Building Details

Year Built 1904

Buildings 1

Listing Agency: COLDWELL BANKER SCHMIDT REALTORS m***@cbgreatlakes.com Show Phone

Listed By: MARK HEINONEN · License #6501428222 Show Phone

Source: Tilleryrealtygroup

Added: Oct 5 Changed: Nov 3 Last Checked: Nov 3 at 8:58AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 1,312-square-foot mixed-use property, built in 1904, has commercial space on the main floor and a residential apartment upstairs. The commercial area has multiple workstations, a waiting area, a bathroom, and its own entrance. A separate section is partially finished, and a laundry area is located at the rear of the commercial space.

The apartment includes a living room, kitchen, two bedrooms, and a full bathroom. The property is at 409 Lake Linden Avenue in Laurium, Michigan.

Key Highlights

• 1,312 square feet; built in 1904
• Main‑level commercial space includes multiple workstations, a waiting area, bathroom, and separate entrance
• Upstairs apartment has two bedrooms, a living room, kitchen, and full bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,672

Cap Rate

7.30%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$233,440 $233.4K

Cap Rate 7%

$166,743 $166.7K

Cap Rate 9%

$129,689 $129.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,312 SF

Gross rent

$20.3K $15.48/SF

− Vacancy

−$3.6K −$2.77/SF

EGI

$16.7K $12.71/SF

− OpEx

−$5.0K −$3.81/SF

NOI

$11.7K $8.90/SF

Area

Houghton County, MI

Vacancy

17.90%

Lease Rate

$15.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$233,440

Cap Rate 7%

$166,743

Cap Rate 9%

$129,689

Alternative Uses

Best Use

Retail

$166.7K

$145.9K – $194.5K (±1% cap)

NOI $11,672 @ 7.0% cap · market cap 7.30%

Second Best

Mixed Use

$119.5K

$104.6K – $139.4K (±1% cap)

NOI $8,364 @ 7.0% cap · market cap 5.23%

Theoretical Best

Multifamily LT 5

$16.22M

$14.19M – $18.93M (±1% cap)

NOI $1,135,586 @ 7.0% cap · market cap 710.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

KG HAIR at Avenue ... Hair Salon

Suggested Use

Top Pick Law Firm Real Estate Agency Nail Salon Dental Office Kitchen & Bath Showroom Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

254

Businesses Nearby

Explore this area Business Placement

Demographics for 49913, MI

7,218

Population

3,990

Households

1.8

Avg Household Size

42

Median Age

25%

College-Educated

93%

High-School Grad

75.5 sq mi

ZIP Area

96

Density / Sq Mi

$50,469

Median Household Income

$31,667

Median Earnings

$678

Median Rent

$92,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Storefront Building with Basement

101 Hecla Street, Laurium, MI 49913

$70,000

5,710 SF

View details

Mixed-Use Building with On-Site Laundry

137 Lake Linden, Laurium, MI 49913

$180,000

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - Commercial space and a two-bedroom apartment occupy separate levels, with an additional area partly finished.

Where is this mixed-use property located?

The property is located at 409 Lake Linden Avenue Laurium, MI.

What is the asking price?

The asking price for this property is $159,900.

What are key features of this property?

This property features: 1,312 square feet; built in 1904; Main‑level commercial space includes multiple workstations, a waiting area, bathroom, and separate entrance; Upstairs apartment has two bedrooms, a living room, kitchen, and full bathroom