Mixed-Use Building with
For Sale
$399,900
220 S Main Street, Ishpeming, MI 49849
COM/IND/BUS OPP, Ishpeming, MI
Property Size6,160 SF
Lot Size0.07 Acres
Price / SF$64.92
Days on Market80
Property Features for 220 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Other
Lot features
Corner Lot
Subdivision
Ishpeming (52013)
Standard status
Active
Size
6,160 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Cooling system
Exhaust Fan (Cooling)
Water source
Public
Building Details
Year built
1895
Roof type
Flat
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
FRAN SEVEGNEY
(906) 869-7465
Added: Aug 10
Changed: Oct 21
Last Checked: Oct 28 at 10:06PM
MLS# 50217991
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.
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Investment Insights
Based on property information with market context.
The 6,160-square-foot mixed-use property brings together a restaurant, four apartments and an additional retail space. Built in 1895, the building has forced-air heating, exhaust-fan cooling and a flat roof. Public water serves the property, which occupies a 0.07-acre lot zoned Other.
The exterior façade, including its windows, siding, doors and stonework, was renovated in 2012. The property is located at 220 S Main Street in Ishpeming, Michigan.
The exterior façade, including its windows, siding, doors and stonework, was renovated in 2012. The property is located at 220 S Main Street in Ishpeming, Michigan.
Key Highlights
- Restaurant space, four apartments and an additional retail space
- 6,160 square feet on a 0.07‑acre lot
- Exterior façade components renovated in 2012, including windows, siding, doors and stonework
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,314
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$666,280
$666.3K
Cap Rate 7%
$475,914
$475.9K
Cap Rate 9%
$370,156
$370.2K
Market Conditions
NOI Build-Up for 6,160 SF
Gross rent
$62.8K $10.20/SF
− Vacancy
−$2.3K −$0.37/SF
EGI
$60.6K $9.83/SF
− OpEx
−$27.3K −$4.42/SF
NOI
$33.3K $5.41/SF
Area
Marquette County, MI
Vacancy
3.60%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$666,280
Cap Rate 7%
$475,914
Cap Rate 9%
$370,156
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,318 @ 7.0% cap · market cap 21.33%
Second Best
Retail
$1.08M
$945.0K – $1.26M
NOI $75,598 @ 7.0% cap · market cap 18.90%
Theoretical Best
Office A
$1.81M
$1.59M – $2.12M
NOI $126,995 @ 7.0% cap · market cap 31.76%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant operations share the building with residential apartments and a separate retail space.
Where is this mixed-use property located?
The property is located at 220 S Main Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Restaurant space, four apartments and an additional retail space; 6,160 square feet on a 0.07‑acre lot; Exterior façade components renovated in 2012, including windows, siding, doors and stonework
