Mixed-Use Property with Salon
For Sale
$179,900
409 Lake Linden Avenue, Laurium, MI 49913
MULTIFAMILY, Laurium, MI
Property Size1,312 SF
Lot Size0.13 Acres
Price / SF$137.12
Days on Market9
Property Features for 409 Lake Linden Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Basement, Bathroom 1
Parking features
Garage
Interior features
Cable/Internet Avail.
Exterior features
Sidewalks
Appliances
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
Village Of Laurium 3rd Add
Lot features
Sidewalks
Elementary school district
Public Schools of Calumet
Middle school district
Public Schools of Calumet
High school district
Public Schools of Calumet
Standard status
Active
Size
1,312 SF
Lot size
0.13 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Water source
Public
Building Details
Year built
1904
Number of units
2
Architectural style
Conventional
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
MARK HEINONEN · License #6501428222
(906) 299-2350
Added: Oct 5
Changed: Oct 12
Last Checked: Oct 13 at 7:06AM
MLS# 50224687
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 1,312-square-foot mixed-use building in Laurium combines a commercial area on the main floor with a residence above. The commercial space has multiple workstations, a waiting area, a bathroom, and its own entrance. A laundry area sits at the rear of this space. The upstairs apartment includes a living room, kitchen, two bedrooms, and a full bathroom. Another area is partially finished. The property was built in 1904 and occupies a 0.13-acre lot.
Additional features include a garage, sidewalk access, public water, and electric forced-air heating. Appliances include a dishwasher, dryer, microwave, range/oven, refrigerator, and washer.
Additional features include a garage, sidewalk access, public water, and electric forced-air heating. Appliances include a dishwasher, dryer, microwave, range/oven, refrigerator, and washer.
Key Highlights
- 1,312 square feet on a 0.13‑acre lot
- Main‑level commercial space includes multiple workstations, waiting area, bathroom, and separate entrance
- Upstairs apartment has 2 bedrooms, a living room, kitchen, and full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,672
Cap Rate
6.49%
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
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
NOI $11,672 @ 7.0% cap · market cap 6.49%
Second Best
Mixed Use
$119.5K
$104.6K – $139.4K
NOI $8,364 @ 7.0% cap · market cap 4.65%
Theoretical Best
Multifamily LT 5
$16.22M
$14.19M – $18.93M
NOI $1,135,586 @ 7.0% cap · market cap 631.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Holiday Station Store
Shops & Services
8,897 visits/mo
0.5 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A street-level commercial area and an upstairs two-bedroom apartment are complemented by a partially finished additional space.
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 $179,900.
What are key features of this property?
This property features: 1,312 square feet on a 0.13‑acre lot; Main‑level commercial space includes multiple workstations, waiting area, bathroom, and separate entrance; Upstairs apartment has 2 bedrooms, a living room, kitchen, and full bathroom
