Mixed-Use Building with
For Sale
Contact for pricing
216 E Aurora Street, Ironwood, MI 49938
Commercial/Industrial-zoned property combining apartment, hospitality, office, and retail components in a single building.
Property Size7,093 SF
Lot Size0.13 Acres
Price / SF$70.48
Days on Market59
Property Features for 216 E Aurora Street
General Information
Standard status
Active
Size
7,093 SF
Lot size
0.13 Acres
Property subtype
Retail, Office, Hospitality, Mixed Use
Zoning
Commercial/Industrial
Additional Details
Frontage
40 ft
Amenities
commercial ceiling height
HVAC cooling system
forced air heating
Building Details
Year Built
1900
Buildings
1
Building Size
7,093 SF
Listing Agency:
Redman Realty Group LLC
Listed By:
Rachel Martin · License #WI 78421-94
(715) 891-6686
Source:
Crexi
Added: Aug 18
Changed: Oct 11
Last Checked: Oct 14 at 9:41PM
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.
This mixed-use property in Ironwood, Michigan, contains 7,093 square feet across a building constructed in 1900. The improvements include a basement and support several commercial formats, with apartment, hotel/motel, office, and retail space identified within the property. Commercial ceiling height, HVAC cooling, and forced air heating are also present.
The building occupies a 0.13-acre lot with 40 feet of frontage on E Aurora Street. It is located at 216 E Aurora Street in Ironwood Charter Township and carries a Commercial/Industrial zoning designation. The municipality classification is City.
The building occupies a 0.13-acre lot with 40 feet of frontage on E Aurora Street. It is located at 216 E Aurora Street in Ironwood Charter Township and carries a Commercial/Industrial zoning designation. The municipality classification is City.
Key Highlights
- 7,093‑square‑foot mixed‑use building constructed in 1900
- 0.13‑acre lot with 40 feet of frontage
- Apartment, hotel/motel, office, and retail uses identified
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,903
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$758,060
$758.1K
Cap Rate 7%
$541,471
$541.5K
Cap Rate 9%
$421,144
$421.1K
Market Conditions
NOI Build-Up for 7,093 SF
Gross rent
$106.4K $15.00/SF
− Vacancy
−$26.6K −$3.75/SF
EGI
$79.8K $11.25/SF
− OpEx
−$41.9K −$5.91/SF
NOI
$37.9K $5.34/SF
Area
Gogebic County, MI
Vacancy
25.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$758,060
Cap Rate 7%
$541,471
Cap Rate 9%
$421,144
Alternative Uses
Best Use
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,329 @ 7.0% cap · market cap 16.67%
Second Best
Hotel Hospitality
$541.5K
$473.8K – $631.7K
NOI $37,903 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,449 @ 7.0% cap · market cap 21.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
403
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial/Industrial-zoned property combining apartment, hospitality, office, and retail components in a single building.
Where is this mixed-use property located?
The property is located at 216 E Aurora Street Ironwood, 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: 7,093‑square‑foot mixed‑use building constructed in 1900; 0.13‑acre lot with 40 feet of frontage; Apartment, hotel/motel, office, and retail uses identified
