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    Historic Mixed-Use Office and Loft Title is generated by Realmo AI

    216 E Aurora Street, Ironwood, MI 49938

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    Claim this Listing
    New
    For Sale
    $549,900

    COMMERCIAL - Ironwood, MI

    Property size:
    7,093 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $77/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 3:06 am

    Property Features for 216 E Aurora Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    7,093 SF
    Lot size
    0.13 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    RACHEL MARTIN

    Listing agent RACHEL MARTIN License #60346 - 90

    Listing office REDMAN REALTY GROUP, LLC 488 W Hagerman Lake Road, Iron River, MI

    Listing date Jun 3, 2026

    MLS# 50210165

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Over 4,200 SF of main‑level workspace with multiple office spaces for rent or lease, with reconfigurable layouts
    • Second level features a fully renovated loft with 3 bedrooms, 1.5 bathrooms, laundry room, and a separate entrance
    • Loft includes a newly designed kitchen with newer appliances, lighting, and an island with butcher block countertop
    • Loft has skylights and natural light plus red oak flooring and terrazzo flooring (under carpet)
    • 2BD, 1 BA apartment on the second level with a long‑term renter, accessible via the restored staircase
    • Drive‑in garage and basement accessible from two locations on the main level for tenant parking/storage and potential future rental income

    Overview

    This historic, multi-purpose building has been comprehensively renovated on the interior, including electrical and lighting updates, plus a complete remodel of the second-level loft area. The main level offers a shared hall and multiple office spaces that can be reconfigured to support different business ventures. A second-level entrance provides independent access to the fully renovated loft and a 2-bedroom, 1-bath apartment with an existing long-term renter.

    The loft features natural light from skylights, neutral finishes, architectural ceiling details and crown molding, and red oak flooring. It includes multiple living areas, a laundry room, and a newly designed kitchen with updated appliances, lighting, and an island with a butcher block countertop. Additional elements include a dining area with access to a patio and green area, and a hot tub room.

    For tenants or owner-users, the property combines office functionality with on-site residential and lodging-style options described in the current layout. A drive-in garage and basement are accessible from two locations on the main level and can support parking and storage, or additional future rental uses as planned by the new owner.
    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
    -90.167875
    Latitude
    46.455107

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    FAQs

    What type of property is this?
    Office units - Renovated building with flexible office space, a second-level loft apartment, and separate entrances for multiple uses.
    Where is this office units located?
    The property is located at 216 E Aurora Street 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: Over 4,200 SF of main‑level workspace with multiple office spaces for rent or lease, with reconfigurable layouts; Second level features a fully renovated loft with 3 bedrooms, 1.5 bathrooms, laundry room, and a separate entrance; Loft includes a newly designed kitchen with newer appliances, lighting, and an island with butcher block countertop
    (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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