8-Unit Apartment Building with
For Sale
$375,000
421 S Suffolk Street, Ironwood, MI 49938
MULTIFAMILY, Bi-Level, Ironwood, MI
Property Size7,182 SF
Lot Size1.44 Acres
Price / SF$52.21
Days on Market152
Property Features for 421 S Suffolk Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 12, Bedroom 13, Bedroom 10, Bathroom 3, Bedroom 14, Bedroom 16, Bedroom 2, Bedroom 9, Bathroom 5, Bedroom 5, Bathroom 4, Bedroom 1, Bathroom 8, Bathroom 1, Bedroom 6, Bathroom 6, Bedroom 4, Bathroom 7, Bedroom 8, Bedroom 3, Bedroom 15, Bedroom 11, Bathroom 2, Bedroom 7
Parking features
Garage, Assigned
Patio and Porch features
Deck
Interior features
Cathedral/Vaulted Ceiling, DSL Available, Walk-In Closet
Exterior features
Deck, Storms/Screens, Street Lights, Exterior Balcony, Garden Area
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Lot features
Main Street, Cleared, Sloping, Treed
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Subdivision
Ironwood (27006)
Standard status
Active
Size
7,182 SF
Lot size
1.44 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7859
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Ceiling Fan(s), Wall/Window Unit(s)
Water source
Public
Amenities
coin-operated laundry facilities
private deck or patio
Building Details
Year built
1970
Floors in Building
2
Number of units
8
Architectural style
Split Level
Listing Agency:
THE REAL ESTATE STORE
(906) 932-5406
Listed By:
ELLEN WYSSLING · License #UPAR-6502365975
(906) 364-0655
Added: Jun 2
Changed: Oct 28
Last Checked: Oct 31 at 8:06AM
MLS# 50211095
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 8-unit apartment building in Ironwood includes eight garages on a 1.44-acre parcel, with 7,182 square feet of finished space. Built in 1970, the split-level property provides two-bedroom, one-bath layouts, individual storage closets, and a deck or patio for each unit. Interior features include vaulted ceilings, walk-in closets, electric baseboard heat, and ceiling fans, while select cooling is provided by wall or window units. Each residence has assigned garage parking, and the building includes coin-operated laundry equipment.
The property is located at 421 S Suffolk Street, across from a skate park and near multiple playgrounds. Downtown Ironwood is two blocks away, providing nearby access to shopping, dining, entertainment, and community events. Ownership covers water, sewer, garbage service, snow removal, and lawn care; tenants pay their own electric service, including heat.
The property is located at 421 S Suffolk Street, across from a skate park and near multiple playgrounds. Downtown Ironwood is two blocks away, providing nearby access to shopping, dining, entertainment, and community events. Ownership covers water, sewer, garbage service, snow removal, and lawn care; tenants pay their own electric service, including heat.
Key Highlights
- 8‑unit apartment building with 8 garages
- 1.44‑acre parcel with 7,182 square feet of property space
- Each unit includes 2 bedrooms, 1 bathroom, storage, and a deck or patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,553
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,060
$511.1K
Cap Rate 7%
$365,043
$365.0K
Cap Rate 9%
$283,922
$283.9K
Market Conditions
NOI Build-Up for 7,182 SF
Gross rent
$75.8K $10.56/SF
− Vacancy
−$29.4K −$4.09/SF
EGI
$46.5K $6.47/SF
− OpEx
−$20.9K −$2.91/SF
NOI
$25.6K $3.56/SF
Area
Gogebic County, MI
Vacancy
38.74%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,060
Cap Rate 7%
$365,043
Cap Rate 9%
$283,922
Alternative Uses
Best Use
Apartment 5plus
$365.0K
$319.4K – $425.9K
NOI $25,553 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.33M – $1.78M
NOI $106,772 @ 7.0% cap · market cap 28.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
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Business Placement
Demographics for 49938, MI
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Bi-level property offers private outdoor space, storage, laundry, and assigned garage parking for every residence.
Where is this apartment building located?
The property is located at 421 S Suffolk Street Ironwood, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 8‑unit apartment building with 8 garages; 1.44‑acre parcel with 7,182 square feet of property space; Each unit includes 2 bedrooms, 1 bathroom, storage, and a deck or patio
