Updated Duplex with
New
For Sale
Under Contract
$239,900
315 TOBIN STREET, Negaunee, MI 49866
MULTI_FAMILY - NEGAUNEE, MI
Property Size2,078 SF
Price / SF$115.45
Days on Market2
Property Features for 315 TOBIN STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bedroom 4, Bedroom 2
Standard status
Active Under Contract
Size
2,078 SF
Amenities
in-unit laundry
private balcony
dedicated storage room
attic access
natural gas radiant heating
private entrances
Building Details
Year built
1900
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# 50207941
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 2,078-square-foot duplex, built in 1900, contains two spacious units with matching two-bedroom, two-bath layouts. Each residence has a private entrance, natural gas radiant space heating, and room to configure a third bedroom. The lower unit includes in-unit laundry, while the upper unit adds a balcony from the living room, a dedicated storage room, and attic access for additional storage or future expansion. New roofing was installed in May 2026, and Unit 2 received new kitchen flooring the same month.
Exterior improvements include a one-car garage and a large paved driveway with parking for 6 cars. The property is near downtown Negaunee, parks, and the Iron Ore Heritage Trail. A 24-hour notice is required for showings.
Exterior improvements include a one-car garage and a large paved driveway with parking for 6 cars. The property is near downtown Negaunee, parks, and the Iron Ore Heritage Trail. A 24-hour notice is required for showings.
Key Highlights
- 2,078‑square‑foot duplex with two 2‑bedroom, 2‑bath units
- New roof installed in May 2026
- Unit 2 received new kitchen flooring in 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
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 - Two-bedroom, two-bath units feature private entrances, natural gas radiant heat, and distinct living spaces.
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: 2,078‑square‑foot duplex with two 2‑bedroom, 2‑bath units; New roof installed in May 2026; Unit 2 received new kitchen flooring in May 2026
