Duplex With
For Sale
$189,000
313-315 E Pearl Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size2,688 SF
Lot Size0.25 Acres
Price / SF$70.31
Days on Market98
Property Features for 313-315 E Pearl Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 6, Bathroom 1, Bathroom 4, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Exterior features
Porch
Appliances
Dishwasher, Range/Oven, Refrigerator
Subdivision
CLEVELAND IRON MINING CO'S ADDITION
Lot features
Walk to School
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Standard status
Active
Size
2,688 SF
Lot size
0.25 Acres
Additional Details
Tenant in Place
Yes
Utilities
Heating system
Baseboard, Hot Water(Heating), Oil
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Architectural style
Other
Buildings
1
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
DAWN FLORIO
(906) 360-0796
Added: Jul 20
Changed: Oct 24
Last Checked: Oct 25 at 2:06PM
MLS# 50215550
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 2,688-square-foot duplex contains two residences, each with three bedrooms. A porch, ceiling fans, and a mix of baseboard and hot-water heating are among the building’s features. The property dates to 1880, and one unit has received interior renovations and updates. Appliances include a dishwasher, range/oven, and refrigerator; the building has public water service.
The duplex is located at 313-315 E Pearl Street in Ishpeming. A separate vacant lot at 317 E Pearl is included and is used for parking. Established tenants are in place.
The duplex is located at 313-315 E Pearl Street in Ishpeming. A separate vacant lot at 317 E Pearl is included and is used for parking. Established tenants are in place.
Key Highlights
- Two units, each with three bedrooms
- 2,688 square feet on a 0.25‑acre lot
- Separate vacant parking lot at 317 E Pearl
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,791
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$335,820
$335.8K
Cap Rate 7%
$239,871
$239.9K
Cap Rate 9%
$186,567
$186.6K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$24.8K $9.24/SF
− Vacancy
−$849 −$0.32/SF
EGI
$24.0K $8.92/SF
− OpEx
−$7.2K −$2.68/SF
NOI
$16.8K $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%
$335,820
Cap Rate 7%
$239,871
Cap Rate 9%
$186,567
Alternative Uses
Best Use
Multifamily LT 5
$239.9K
$209.9K – $279.9K
NOI $16,791 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$207.7K
$181.7K – $242.3K
NOI $14,537 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$791.7K
$692.7K – $923.6K
NOI $55,416 @ 7.0% cap · market cap 29.32%
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
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
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 three-bedroom residences are accompanied by a separate vacant lot used for parking.
Where is this duplex located?
The property is located at 313-315 E Pearl Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Two units, each with three bedrooms; 2,688 square feet on a 0.25‑acre lot; Separate vacant parking lot at 317 E Pearl
