Ranch Quadplex with
For Sale
$399,000
803 E Grant Street, Iron Mountain, MI 49801
MULTIFAMILY, 1 Story, Iron Mountain, MI
Property Size2,912 SF
Lot Size0.32 Acres
Price / SF$137.02
Days on Market47
Property Features for 803 E Grant Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
Mixed Use, Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1
Parking features
Garage
Patio and Porch features
Patio
Exterior features
Patio
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Lot features
Sidewalks
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,912 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3598
Utilities
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Number of units
4
Architectural style
Ranch
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 5 at 3:06PM
MLS# 50215710
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 single-story quadplex contains 2,912 square feet on a 0.32-acre lot and was built in 1979. The ranch-style property provides four apartments, with each tenant assigned a one-car garage and a patio area. Interior improvements over the ownership period include the roof, water heater, selected flooring, and a substantial update to apartment #1. Appliances include ranges/ovens, refrigerators, washers, and dryers. Electric heat and wall/window unit cooling serve the units, while the exterior includes a low-maintenance finish and a large backyard with an apple tree.
The property is located at 803 E Grant Street in Iron Mountain, near Lake Antoine, its boat landing, and walking trails around the lake. Public water serves the property. The setting also includes shade trees and patio areas for outdoor use.
The property is located at 803 E Grant Street in Iron Mountain, near Lake Antoine, its boat landing, and walking trails around the lake. Public water serves the property. The setting also includes shade trees and patio areas for outdoor use.
Key Highlights
- Quadplex with 2,912 square feet on 0.32 acres
- Built in 1979 with ranch‑style, single‑story construction
- Each tenant has a one‑car garage and patio area
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
$19,440
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
4.87%
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%
$388,800
$388.8K
Cap Rate 7%
$277,714
$277.7K
Cap Rate 9%
$216,000
$216.0K
Market Conditions
NOI Build-Up for 2,912 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
$29.7K $10.20/SF
− Vacancy
−$1.9K −$0.66/SF
EGI
$27.8K $9.54/SF
− OpEx
−$8.3K −$2.86/SF
NOI
$19.4K $6.68/SF
Area
Dickinson County, MI
Vacancy
6.50%
Lease Rate
$10.20 /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%
$388,800
Cap Rate 7%
$277,714
Cap Rate 9%
$216,000
Alternative Uses
Best Use
Multifamily LT 5
$277.7K
$243.0K – $324.0K
NOI $19,440 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$258.6K
$226.3K – $301.7K
NOI $18,104 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$561.4K
$491.2K – $655.0K
NOI $39,299 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
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?
Quadplex - Four apartments offer individual garages, patio areas, and a shared backyard on a residential lot.
Where is this quadplex located?
The property is located at 803 E Grant Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Quadplex with 2,912 square feet on 0.32 acres; Built in 1979 with ranch‑style, single‑story construction; Each tenant has a one‑car garage and patio area
