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    Historic Mixed-Use Office Building Title is generated by Realmo AI

    216 AURORA ST E, Ironwood, MI 49938

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    For Sale
    $549,900

    COMMERCIAL - Ironwood, MI

    Property size:
    4,200 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $130/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 12:06 am

    Property Features for 216 AURORA ST E

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    5
    Rooms
    Bathroom 5, Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
    Parking features
    On Street, Garage
    Interior features
    Storage
    Standard status
    Active
    APN
    2752-22-329-090
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Description
    LOT 15 BLOCK 21 ORIGINAL PLAT

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Carpet, Vinyl, Wood, Tile, Laminate, Concrete
    Building materials
    Brick, Frame, Stone
    Roof type
    Rubber, Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    RACHEL MARTIN

    Listing agent RACHEL MARTIN License #60346 - 90

    Listing office REDMAN REALTY GROUP, LLC 231 Oneida St PO Box 1287, Minocqua, MI

    Listing date Jun 3, 2026

    MLS# 217595

    Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic building (built 1900) with brick, frame, and stone construction plus mixed roof materials (rubber and metal).
    • Main level offers over 4,200 sq ft with multiple office spaces for rent or lease and a shared hall for business access.
    • 2nd level features a separate entrance and includes a fully renovated loft plus a 2BD, 1 BA apartment with a long‑term renter.
    • Renovated loft includes 3 bedrooms, 1.5 bathrooms, a laundry room, skylights for natural light, and red oak flooring.
    • Loft kitchen updated with newer appliances, lighting, and an island with a butcher block countertop; terrazzo flooring is under carpet.
    • Includes a drive‑in garage and basement accessible from two main‑level locations, with on‑street and garage parking and public water/sewer.

    Overview

    This historic mixed-use building offers a renovated main level with multiple office spaces and a shared hall providing access to individual suites. The interior renovations include electrical and lighting updates, along with a complete remodel of the elegant loft area on the second level. The main level provides over 4,200 square feet of functional office layout, and spaces are described as easily reconfigurable to accommodate different business ventures.

    The second level features a separate entrance and access to a fully renovated loft plus a 2-bedroom, 1-bath apartment with a long-term renter. Entry to the loft is highlighted by natural light from skylights and includes noted interior finishes such as neutral finishes, detailed ceiling architecture and crown molding, and red oak flooring. The loft configuration includes 3 bedrooms, 1.5 bathrooms, a laundry room, a spacious living area, terrazzo flooring under carpet, and a newly designed kitchen with newer appliances, updated lighting, and an island with a butcher block countertop.

    Additional features include a dining area and a hot tub room with access to a patio and green area. The property also includes a drive-in garage and basement that are accessible from two locations on the main level, suitable for parking and storage, or for future business use. The building is positioned as a flexible option for entrepreneurs or operators seeking office space combined with second-level residential accommodations and gathering-oriented layout elements.
    Property Profile Location Intelligence

    Current Use by Public Records

    St. Vincent de ... Discount Store North Country Sun Publishing House

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.1679071
    Latitude
    46.455136

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    FAQs

    What type of property is this?
    Office units - Renovated office suites with a fully updated loft apartment and separate second-level entrance.
    Where is this office units located?
    The property is located at 216 AURORA ST E Ironwood, MI.
    What is the asking price?
    The asking price for this property is $549,900.
    What are key features of this property?
    This property features: Historic building (built 1900) with brick, frame, and stone construction plus mixed roof materials (rubber and metal).; Main level offers over 4,200 sq ft with multiple office spaces for rent or lease and a shared hall for business access.; 2nd level features a separate entrance and includes a fully renovated loft plus a 2BD, 1 BA apartment with a long‑term renter.
    (715) 891-6686
    We can help!
    Listing Contact
    RACHEL MARTIN
    Real Estate License ID: 60346 - 90
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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