Mixed-Use Building with
New
For Sale
$499,900
205 FIFTH STREET, Calumet, MI 49913
CALUMET, MI
Property Size3,010 SF
Price / SF$166.08
Days on Market3
Property Features for 205 FIFTH STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
3
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Subdivision
Village/Calumet
Standard status
Active
Size
3,010 SF
Building Details
Year built
1890
Listing Agency:
Marquette · Coldwell Banker Real Estate
(906) 225-5992
Listed By:
Mark Heinonen
(906) 299-2350
Added: Oct 21
Last Checked: Oct 23 at 1:06PM
MLS# 50225549
Copyright © 2026 Coldwell Banker Schmidt 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 property contains four units: two commercial storefronts, a main-level one-bedroom apartment, and an upper-level two-bedroom apartment. The storefront area includes display windows, a showroom, private rooms, a kitchenette, a bathroom, and rear access. Both apartments have updated kitchens and bathrooms; the upper residence also has an open kitchen and living area.
Recent building improvements include exterior siding and trim, rear stairs, a sprinkler system, electrical service, two furnaces, and water and sewer lines connected to the alley. Each of the four units has separate utilities. The property also offers sidewalk frontage, off-street parking, and alley access in downtown Calumet, near shops, restaurants, and local attractions.
Recent building improvements include exterior siding and trim, rear stairs, a sprinkler system, electrical service, two furnaces, and water and sewer lines connected to the alley. Each of the four units has separate utilities. The property also offers sidewalk frontage, off-street parking, and alley access in downtown Calumet, near shops, restaurants, and local attractions.
Key Highlights
- Four units: two storefronts, a one‑bedroom apartment, and a two‑bedroom apartment
- 3,010 square feet; built in 1890
- 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
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
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
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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 - Four separately metered spaces combine commercial frontage with two apartments in downtown Calumet.
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, a one‑bedroom apartment, and a two‑bedroom apartment; 3,010 square feet; built in 1890; Separate utilities for all four units
