 5.36%
Theoretical Best
Multifamily LT 5
$37.22M
$32.57M – $43.42M
NOI $2,605,270 @ 7.0% cap · market cap 521.16%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 49913, MI
7,218
Population
3,990
Households
1.8
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
75.5 sq mi
ZIP Area
96
Density / Sq Mi
$50,469
Median Household Income
$31,667
Median Earnings
$678
Median Rent
$92,700
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 storefronts and two updated apartments provide commercial and residential space within one property.
Where is this mixed-use property located?
The property is located at 205 Fifth Street Calumet, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Four units: two storefronts, one one‑bedroom apartment, and one two‑bedroom apartment; 3,010 square feet on a 0.07‑acre site; Both apartments have updated kitchens and bathrooms
