Updated Duplex with Off-Street
New
For Sale
$229,000
493 Jasper Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size1,655 SF
Lot Size0.36 Acres
Price / SF$138.37
Days on Market3
Property Features for 493 Jasper Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Interior features
Cable/Internet Avail., Hardwood Floors, Sump Pump, Window Treatment(s)
Exterior features
Sidewalks
Appliances
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
Hard Ore Add
Lot features
Subdivision
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Standard status
Active
Size
1,655 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Annual Amount
3760
Utilities
Heating system
Other (Heating), Radiant, Oil
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
washer/dryer
sun porch
yard
off-street parking
Building Details
Year built
1895
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
NEXTHOME SUPERIOR LIVING
(906) 214-4267
Listed By:
JASON PABIAN
(906) 362-6865
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 6:06AM
MLS# 50220650
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 conventional duplex contains 1,655 square feet across two residential units. The lower unit includes two bedrooms and one bathroom, along with a kitchen, tile-finished bath, vinyl plank flooring, an all-in-one washer and dryer, and a four-season sun porch. The upper unit provides one bedroom and one bathroom, with a newer kitchen, updated bath, refinished maple floors, vinyl plank flooring, and retained original doors and trim. Interior and exterior work includes siding, windows, and exterior doors. The property also has a basement, radiant oil heat, ceiling fans, public water, and a spacious yard with a large driveway and off-street parking.
Built in 1895, the 0.36-acre property is located at 493 Jasper Street in Ishpeming, Marquette County, Michigan. The lower unit is operating as an active Airbnb, and its furnishings plus the stackable washer and dryer are negotiable. Hardwood flooring, a sump pump, window treatments, and sidewalk access are also included.
Built in 1895, the 0.36-acre property is located at 493 Jasper Street in Ishpeming, Marquette County, Michigan. The lower unit is operating as an active Airbnb, and its furnishings plus the stackable washer and dryer are negotiable. Hardwood flooring, a sump pump, window treatments, and sidewalk access are also included.
Key Highlights
- 1,655‑square‑foot duplex with two residential units
- Lower unit features 2 bedrooms, 1 bathroom, and a four‑season sun porch
- Upper unit includes 1 bedroom, 1 bathroom, and refinished maple hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,338
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$206,760
$206.8K
Cap Rate 7%
$147,686
$147.7K
Cap Rate 9%
$114,867
$114.9K
Market Conditions
NOI Build-Up for 1,655 SF
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.
Gross rent
$15.3K $9.24/SF
− Vacancy
−$523 −$0.32/SF
EGI
$14.8K $8.92/SF
− OpEx
−$4.4K −$2.68/SF
NOI
$10.3K $6.25/SF
Area
Marquette County, MI
Vacancy
3.42%
Lease Rate
$9.24 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$206,760
Cap Rate 7%
$147,686
Cap Rate 9%
$114,867
Alternative Uses
Best Use
Multifamily LT 5
$147.7K
$129.2K – $172.3K
NOI $10,338 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$127.9K
$111.9K – $149.2K
NOI $8,950 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$487.4K
$426.5K – $568.7K
NOI $34,119 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate layouts, recent improvements, and shared outdoor space in a remodeled property.
Where is this duplex located?
The property is located at 493 Jasper Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 1,655‑square‑foot duplex with two residential units; Lower unit features 2 bedrooms, 1 bathroom, and a four‑season sun porch; Upper unit includes 1 bedroom, 1 bathroom, and refinished maple hardwood floors
