Apartment Building Portfolio with
For Sale
$1,285,000
246 Ashland Court, Ironwood, MI 49938
MULTI_FAMILY - Ironwood, MI
Property Size18,934 SF
Lot Size1.73 Acres
Price / SF$67.87
Days on Market61
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
Bedroom 36, Bathroom 10, Bedroom 30, Bedroom 34, Bathroom 14, Bedroom 32, Bathroom 5, Bathroom 15, Bedroom 14, Bathroom 12, Bathroom 21, Bedroom 9, Bedroom 29, Bedroom 22, Bathroom 2, Bathroom 16, Bathroom 19, Bedroom 18, Bedroom 25, Basement, Bedroom 10, Bedroom 38, Bedroom 26, Bathroom 9, Bedroom 21, Bedroom 2, Bathroom 17, Bathroom 8, Bedroom 12, Bedroom 6, Bedroom 4, Bathroom 20, Bedroom 11, Bedroom 7, Bathroom 13, Bathroom 18, Bedroom 39, Bedroom 16, Bedroom 24, Bathroom 22, Bathroom 11, Bedroom 15, Bedroom 28, Bedroom 27, Bathroom 1, Bedroom 17, Bedroom 31, Bathroom 3, Bedroom 8, Bathroom 4, Bedroom 5, Bedroom 20, Bedroom 35, Bathroom 23, Bathroom 7, Bedroom 3, Bedroom 1, Bathroom 6, Bedroom 23, Bedroom 19, Bedroom 37, Bedroom 13, Bedroom 33
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, Oil
Water source
Public
Amenities
coin-operated laundry
storage units
common bathroom
private balconies
private back decks
fireplace
Building Details
Year built
1975
Floors in Building
2
Number of units
21
Architectural style
Other
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Jul 30
Last Checked: Aug 1 at 2:06AM
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.
Investment Insights
Based on property information with market context.
This apartment portfolio totals 21 rental units along with 24 garages, all on one street for streamlined ownership and management. The centerpiece is a 15-unit brick apartment building with three secure entrances serving both upper and lower levels. Units 1–12 offer 2-bedroom, 1-bathroom layouts, and the lower level includes three additional 1-bedroom, 1-bathroom apartments. Common amenities include coin-operated laundry facilities, storage units, and a common bathroom. Many apartments also feature private balconies.
The portfolio also includes three duplexes: one side-by-side duplex with private back decks and dedicated garage spaces, plus two upper/lower duplexes. The 302/304 Ashland Court duplex is highlighted for its interior character, including original woodwork and a fireplace. Heating is forced air with oil, and the property is supported by public water.
Ownership currently covers water, sewer, garbage service, natural gas, snow removal, and lawn care, while tenants pay their own electricity. The property sits on 1.73 acres and includes 18,934 square feet, with a 1975 build year.
The portfolio also includes three duplexes: one side-by-side duplex with private back decks and dedicated garage spaces, plus two upper/lower duplexes. The 302/304 Ashland Court duplex is highlighted for its interior character, including original woodwork and a fireplace. Heating is forced air with oil, and the property is supported by public water.
Ownership currently covers water, sewer, garbage service, natural gas, snow removal, and lawn care, while tenants pay their own electricity. The property sits on 1.73 acres and includes 18,934 square feet, with a 1975 build year.
Key Highlights
- 21 rental units and 24 garages on one street
- 15‑unit brick apartment building with three secure entrances
- 3 duplexes included, including 302/304 Ashland Court
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 | $170.4k | $9.00 |
| − Vacancy | −$62.7k | −$3.31 |
| EGI | $107.7k | $5.69 |
| − OpEx | −$32.3k | −$1.71 |
| NOI | $75.4k | $3.98 |
18,934 SF · lease $9.00/SF/yr · vacancy 36.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$942.4K – $1.26M
NOI $75,388 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$962.4K
$842.1K – $1.12M
NOI $67,367 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$4.02M
$3.52M – $4.69M
NOI $281,483 @ 7.0% cap · market cap 21.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
382
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment portfolio with 21 rental units and 24 garages, including a 15-unit brick building plus three duplexes.
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 $1,285,000.
What are key features of this property?
This property features: 21 rental units and 24 garages on one street; 15‑unit brick apartment building with three secure entrances; 3 duplexes included, including 302/304 Ashland Court
