Two-Home Multifamily
For Sale
$210,000
416-418 E North Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size2,822 SF
Lot Size0.16 Acres
Price / SF$74.42
Days on Market21
Property Features for 416-418 E North Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Basement, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 1
Patio and Porch features
Patio
Interior features
Walk-In Closet
Exterior features
Patio, Street Lights
Lot features
Rural, Platted
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Subdivision
Ishpeming (52013)
Standard status
Active
Size
2,822 SF
Lot size
0.16 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1895
Floors in Building
2
Number of units
4
Architectural style
Other
Buildings
2
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
TERRY HUFFMAN
(906) 360-2505
Added: Oct 8
Changed: Oct 27
Last Checked: Oct 28 at 10:06PM
MLS# 50224317
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.
This 2,822-square-foot multifamily property on a 0.16-acre parcel includes two separate homes. One has two bedrooms and two bathrooms, including an upstairs bedroom and bathroom; the other has three bedrooms and two bathrooms, also with an upstairs bedroom and bathroom. Most living areas have eat-in kitchens. Both homes have basement washer and dryer hookups and additional storage, and neither currently has appliances. The property was built in 1895 and has forced-air heating.
A parking pad sits between the homes, with additional parking beside one residence. The City of Ishpeming recently installed new sewer lines from the street to both homes. The buildings were previously used as duplexes and are currently nonconforming under residential zoning. Any proposed duplex use or occupancy is subject to City requirements and verification.
A parking pad sits between the homes, with additional parking beside one residence. The City of Ishpeming recently installed new sewer lines from the street to both homes. The buildings were previously used as duplexes and are currently nonconforming under residential zoning. Any proposed duplex use or occupancy is subject to City requirements and verification.
Key Highlights
- Two separate homes totaling 2,822 square feet
- 0.16‑acre parcel in Ishpeming, Michigan
- One home has 2 bedrooms and 2 bathrooms; the other has 3 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,261
Cap Rate
7.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,220
$305.2K
Cap Rate 7%
$218,014
$218.0K
Cap Rate 9%
$169,567
$169.6K
Market Conditions
NOI Build-Up for 2,822 SF
Gross rent
$28.8K $10.20/SF
− Vacancy
−$1.0K −$0.37/SF
EGI
$27.7K $9.83/SF
− OpEx
−$12.5K −$4.42/SF
NOI
$15.3K $5.41/SF
Area
Marquette County, MI
Vacancy
3.60%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,220
Cap Rate 7%
$218,014
Cap Rate 9%
$169,567
Alternative Uses
Best Use
Apartment 5plus
$218.0K
$190.8K – $254.4K
NOI $15,261 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$831.1K
$727.2K – $969.6K
NOI $58,178 @ 7.0% cap · market cap 27.70%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate residences provide distinct floor plans, basement storage, and off-street parking.
Where is this multifamily property located?
The property is located at 416-418 E North Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Two separate homes totaling 2,822 square feet; 0.16‑acre parcel in Ishpeming, Michigan; One home has 2 bedrooms and 2 bathrooms; the other has 3 bedrooms and 2 bathrooms
