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$74
Days on Market13
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
(715) 891-6686
Listed By:
Rachel Martin · License #6502431648
Source:
Crexi
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 6:57PM
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 = 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
$37,903
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
7.22%
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%
$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
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
$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 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%
$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 15.88%
Second Best
Hotel Hospitality
$541.5K
$473.8K – $631.7K
NOI $37,903 @ 7.0% cap · market cap 7.22%
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
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
Questions? Ask Rey
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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 $524,900.
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
