Four-Residence
For Sale
$334,990
5216 E Sunset Road, Ironwood, MI 49938
MULTIFAMILY, Ironwood, MI
Property Size2,432 SF
Lot Size1.73 Acres
Price / SF$137.74
Days on Market93
Property Features for 5216 E Sunset Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 9, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Basement, Bedroom 7, Bathroom 3, Bedroom 3, Bedroom 8
Parking features
Garage
Appliances
Range/Oven, Refrigerator
Subdivision
Ironwood Homesteads
Elementary school district
Ironwood Area Schools
Middle school district
Ironwood Area Schools
High school district
Ironwood Area Schools
Standard status
Active
APN
03-08-002-000; 03-08-002-100
Size
2,432 SF
Lot size
1.73 Acres
Taxes and HOA fees
Tax Annual Amount
5843
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1937
Floors in Building
2
Number of units
4
Listing Agency:
HomeCoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #01523060
(404) 388-9441
Added: Jul 10
Changed: Oct 10
Last Checked: Oct 10 at 1:06PM
MLS# 50214401
Copyright © 2026 Multiple Listing Service MiRealSource. 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 quadplex contains four side-by-side residences totaling 2,432 square feet. Three homes have two bedrooms and one bathroom, along with private full basements with laundry hookups, attached one-car garages, and individual driveways. The larger end residence provides three bedrooms, one bathroom, a private full basement with laundry hookups, a detached two-car garage, and a storage shed. The property was built in 1937 and includes a newer roof, vinyl windows, updated flooring, and public water and sewer.
Each residence is separately deeded and occupies its own tax parcel, creating flexibility for continued rental ownership, owner occupancy with additional units leased, or future individual disposition. The property encompasses 1.73 acres with ample parking and is located in Ironwood, within driving distance of Big Powderhorn Mountain, Snowriver Mountain Resort, Copper Peak, Lake Superior, and ATV and snowmobile trail systems.
Each residence is separately deeded and occupies its own tax parcel, creating flexibility for continued rental ownership, owner occupancy with additional units leased, or future individual disposition. The property encompasses 1.73 acres with ample parking and is located in Ironwood, within driving distance of Big Powderhorn Mountain, Snowriver Mountain Resort, Copper Peak, Lake Superior, and ATV and snowmobile trail systems.
Key Highlights
- Four side‑by‑side residences with four separate deeds and individual tax parcels
- Three 2‑bedroom, 1‑bath residences plus one 3‑bedroom, 1‑bath end residence
- Private full basements with laundry hookups in all four residences
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
20
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately deeded residences offer flexible ownership and leasing arrangements on a shared property.
Where is this quadplex located?
The property is located at 5216 E Sunset Road 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 side‑by‑side residences with four separate deeds and individual tax parcels; Three 2‑bedroom, 1‑bath residences plus one 3‑bedroom, 1‑bath end residence; Private full basements with laundry hookups in all four residences
