Duplex with Private
For Sale
Under Contract
$239,900
315 Tobin Street, Negaunee, MI 49866
MULTI_FAMILY - Conventional - Negaunee, MI
Property Size2,078 SF
Lot Size0.14 Acres
Price / SF$115.45
Days on Market96
Property Features for 315 Tobin Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Laundry Room, Bedroom 4, Bathroom 1, Basement, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
Driveway, Garage
Patio and Porch features
Porch, Deck
Exterior features
Deck, Porch, Sidewalks, Street Lights, Exterior Balcony
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Elementary school district
Negaunee Public Schools
Middle school district
Negaunee Public Schools
High school district
Negaunee Public Schools
Subdivision
Negaunee (52021)
Standard status
Active Under Contract
Size
2,078 SF
Lot size
0.14 Acres
Utilities
Heating system
Radiant, Space Heater
Water source
Public
Amenities
private entrances
natural gas radiant space heating
in-unit laundry
private balcony
dedicated storage room
attic access
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
CHELSEY DAAVETTILA · License #UPAR
(906) 282-2524
Added: May 18
Changed: Aug 2
Last Checked: Aug 21 at 6:06AM
MLS# 50207941
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.
Investment Insights
Based on property information with market context.
This duplex offers two spacious units, each with a two-bedroom, two-bath layout and private entrances. The lower unit includes in-unit laundry. The upper unit features a private balcony off the living room, a dedicated storage room at the top of the stairs, and attic access. Both units have natural gas radiant space heating, and each unit also has potential for a third bedroom.
Recent updates include a newly installed roof in May 2026 and new kitchen flooring in Unit 2 in May 2026. The property sits on a 0.14-acre lot and includes a one-car garage plus a large paved driveway with enough space for 6 cars. Public water service is available.
Built in 1900 and styled as conventional, the home includes exterior features such as a porch and deck, along with sidewalks and street lights nearby. Showings require 24-hour notice. Any/all offers are due Tuesday, May 26th at noon.
Recent updates include a newly installed roof in May 2026 and new kitchen flooring in Unit 2 in May 2026. The property sits on a 0.14-acre lot and includes a one-car garage plus a large paved driveway with enough space for 6 cars. Public water service is available.
Built in 1900 and styled as conventional, the home includes exterior features such as a porch and deck, along with sidewalks and street lights nearby. Showings require 24-hour notice. Any/all offers are due Tuesday, May 26th at noon.
Key Highlights
- Two‑bedroom, two‑bath duplex units with private entrances
- Lower unit includes in‑unit laundry
- Roof replacement (May 2026) and Unit 2 kitchen flooring (May 2026)
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
$12,981
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
5.41%
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%
$259,620
$259.6K
Cap Rate 7%
$185,443
$185.4K
Cap Rate 9%
$144,233
$144.2K
Market Conditions
NOI Build-Up for 2,078 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
$19.2K $9.24/SF
− Vacancy
−$657 −$0.32/SF
EGI
$18.5K $8.92/SF
− OpEx
−$5.6K −$2.68/SF
NOI
$13.0K $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%
$259,620
Cap Rate 7%
$185,443
Cap Rate 9%
$144,233
Alternative Uses
Best Use
Multifamily LT 5
$185.4K
$162.3K – $216.4K
NOI $12,981 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$160.5K
$140.5K – $187.3K
NOI $11,238 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$612.0K
$535.5K – $714.0K
NOI $42,840 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Each unit offers a two-bedroom, two-bath layout with private entrances, radiant space heating, and in-unit laundry in the lower unit.
Where is this duplex located?
The property is located at 315 Tobin Street Negaunee, MI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath duplex units with private entrances; Lower unit includes in‑unit laundry; Roof replacement (May 2026) and Unit 2 kitchen flooring (May 2026)
