Duplex With Two-Car
New
For Sale
$270,000
309 TOBIN STREET, Negaunee, MI 49866
MULTI_FAMILY - NEGAUNEE, MI
Property Size2,569 SF
Price / SF$105.10
Days on Market2
Property Features for 309 TOBIN STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5
Standard status
Active
Size
2,569 SF
Building Details
Year built
1898
Listing Agency:
Marquette · Coldwell Banker Real Estate
(906) 225-5992
Listed By:
Chelsey Daavettila · License #UPAR
(906) 282-2524
Added: Aug 13
Last Checked: Aug 14 at 10:06PM
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 2,569-square-foot duplex contains two separately arranged residences within a front-and-back layout. The front unit offers a retro-style kitchen, living room, formal dining room, three bedrooms upstairs, and a full bathroom. The rear unit includes hardwood flooring, an eat-in kitchen with walk-in pantry, living room, office or den, two upstairs bedrooms, and a full bathroom.
The property includes a two-car garage and additional off-street parking. Recent improvements include a furnace serving the rear unit, an updated electrical panel, a newer roof, and rebuilt chimneys. Constructed in 1898, the duplex is near the Iron Ore Heritage Trail, parks, and downtown amenities. The configuration supports owner occupancy with rental income from the second residence or use as a two-unit investment property.
The property includes a two-car garage and additional off-street parking. Recent improvements include a furnace serving the rear unit, an updated electrical panel, a newer roof, and rebuilt chimneys. Constructed in 1898, the duplex is near the Iron Ore Heritage Trail, parks, and downtown amenities. The configuration supports owner occupancy with rental income from the second residence or use as a two-unit investment property.
Key Highlights
- Two‑unit front‑and‑back duplex totaling 2,569 square feet
- Two‑car garage plus additional off‑street parking
- Front residence includes three upstairs bedrooms and a formal dining room
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
$16,048
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
5.94%
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%
$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
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
$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 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%
$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 5.94%
Second Best
Apartment 5plus
$198.5K
$173.7K – $231.6K
NOI $13,893 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$756.6K
$662.0K – $882.7K
NOI $52,963 @ 7.0% cap · market cap 19.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Front and rear units include distinct living areas, kitchens, and upstairs bedrooms.
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 $270,000.
What are key features of this property?
This property features: Two‑unit front‑and‑back duplex totaling 2,569 square feet; Two‑car garage plus additional off‑street parking; Front residence includes three upstairs bedrooms and a formal dining room
