Renovated Office Building with
For Sale
$524,900
216 Aurora St, Ironwood, MI 49938
Flexible office layout with separate loft access, additional residential accommodations, and garage and basement storage.
Property Size7,093 SF
Days on Market70
Property Features for 216 Aurora St
General Information
Standard status
Active
Size
7,093 SF
Property subtype
Commercial
Amenities
skylights
hot tub room
patio & green area
Building Details
Building Size
7,093 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Redman Realty Group, LLC
(715) 891-6686
Listed By:
Rachel Martin · License #60346 - 90
(715) 891-6686
Source:
Northwoodswi
Added: Jun 3
Changed: Aug 10
Last Checked: Aug 10 at 5:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Redman Realty Group, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this multi-level office property combines renovated commercial space with distinct residential and lodging components. The main level provides over 4,200 sq ft, multiple office areas, shared-hall access, terrazzo flooring beneath carpet, and improvements to the electrical and lighting systems. The layout can be adapted for different business configurations. A drive-in garage and basement offer parking and storage access from two points on the main level.
The second floor has its own entrance and includes a remodeled loft reached by a restored staircase, along with a 2BD, 1 BA apartment occupied by a long-term renter. The loft includes 3 bedrooms, 1.5 bathrooms, a laundry room, living area, kitchen with newer appliances and island, dining space, hot tub room, patio access, and a green area. Skylights, red oak flooring, ceiling details, and crown molding distinguish the interior. The loft is currently rented on a nightly basis.
The second floor has its own entrance and includes a remodeled loft reached by a restored staircase, along with a 2BD, 1 BA apartment occupied by a long-term renter. The loft includes 3 bedrooms, 1.5 bathrooms, a laundry room, living area, kitchen with newer appliances and island, dining space, hot tub room, patio access, and a green area. Skylights, red oak flooring, ceiling details, and crown molding distinguish the interior. The loft is currently rented on a nightly basis.
Key Highlights
- Main level offers over 4,200 sq ft with multiple office spaces and shared‑hall access
- Interior renovations include electrical, lighting, and a complete remodel of the second‑level loft
- Second floor has a separate entrance and includes a 2BD, 1 BA apartment with a long‑term renter
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,237
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$504,740
$504.7K
Cap Rate 7%
$360,529
$360.5K
Cap Rate 9%
$280,411
$280.4K
Market Conditions
NOI Build-Up for 7,093 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$74.9K $10.56/SF
− Vacancy
−$29.0K −$4.09/SF
EGI
$45.9K $6.47/SF
− OpEx
−$20.6K −$2.91/SF
NOI
$25.2K $3.56/SF
Area
Gogebic County, MI
Vacancy
38.74%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$504,740
Cap Rate 7%
$360,529
Cap Rate 9%
$280,411
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,306 @ 7.0% cap · market cap 16.82%
Second Best
Retail
$1.05M
$920.4K – $1.23M
NOI $73,632 @ 7.0% cap · market cap 14.03%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,449 @ 7.0% cap · market cap 20.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 49938, MI
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with separate loft access, additional residential accommodations, and garage and basement storage.
Where is this office building located?
The property is located at 216 Aurora St Ironwood, MI.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Main level offers over 4,200 sq ft with multiple office spaces and shared‑hall access; Interior renovations include electrical, lighting, and a complete remodel of the second‑level loft; Second floor has a separate entrance and includes a 2BD, 1 BA apartment with a long‑term renter
