Historic Short-Term Rental
For Sale
$199,000
400 Silver Street, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Size2,862 SF
Lot Size0.15 Acres
Price / SF$69.53
Days on Market51
Property Features for 400 Silver Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Exterior features
Fence Owned
Fencing
Fenced
Lot features
Corner Lot, Main Street
Subdivision
Ironwood (27006)
Standard status
Active
Size
2,862 SF
Lot size
0.15 Acres
Utilities
Heating system
Hot Water(Heating)
Cooling system
Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1886
Roof type
Asphalt
Listing Agency:
ZAK'S REALTY
(906) 932-2688
Listed By:
TRACY DERIZZO · License #6501405998
(906) 285-9851
Added: Jun 30
Changed: Aug 18
Last Checked: Aug 19 at 7:06PM
MLS# 50213334
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 2,862-square-foot property was built in 1886 and has been updated for short-term rental use. The interior includes 7 bedrooms, including one walk-through bedroom, along with 2 full baths, 2 1/2 baths, 2 kitchens, and 3 living room spaces. A spacious bar area, original tin walls, and a tin ceiling add distinctive character. Hot water heating, wall/window unit cooling, public water, an asphalt roof, and owned fencing are also in place.
Located at 400 Silver Street in Ironwood, the property is near bars, restaurants, and a snowmobile/ATV trail. The 0.15-acre site carries Commercial zoning and offers a combination of lodging-oriented layout and business-ready interior features.
Located at 400 Silver Street in Ironwood, the property is near bars, restaurants, and a snowmobile/ATV trail. The 0.15-acre site carries Commercial zoning and offers a combination of lodging-oriented layout and business-ready interior features.
Key Highlights
- 2,862 square feet on a 0.15‑acre site
- Built in 1886 with updated interior spaces
- 7 bedrooms, including 1 walk‑through bedroom
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
$10,183
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
5.12%
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%
$203,660
$203.7K
Cap Rate 7%
$145,471
$145.5K
Cap Rate 9%
$113,144
$113.1K
Market Conditions
NOI Build-Up for 2,862 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
$30.2K $10.56/SF
− Vacancy
−$11.7K −$4.09/SF
EGI
$18.5K $6.47/SF
− OpEx
−$8.3K −$2.91/SF
NOI
$10.2K $3.56/SF
Area
Gogebic County, MI
Vacancy
38.74%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$203,660
Cap Rate 7%
$145,471
Cap Rate 9%
$113,144
Alternative Uses
Best Use
Specialty Retail
$454.7K
$397.9K – $530.5K
NOI $31,832 @ 7.0% cap · market cap 16.00%
Second Best
Apartment 5plus
$145.5K
$127.3K – $169.7K
NOI $10,183 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$607.8K
$531.9K – $709.1K
NOI $42,548 @ 7.0% cap · market cap 21.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 49938, MI
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Commercially zoned property with multiple bedrooms, kitchens, living areas, and an entertaining bar space.
Where is this short term rental property located?
The property is located at 400 Silver Street Ironwood, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 2,862 square feet on a 0.15‑acre site; Built in 1886 with updated interior spaces; 7 bedrooms, including 1 walk‑through bedroom
