Building Details

Year built 1890

Roof type Shingle

Listing Agency: COLDWELL BANKER SCHMIDT REALTORS Show Phone

Listed By: MARK HEINONEN Show Phone

Added: Oct 20 Changed: Oct 21 Last Checked: Oct 23 at 11:06PM

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MLS# 50225572

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.

Built in 1890, this 3,010-square-foot mixed-use building contains four units: two commercial storefronts, a one-bedroom apartment on the main floor, and a two-bedroom apartment above. The commercial space includes a showroom with hardwood floors and display windows, along with additional rooms, a kitchenette, and a bathroom. Both apartments have updated kitchens and bathrooms. Building improvements include new siding, windows, exterior doors, rear stairs, a sprinkler system, electrical service, two furnaces, and water and sewer lines from the alley.

The property occupies a 0.07-acre lot on Fifth Street in downtown Calumet. It has sidewalk frontage, off-street parking, and rear alley access. Shops, restaurants, and local attractions are nearby.

Key Highlights

• Four‑unit, 3,010‑square‑foot mixed‑use building
• Two commercial storefronts plus one‑bedroom and two‑bedroom apartments
• Separate utilities for all four units

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

Is this asking price fair?

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 (±1% cap)

NOI $2,267,674 @ 7.0% cap · market cap 453.63%

Second Best

Retail

$382.5K

$334.7K – $446.3K (±1% cap)

NOI $26,778 @ 7.0% cap · market cap 5.36%

Theoretical Best

Multifamily LT 5

$37.22M

$32.57M – $43.42M (±1% cap)

NOI $2,605,270 @ 7.0% cap · market cap 521.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Copper Country Associated ... Art Gallery

Suggested Use

Top Pick Law Firm HVAC Service Nail Salon Parking Lot & Garage Grocery & Convenience Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Four units combine commercial space and two apartments, each with separate utilities.

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‑unit, 3,010‑square‑foot mixed‑use building; Two commercial storefronts plus one‑bedroom and two‑bedroom apartments; Separate utilities for all four units