Building Details

Year built 1900

Roof type Rubber

Buildings 1

Listing Agency: RE/MAX 1ST REALTY · RE/MAX International f***@gmail.com Show Phone

Listed By: ERIN WASIK Show Phone

Added: Aug 25 Changed: Oct 21 Last Checked: Oct 29 at 2:06AM

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MLS# 50220053

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 5,280-square-foot mixed-use building, constructed in 1900, combines commercial space on the main level with two residential units above. The commercial area has an open central layout, additional office or storage rooms, hardwood flooring, high ceilings, exposed brick, and a rear entrance from the parking area. A full basement provides additional storage. The upper residences feature hardwood floors, tall ceilings, abundant windows, and a marble-tile bathroom with a steam room in one unit. Heating systems serve each level separately.

The property occupies a 0.2-acre site at 308 Iron Street in downtown Negaunee. Zoning is listed as Mixed Use, Commercial. Public water serves the property, with forced-air heating, ceiling fans, and a rubber roof.

Key Highlights

• 5,280‑square‑foot mixed‑use building on a 0.2‑acre site
• Main‑level commercial area with open layout, offices or storage rooms, and rear access
• Two residential units occupy the upper level

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,848

Cap Rate

7.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$696,960 $697.0K

Cap Rate 7%

$497,829 $497.8K

Cap Rate 9%

$387,200 $387.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,280 SF

Gross rent

$63.4K $12.00/SF

− Vacancy

−$7.6K −$1.44/SF

EGI

$55.8K $10.56/SF

− OpEx

−$20.9K −$3.96/SF

NOI

$34.8K $6.60/SF

Area

Marquette County, MI

Vacancy

12.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$696,960

Cap Rate 7%

$497,829

Cap Rate 9%

$387,200

Alternative Uses

Best Use

Retail

$925.7K

$810.0K – $1.08M (±1% cap)

NOI $64,798 @ 7.0% cap · market cap 13.36%

Second Best

Mixed Use

$497.8K

$435.6K – $580.8K (±1% cap)

NOI $34,848 @ 7.0% cap · market cap 7.19%

Theoretical Best

Office A

$1.56M

$1.36M – $1.81M (±1% cap)

NOI $108,852 @ 7.0% cap · market cap 22.44%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Law Firm Building Supply Auto Repair Shop Auto Parts Store Parking Lot & Garage Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

184

Businesses Nearby

Explore this area Business Placement

Demographics for 49866, MI

8,259

Population

3,723

Households

2.2

Avg Household Size

41

Median Age

34%

College-Educated

96%

High-School Grad

201.3 sq mi

ZIP Area

41

Density / Sq Mi

$83,433

Median Household Income

$47,467

Median Earnings

$900

Median Rent

$191,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Street-level commercial space is paired with two upper-floor residences and separate heating systems for each level.

Where is this mixed-use property located?

The property is located at 308 Iron Street Negaunee, MI.

What is the asking price?

The asking price for this property is $485,000.

What are key features of this property?

This property features: 5,280‑square‑foot mixed‑use building on a 0.2‑acre site; Main‑level commercial area with open layout, offices or storage rooms, and rear access; Two residential units occupy the upper level