Two-Unit Duplex with
For Sale
$250,000
309 Tobin Street, Negaunee, MI 49866
MULTIFAMILY, 2 Story, Negaunee, MI
Property Size2,569 SF
Lot Size0.17 Acres
Price / SF$97.31
Days on Market94
Property Features for 309 Tobin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Den, Bedroom 1, Bedroom 5, Bedroom 4, Basement, Family Room, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking features
Garage
Patio and Porch features
Porch
Interior features
Hardwood Floors, Window Treatment(s)
Exterior features
Porch, Street Lights
Lot features
Walk to School
Elementary school district
Negaunee Public Schools
Middle school district
Negaunee Public Schools
High school district
Negaunee Public Schools
Subdivision
Negaunee (52021)
Standard status
Active
Size
2,569 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3400
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1898
Floors in Building
2
Number of units
2
Architectural style
Conventional
Buildings
1
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
CHELSEY DAAVETTILA · License #6501412271
(906) 282-2524
Added: Aug 3
Changed: Oct 27
Last Checked: Nov 4 at 10:06AM
MLS# 50217087
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 1898 duplex contains 2,569 square feet across two residences on a 0.17-acre parcel. The front unit has three upstairs bedrooms, a full bath, a living room, formal dining room, and retro-style kitchen. In the rear unit, two upstairs bedrooms and a full bath accompany an eat-in kitchen with walk-in pantry, living room, and office or den. Hardwood floors are among the interior features, and a porch adds exterior space.
The property is at 309 Tobin Street in Negaunee, near the Iron Ore Heritage Trail, parks, and downtown amenities. Parking includes a two-car garage and additional off-street spaces. Updates include a furnace in the rear unit, an electrical panel, a newer roof, and rebuilt chimneys.
The property is at 309 Tobin Street in Negaunee, near the Iron Ore Heritage Trail, parks, and downtown amenities. Parking includes a two-car garage and additional off-street spaces. Updates include a furnace in the rear unit, an electrical panel, a newer roof, and rebuilt chimneys.
Key Highlights
- Two residences: front unit with 3 bedrooms and rear unit with 2 bedrooms
- 2,569 square feet on a 0.17‑acre parcel
- Two‑car garage plus additional off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,048
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,960
$321.0K
Cap Rate 7%
$229,257
$229.3K
Cap Rate 9%
$178,311
$178.3K
Market Conditions
NOI Build-Up for 2,569 SF
Gross rent
$23.7K $9.24/SF
− Vacancy
−$812 −$0.32/SF
EGI
$22.9K $8.92/SF
− OpEx
−$6.9K −$2.68/SF
NOI
$16.0K $6.25/SF
Area
Marquette County, MI
Vacancy
3.42%
Lease Rate
$9.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,960
Cap Rate 7%
$229,257
Cap Rate 9%
$178,311
Alternative Uses
Best Use
Multifamily LT 5
$229.3K
$200.6K – $267.5K
NOI $16,048 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$198.5K
$173.7K – $231.6K
NOI $13,893 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$756.6K
$662.0K – $882.7K
NOI $52,963 @ 7.0% cap · market cap 21.19%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer distinct layouts, with a garage and additional off-street parking on site.
Where is this duplex located?
The property is located at 309 Tobin Street Negaunee, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two residences: front unit with 3 bedrooms and rear unit with 2 bedrooms; 2,569 square feet on a 0.17‑acre parcel; Two‑car garage plus additional off‑street parking
