Building Details

Year built 1898

Listing Agency: Marquette · Coldwell Banker Real Estate c***@schmidtfamilyofcompanies.com Show Phone

Listed By: Chelsey Daavettila · License #6501412271 Show Phone

Added: Aug 14 Changed: Sep 29 Last Checked: Oct 6 at 7:06AM

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MLS# 50217087

Copyright © 2026 Coldwell Banker Schmidt 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 two-unit residential property contains 2,569 square feet within a front-and-back duplex configuration. The front residence includes a retro-style kitchen, living room, formal dining room, three upstairs bedrooms, and a full bathroom. The rear residence offers hardwood flooring, an eat-in kitchen with walk-in pantry, living room, office or den, two upstairs bedrooms, and a full bathroom.

Property improvements include a newer roof, rebuilt chimneys, an updated electrical panel, and a new furnace serving the rear unit. A two-car garage and additional off-street parking support both residences. Built in 1898, the property is located on Tobin Street in Negaunee, near the Iron Ore Heritage Trail, parks, and downtown amenities.

Key Highlights

• Two‑unit front‑and‑back duplex with 2,569 square feet
• Front unit has 3 upstairs bedrooms; rear unit has 2
• Two‑car garage plus additional off‑street parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,048

Cap Rate

6.17%

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 (±1% cap)

NOI $16,048 @ 7.0% cap · market cap 6.17%

Second Best

Apartment 5plus

$198.5K

$173.7K – $231.6K (±1% cap)

NOI $13,893 @ 7.0% cap · market cap 5.34%

Theoretical Best

Office A

$756.6K

$662.0K – $882.7K (±1% cap)

NOI $52,963 @ 7.0% cap · market cap 20.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Building Supply Auto Repair Shop Law Firm 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

Location Intelligence

Trade Area within ½ mile

241

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Front and rear units provide separate living areas with shared garage access and additional off-street parking.

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 $260,000.

What are key features of this property?

This property features: Two‑unit front‑and‑back duplex with 2,569 square feet; Front unit has 3 upstairs bedrooms; rear unit has 2; Two‑car garage plus additional off‑street parking