Historic Mixed-Use Office
216 E Aurora Street Ironwood, MI 49938
216 E Aurora Street, Ironwood, MI, 49938
$549,900
For Sale
$549,900
COMMERCIAL - Ironwood, MI
Property Size7,093 SF
Lot Size0.13 Acres
Price / SF$77.53
Days on Market49
Property Features for 216 E Aurora Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- 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
Listing agency
REDMAN REALTY GROUP, LLC
(715) 891-6686
Listed by
RACHEL MARTIN · License #60346 - 90
(715) 891-6686
Added: Jun 3 Updated: Jul 11 at 8:08AM Checked: Jul 21 at 11:06AM
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.
Investment Insights
Based on property information with market context.
This historic, multi-purpose building has been comprehensively renovated inside, including electrical and lighting updates and a complete remodel of the elegant loft area on the second level. The main level provides over 4,200 square feet of office functionality with terrazzo flooring (under carpet), multiple office spaces available for rent or lease, and shared hall access for the businesses. The spaces can be reconfigured to accommodate different business layouts.
The second level features a separate entrance and is accessed via a restored staircase, leading to a fully renovated loft along with a 2-bedroom, 1-bath apartment that has a long-term renter. The loft includes three bedrooms, 1.5 bathrooms, a laundry room, spacious living area, and a newly designed kitchen with newer appliances, lighting, and an island with a butcher block countertop. It also includes a dining area and a hot tub room with access to a patio and green area.
Additional conveniences include a drive-in garage and basement accessible from two locations on the main level, which can support tenant parking and storage and may provide opportunities for additional future rental uses.
The second level features a separate entrance and is accessed via a restored staircase, leading to a fully renovated loft along with a 2-bedroom, 1-bath apartment that has a long-term renter. The loft includes three bedrooms, 1.5 bathrooms, a laundry room, spacious living area, and a newly designed kitchen with newer appliances, lighting, and an island with a butcher block countertop. It also includes a dining area and a hot tub room with access to a patio and green area.
Additional conveniences include a drive-in garage and basement accessible from two locations on the main level, which can support tenant parking and storage and may provide opportunities for additional future rental uses.
Key Highlights
- Main level offers over 4,200 sq ft of functional space with multiple office areas available to rent or lease.
- Interior has been comprehensively renovated, including electric and lighting upgrades, plus a complete remodel of the 2nd‑level loft area.
- 2nd level features a separate entrance with access to a fully renovated loft plus a 2BD, 1BA apartment with a long‑term renter.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.8k | $9.00 |
| − Vacancy | −$23.5k | −$3.31 |
| EGI | $40.3k | $5.69 |
| − OpEx | −$12.1k | −$1.71 |
| NOI | $28.2k | $3.98 |
7,093 SF · lease $9.00/SF/yr · vacancy 36.80% · expense 30.00%
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,306 @ 7.0% cap · market cap 16.06%
Second Best
Multifamily LT 5
$403.4K
$353.0K – $470.7K
NOI $28,241 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,449 @ 7.0% cap · market cap 19.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
St. Vincent de ...
Discount Store
North Country Sun
Publishing House
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Historic office building with renovated interiors, multiple office spaces, and a fully renovated 2nd-level loft apartment.
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: Main level offers over 4,200 sq ft of functional space with multiple office areas available to rent or lease.; Interior has been comprehensively renovated, including electric and lighting upgrades, plus a complete remodel of the 2nd‑level loft area.; 2nd level features a separate entrance with access to a fully renovated loft plus a 2BD, 1BA apartment with a long‑term renter.
