8-Unit Split-Level Apartment
For Sale
$499,000
421 S Suffolk Street, Ironwood, MI 49938
MULTI_FAMILY - Split Level - Ironwood, MI
Property Size7,182 SF
Lot Size1.44 Acres
Price / SF$69.48
Days on Market61
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
Bathroom 5, Bedroom 14, Bedroom 9, Bathroom 2, Bedroom 10, Bedroom 2, Bathroom 8, Bedroom 12, Bedroom 6, Bedroom 4, Bedroom 11, Bedroom 7, Bedroom 16, Bedroom 15, Bathroom 3, Bedroom 8, Bathroom 4, Bedroom 5, Bathroom 7, Bedroom 3, Bedroom 1, Bathroom 6, Bedroom 13, Bathroom 1
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
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7859
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Wall/Window Unit(s), Ceiling Fan(s)
Water source
Public
Amenities
coin-operated laundry
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: Jul 30
Last Checked: Aug 1 at 2:06AM
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.
Investment Insights
Based on property information with market context.
This turnkey eight-unit apartment building features a distinctive split-level design and eight well-maintained units. Each unit offers two bedrooms and one bathroom, along with a dedicated storage closet and a private deck or patio. Units provide deck or patio views overlooking a wooded area. Additional community amenities include coin-operated laundry facilities.
Built in 1970, the property includes exterior decks, exterior balconies, garden area, and street lights, with storms/screens for added protection. Heating is electric baseboard, and cooling is provided via wall/window units and ceiling fans. Interior features include cathedral/vaulted ceilings, walk-in closets, and DSL availability.
Ownership covers water, sewer, garbage service, snow removal, and lawn care, while tenants pay their own electric service for both electricity and heat. The building also provides dedicated garage spaces with assigned parking. Located across from a skate park, near multiple playgrounds, and about two blocks from downtown, the property supports convenient access to shopping, dining, entertainment, and community events.
Built in 1970, the property includes exterior decks, exterior balconies, garden area, and street lights, with storms/screens for added protection. Heating is electric baseboard, and cooling is provided via wall/window units and ceiling fans. Interior features include cathedral/vaulted ceilings, walk-in closets, and DSL availability.
Ownership covers water, sewer, garbage service, snow removal, and lawn care, while tenants pay their own electric service for both electricity and heat. The building also provides dedicated garage spaces with assigned parking. Located across from a skate park, near multiple playgrounds, and about two blocks from downtown, the property supports convenient access to shopping, dining, entertainment, and community events.
Key Highlights
- Turnkey 8‑unit apartment building with split‑level architecture
- Each unit offers two bedrooms, one bathroom, and a private deck or patio with wooded views
- Dedicated garage spaces with assigned parking for each unit
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.8k | $10.56 |
| − Vacancy | −$29.4k | −$4.09 |
| EGI | $46.5k | $6.47 |
| − OpEx | −$20.9k | −$2.91 |
| NOI | $25.6k | $3.56 |
7,182 SF · lease $10.56/SF/yr · vacancy 38.74% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$365.0K
$319.4K – $425.9K
NOI $25,553 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.33M – $1.78M
NOI $106,772 @ 7.0% cap · market cap 21.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom units with private decks and dedicated garages in a split-level building built in 1970.
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 $499,000.
What are key features of this property?
This property features: Turnkey 8‑unit apartment building with split‑level architecture; Each unit offers two bedrooms, one bathroom, and a private deck or patio with wooded views; Dedicated garage spaces with assigned parking for each unit
