Building Details

Year built 1904

Roof type Shingle

Listing Agency: COLDWELL BANKER SCHMIDT REALTORS Show Phone

Listed By: MARK HEINONEN · License #6501428222 Show Phone

Added: Oct 5 Last Checked: Oct 6 at 1:06PM

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MLS# 50223880

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 property, built in 1904, combines a street-level commercial area with an upstairs apartment. The commercial space has several work stations, a waiting area, a bathroom, and its own entrance. A second area is partially completed, and a laundry area sits at the rear. The apartment includes a living room, kitchen, two bedrooms, and a full bathroom.

The 0.13-acre property is zoned Mixed Use and has a patio. Heating is electric, and the water source is public. The roof is shingle.

Key Highlights

• 1,312 square feet on a 0.13‑acre lot
• Street‑level commercial space with multiple work stations, waiting area, bathroom, and separate entrance
• Upstairs apartment includes two 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 (±1% cap)

NOI $11,672 @ 7.0% cap · market cap 6.49%

Second Best

Mixed Use

$119.5K

$104.6K – $139.4K (±1% cap)

NOI $8,364 @ 7.0% cap · market cap 4.65%

Theoretical Best

Multifamily LT 5

$16.22M

$14.19M – $18.93M (±1% cap)

NOI $1,135,586 @ 7.0% cap · market cap 631.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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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

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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A street-level salon setup pairs with a two-bedroom residence and a separate unfinished area.

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; Street‑level commercial space with multiple work stations, waiting area, bathroom, and separate entrance; Upstairs apartment includes two bedrooms, a living room, kitchen, and full bathroom