Two-Unit Duplex with
New
For Sale
$169,900
300 E Smith Street, Iron Mountain, MI 49801
MULTIFAMILY, 2 Story, Iron Mountain, MI
Property Size2,087 SF
Lot Size0.16 Acres
Price / SF$81.41
Days on Market2
Property Features for 300 E Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bathroom 2, Bedroom 4, Basement, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3
Parking features
Driveway, Garage
Interior features
Cable/Internet Avail., Walk-In Closet
Exterior features
Street Lights, Exterior Balcony
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator, Washer, Water Softener - Owned
Subdivision
Gay's Subdivision
Lot features
Corner Lot, Main Street, Subdivision, Platted, Cleared
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
Standard status
Active
Size
2,087 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2403
Utilities
Heating system
Forced Air, Baseboard, Radiant, Zoned
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
shared first-floor laundry
water softener
storage sheds
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
LINDA PLUMLEY · License #UPAR
(906) 396-9737
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 2:06PM
MLS# 50221817
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 2,087-square-foot duplex on a 0.16-acre corner lot contains two distinct living units. Each unit includes two bedrooms, a kitchen, living room, dining area, full bathroom, and foyer, while a first-floor laundry room serves both residences. The original section has received updates over time, including complete roof replacement, and includes a partial basement, water softener, and a mix of forced-air, baseboard, and radiant heating. The newer unit provides an open layout, substantial natural light, and a walk-in closet.
An attached heated 2-car garage has a separate natural gas furnace and plumbing for a toilet. Two storage sheds add utility, and the property includes two stoves, two refrigerators, a dishwasher, washer, dryer, and owned water softener. Separate utilities serve the units. The property is zoned B-2 and is located at 300 E Smith Street in Iron Mountain, Michigan. Public water is available, with window and wall-unit cooling.
Built in 1915, the property also includes an exterior balcony, driveway parking, street lights, and a framed connecting doorway between the units. The configuration supports continued duplex use or a future single-residence layout, subject to applicable requirements.
An attached heated 2-car garage has a separate natural gas furnace and plumbing for a toilet. Two storage sheds add utility, and the property includes two stoves, two refrigerators, a dishwasher, washer, dryer, and owned water softener. Separate utilities serve the units. The property is zoned B-2 and is located at 300 E Smith Street in Iron Mountain, Michigan. Public water is available, with window and wall-unit cooling.
Built in 1915, the property also includes an exterior balcony, driveway parking, street lights, and a framed connecting doorway between the units. The configuration supports continued duplex use or a future single-residence layout, subject to applicable requirements.
Key Highlights
- 2,087‑square‑foot duplex on a 0.16‑acre corner lot
- Two units, each with 2 bedrooms, kitchen, living room, dining area, full bath, and foyer
- Attached heated 2‑car garage with separate natural gas furnace and toilet plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,933
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$278,660
$278.7K
Cap Rate 7%
$199,043
$199.0K
Cap Rate 9%
$154,811
$154.8K
Market Conditions
NOI Build-Up for 2,087 SF
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.
Gross rent
$21.3K $10.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$19.9K $9.54/SF
− OpEx
−$6.0K −$2.86/SF
NOI
$13.9K $6.68/SF
Area
Dickinson County, MI
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$278,660
Cap Rate 7%
$199,043
Cap Rate 9%
$154,811
Alternative Uses
Best Use
Multifamily LT 5
$199.0K
$174.2K – $232.2K
NOI $13,933 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$185.4K
$162.2K – $216.3K
NOI $12,975 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$402.4K
$352.1K – $469.4K
NOI $28,165 @ 7.0% cap · market cap 16.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with separate utilities, shared laundry, updated original space, and a later-added upper apartment.
Where is this duplex located?
The property is located at 300 E Smith Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 2,087‑square‑foot duplex on a 0.16‑acre corner lot; Two units, each with 2 bedrooms, kitchen, living room, dining area, full bath, and foyer; Attached heated 2‑car garage with separate natural gas furnace and toilet plumbing
