21-Unit Apartment Portfolio with
For Sale
$975,000
246 Ashland Court, Ironwood, MI 49938
MULTIFAMILY, 2 Story, Ironwood, MI
Property Size18,934 SF
Lot Size1.73 Acres
Price / SF$51.49
Days on Market152
Property Features for 246 Ashland Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
39
Bathrooms
23
Full bathrooms
22
Half bathrooms
1
Rooms
Bathroom 4, Bedroom 15, Bedroom 23, Bedroom 38, Bathroom 2, Bedroom 27, Bathroom 1, Bedroom 28, Bathroom 14, Bedroom 2, Bathroom 15, Bathroom 5, Bathroom 17, Bedroom 33, Bedroom 35, Bathroom 6, Bathroom 8, Bathroom 10, Bathroom 11, Bedroom 9, Bathroom 18, Bedroom 6, Bedroom 25, Bedroom 39, Bathroom 9, Bedroom 1, Bedroom 34, Bedroom 13, Bathroom 23, Bedroom 21, Bedroom 18, Bedroom 26, Bedroom 22, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 14, Bedroom 16, Bathroom 7, Bathroom 19, Bedroom 11, Bedroom 37, Bathroom 13, Basement, Bedroom 30, Bedroom 31, Bedroom 24, Bedroom 29, Bedroom 8, Bedroom 4, Bathroom 12, Bathroom 20, Bedroom 36, Bathroom 16, Bedroom 20, Bedroom 10, Bedroom 12, Bedroom 32, Bathroom 21, Bathroom 22, Bedroom 19, Bedroom 5, Bedroom 17
Parking features
Garage, Assigned, Driveway
Interior features
Cable/Internet Avail., Cathedral/Vaulted Ceiling, Walk-In Closet
Fireplace
1
Lot features
Cleared
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Subdivision
Ironwood (27006)
Standard status
Active
Size
18,934 SF
Lot size
1.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20652
Utilities
Heating system
Forced Air
Water source
Public
Amenities
coin-operated laundry facilities
storage units
common bathroom
garage rentals
private balconies
Building Details
Year built
1975
Floors in Building
2
Number of units
21
Architectural style
Other
Buildings
4
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Oct 28
Last Checked: Oct 31 at 9:06AM
MLS# 50211077
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.
This 21-unit multifamily portfolio comprises a 15-unit, two-story brick apartment building and three duplexes. The apartment building contains twelve two-bedroom, one-bath units and three one-bedroom, one-bath units. Three secure entrances serve its upper and lower levels; most apartments have private balconies. Shared amenities include coin-operated laundry, storage, a common bathroom, and garage rentals. The duplexes consist of one side-by-side configuration and two upper/lower layouts. One duplex features original woodwork, a fireplace, high ceilings, spacious kitchens, and generous living areas; its lower apartment has two bedrooms and two bathrooms, while the upper has two bedrooms. The property was built in 1975 and spans 18,934 square feet on 1.73 acres. The portfolio includes 24 garages.
The properties are located along the same street in Ironwood, with downtown shops, restaurants, community events, and year-round entertainment a few minutes away. Ownership covers water, sewer, garbage, natural gas, snow removal, and lawn care; tenants pay electricity.
The properties are located along the same street in Ironwood, with downtown shops, restaurants, community events, and year-round entertainment a few minutes away. Ownership covers water, sewer, garbage, natural gas, snow removal, and lawn care; tenants pay electricity.
Key Highlights
- 21 rental units across a 15‑unit brick apartment building and three duplexes
- 24 garages, including garage rentals and dedicated spaces at a side‑by‑side duplex
- Apartment mix includes twelve 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,388
Cap Rate
7.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,507,760
$1.5M
Cap Rate 7%
$1,076,971
$1.1M
Cap Rate 9%
$837,644
$837.6K
Market Conditions
NOI Build-Up for 18,934 SF
Gross rent
$170.4K $9.00/SF
− Vacancy
−$62.7K −$3.31/SF
EGI
$107.7K $5.69/SF
− OpEx
−$32.3K −$1.71/SF
NOI
$75.4K $3.98/SF
Area
Gogebic County, MI
Vacancy
36.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,507,760
Cap Rate 7%
$1,076,971
Cap Rate 9%
$837,644
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$942.4K – $1.26M
NOI $75,388 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$962.4K
$842.1K – $1.12M
NOI $67,367 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$4.02M
$3.52M – $4.69M
NOI $281,483 @ 7.0% cap · market cap 28.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
21
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
368
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - A brick apartment building and three duplexes are grouped along one street, with laundry, storage, and garage rentals.
Where is this apartment building located?
The property is located at 246 Ashland Court Ironwood, MI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 21 rental units across a 15‑unit brick apartment building and three duplexes; 24 garages, including garage rentals and dedicated spaces at a side‑by‑side duplex; Apartment mix includes twelve 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units
