Four-Unit
For Sale
$334,990
5216 E Sunset Rd, Ironwood, MI 49938
Each residence is separately deeded and sits on its own tax parcel.
Property Size2,432 SF
Lot Size1.75 Acres
Price / SF$137.74
Days on Market106
Property Features for 5216 E Sunset Rd
General Information
Standard status
Active
Size
2,432 SF
Lot size
1.75 Acres
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1937
Listing Agency:
HomeCoin.com
Listed By:
Jonathan Minerick · License #01523060
(888) 400-2513
Source:
Vmrealestatemichigan
Added: Jun 23
Changed: Oct 1
Last Checked: Oct 5 at 7:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HomeCoin.com
Investment Insights
Based on property information with market context.
This 2,432-square-foot quadplex contains four side-by-side residences on approximately 1.75 acres. Three homes have two bedrooms and one bathroom, while the end residence has three bedrooms and one bathroom. Each includes a basement with laundry hookups; the three smaller homes have attached one-car garages, and the larger home has a detached two-car garage and a storage shed. The property was built in 1937 and has public water and sewer, vinyl windows, updated flooring, a newer roof, and exterior repainting completed approximately three years ago.
The property is in Ironwood Charter Township, within driving distance of Big Powderhorn Mountain, Snowriver Mountain Resort, Copper Peak, Lake Superior, and ATV and snowmobile trail systems. Ample parking is available on site.
The property is in Ironwood Charter Township, within driving distance of Big Powderhorn Mountain, Snowriver Mountain Resort, Copper Peak, Lake Superior, and ATV and snowmobile trail systems. Ample parking is available on site.
Key Highlights
- Four residences are separately deeded, with each on an individual tax parcel
- Three 2‑bedroom, 1‑bath homes and one 3‑bedroom, 1‑bath home
- 2,432 square feet on approximately 1.75 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,683
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$193,660
$193.7K
Cap Rate 7%
$138,329
$138.3K
Cap Rate 9%
$107,589
$107.6K
Market Conditions
NOI Build-Up for 2,432 SF
Gross rent
$21.9K $9.00/SF
− Vacancy
−$8.1K −$3.31/SF
EGI
$13.8K $5.69/SF
− OpEx
−$4.1K −$1.71/SF
NOI
$9.7K $3.98/SF
Area
Gogebic County, MI
Vacancy
36.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$193,660
Cap Rate 7%
$138,329
Cap Rate 9%
$107,589
Alternative Uses
Best Use
Multifamily LT 5
$138.3K
$121.0K – $161.4K
NOI $9,683 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$123.6K
$108.2K – $144.2K
NOI $8,653 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$516.5K
$451.9K – $602.6K
NOI $36,155 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence is separately deeded and sits on its own tax parcel.
Where is this quadplex located?
The property is located at 5216 E Sunset Rd Ironwood, MI.
What is the asking price?
The asking price for this property is $334,990.
What are key features of this property?
This property features: Four residences are separately deeded, with each on an individual tax parcel; Three 2‑bedroom, 1‑bath homes and one 3‑bedroom, 1‑bath home; 2,432 square feet on approximately 1.75 acres
