Renovated Two-Unit
For Sale
Under Contract
$214,900
493 Jasper Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size1,655 SF
Lot Size0.36 Acres
Price / SF$129.85
Days on Market64
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
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Basement, Bedroom 3
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 Under Contract
Size
1,655 SF
Lot size
0.36 Acres
Additional Details
Currently Operating
Yes
Taxes and HOA fees
Tax Annual Amount
3760
Utilities
Heating system
Radiant, Other (Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
in-unit washer/dryer
four-season sun porch
Building Details
Year built
1895
Floors in Building
2
Number of units
2
Architectural style
Conventional
Buildings
1
Listing Agency:
NEXTHOME SUPERIOR LIVING
(906) 214-4267
Listed By:
JASON PABIAN
(906) 362-6865
Added: Sep 2
Changed: Oct 29
Last Checked: Nov 4 at 11:06AM
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.
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Investment Insights
Based on property information with market context.
This 1,655-square-foot duplex contains two apartments: a lower two-bedroom, one-bath unit and an upper one-bedroom, one-bath unit. Both have renovated kitchens and bathrooms. The lower apartment received a complete renovation in 2023, with tile in the bathroom, vinyl plank flooring, an all-in-one washer and dryer, and a four-season sun porch. The upper unit features refinished maple hardwood in the living room and bedroom, vinyl plank flooring in the kitchen and bath, and retained original doors and trim. The building dates to 1895 and has new siding, windows, and exterior doors.
Set on a 0.36-acre lot, the property also has a yard, a large driveway, off-street parking, and sidewalks. The lower unit is operating as an Airbnb; its furnishings and stackable washer and dryer are negotiable.
Set on a 0.36-acre lot, the property also has a yard, a large driveway, off-street parking, and sidewalks. The lower unit is operating as an Airbnb; its furnishings and stackable washer and dryer are negotiable.
Key Highlights
- Two apartments: lower unit has 2 bedrooms and 1 bath; upper unit has 1 bedroom and 1 bath
- 1,655 square feet on a 0.36‑acre lot
- Lower residence fully renovated in 2023, including kitchen, bathroom, flooring, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,338
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
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
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 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 4.81%
Second Best
Apartment 5plus
$127.9K
$111.9K – $149.2K
NOI $8,950 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$487.4K
$426.5K – $568.7K
NOI $34,119 @ 7.0% cap · market cap 15.88%
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
47
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?
Duplex - Separate one- and two-bedroom apartments include updated kitchens and bathrooms, with in-unit laundry in the lower residence.
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 $214,900.
What are key features of this property?
This property features: Two apartments: lower unit has 2 bedrooms and 1 bath; upper unit has 1 bedroom and 1 bath; 1,655 square feet on a 0.36‑acre lot; Lower residence fully renovated in 2023, including kitchen, bathroom, flooring, and in‑unit laundry
