Historic Short-Term Rental
For Sale
$199,000
400 Silver Street Unit SourceFi, Ironwood, MI 49938
Updated Airbnb property with multiple living areas, kitchens, and a private fenced exterior area.
Property Size2,862 SF
Price / SF$69.53
Days on Market65
Property Features for 400 Silver Street Unit SourceFi
General Information
Standard status
Active
Size
2,862 SF
Property subtype
Industrial
Amenities
Window/Wall Unit
3
Asphalt
63110
Building Details
Year Built
1886
Listing Agency:
ZAK'S REALTY
(906) 285-9851
Listed By:
TRACY DERIZZO · License #6501405998
(906) 285-9851
Source:
Xome
Added: Jun 27
Changed: Aug 30
Last Checked: Aug 30 at 2:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ZAK'S REALTY
Investment Insights
Based on property information with market context.
Built in 1886, this 2,862-square-foot historic property is currently operating as an Airbnb. The interior includes seven bedrooms, including one walk-through bedroom, along with two full bathrooms, two half bathrooms, two kitchens, and three living room areas. A spacious bar area, original tin walls, and an original tin ceiling add distinctive character to the layout. Window/wall unit cooling is included.
The property previously operated as a restaurant and bar and is located on Silver Street in Ironwood. Bars and restaurants are within steps of the property, and a snowmobile/ATV trail is also nearby. The exterior includes a fenced area, providing a defined private space. Its existing short-term rental operation and substantial interior configuration support continued hospitality use, subject to applicable requirements.
The property previously operated as a restaurant and bar and is located on Silver Street in Ironwood. Bars and restaurants are within steps of the property, and a snowmobile/ATV trail is also nearby. The exterior includes a fenced area, providing a defined private space. Its existing short-term rental operation and substantial interior configuration support continued hospitality use, subject to applicable requirements.
Key Highlights
- 2,862‑square‑foot property built in 1886
- Seven bedrooms, including one walk‑through bedroom
- Two full baths, two half baths, and two kitchens
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
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
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Frequently Asked Questions
What type of property is this?
Short term rental property - Updated Airbnb property with multiple living areas, kitchens, and a private fenced exterior area.
Where is this short term rental property located?
The property is located at 400 Silver Street Unit SourceFi 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‑foot property built in 1886; Seven bedrooms, including one walk‑through bedroom; Two full baths, two half baths, and two kitchens
