Duplex with Direct Basement
For Sale
Under Contract
$174,900
404 S 3rd Street, Ishpeming, MI 49849
MULTI_FAMILY - Conventional - Ishpeming, MI
Property Size1,782 SF
Lot Size0.08 Acres
Price / SF$98.15
Days on Market51
Property Features for 404 S 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Parking features
Driveway
Patio and Porch features
Porch, Deck
Exterior features
Deck, Porch
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Cleveland Iron Mining Cos Add
Lot features
Dead End, Platted
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Standard status
Active Under Contract
Size
1,782 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
1461
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Amenities
covered front porch
rear deck
full basement
Building Details
Year built
1898
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
KELLER WILLIAMS NORTHERN MICHIGAN · Keller Williams Realty
(231) 947-8200
Listed By:
CRYSTAL BARR BERGLUND · License #6502388666
(906) 360-2948
Added: Jun 12
Changed: Aug 1
Last Checked: Aug 1 at 1:06PM
MLS# 50211197
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 South Ishpeming duplex offers two bright, spacious units with a layout that supports either owner-occupancy or long-term rental use. The property includes two two-bedroom, one-bath units. The lower unit has direct access to a full basement with laundry hookups and plenty of storage. Outdoor space features a covered front porch and a rear deck.
Comfort and basic utilities are supported by forced-air heating, window unit cooling, and ceiling fans. Appliances included are dryer, range/oven, refrigerator, and washer. Parking is provided via a driveway with city-plowed alley access that leads to a dedicated concrete parking pad.
Built in 1898 on a 0.08-acre lot, the property is serviced by public water and includes a basement area in the room layout. The exterior features deck and porch elements, reinforcing year-round usability.
Comfort and basic utilities are supported by forced-air heating, window unit cooling, and ceiling fans. Appliances included are dryer, range/oven, refrigerator, and washer. Parking is provided via a driveway with city-plowed alley access that leads to a dedicated concrete parking pad.
Built in 1898 on a 0.08-acre lot, the property is serviced by public water and includes a basement area in the room layout. The exterior features deck and porch elements, reinforcing year-round usability.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Lower unit has direct access to a full basement with laundry hookups and storage
- 0.08‑acre lot; 1,782 SF property size
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $16.5k | $9.24 |
| − Vacancy | −$563 | −$0.32 |
| EGI | $15.9k | $8.92 |
| − OpEx | −$4.8k | −$2.68 |
| NOI | $11.1k | $6.25 |
1,782 SF · lease $9.24/SF/yr · vacancy 3.42% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$159.0K
$139.2K – $185.5K
NOI $11,132 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$137.7K
$120.5K – $160.6K
NOI $9,637 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$524.8K
$459.2K – $612.3K
NOI $36,738 @ 7.0% cap · market cap 21.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
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 - South Ishpeming duplex with two two-bedroom, one-bath units, forced-air heat, and separate covered porch and rear deck.
Where is this duplex located?
The property is located at 404 S 3rd Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; Lower unit has direct access to a full basement with laundry hookups and storage; 0.08‑acre lot; 1,782 SF property size
