Historic Short-Term Rental
For Sale
$199,000
400 Silver Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size2,862 SF
Lot Size0.15 Acres
Price / SF$69.53
Days on Market109
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: Oct 8
Last Checked: Oct 16 at 10:06AM
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.
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Investment Insights
Based on property information with market context.
Built in 1886, this 2,862-square-foot property on a 0.15-acre lot is currently operating as an Airbnb. The interior includes 7 bedrooms, including one walk-through bedroom, 2 full baths, 2 half baths, 2 kitchens, and 3 living room spaces. A large bar area is complemented by original tin walls and ceiling details. Hot water heating, wall/window unit cooling, public water, asphalt roofing, and owned fencing are among the existing property features.
Located at 400 Silver Street in Ironwood, the property is positioned near bars, restaurants, and a snowmobile/ATV trail. Commercial zoning supports the current short-term rental use and other business-oriented possibilities identified for the property.
Located at 400 Silver Street in Ironwood, the property is positioned near bars, restaurants, and a snowmobile/ATV trail. Commercial zoning supports the current short-term rental use and other business-oriented possibilities identified for the property.
Key Highlights
- 7 bedrooms, including one walk‑through bedroom
- 2,862 square feet on a 0.15‑acre lot
- 2 kitchens and 3 living room spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,183
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
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
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 Rate 5%
$203,660
Cap Rate 7%
$145,471
Cap Rate 9%
$113,144
Alternative Uses
Best Use
Apartment 5plus
$145.5K
$127.3K – $169.7K
NOI $10,183 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - Commercially zoned property with multiple bedrooms, kitchens, and living areas.
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: 7 bedrooms, including one walk‑through bedroom; 2,862 square feet on a 0.15‑acre lot; 2 kitchens and 3 living room spaces
