Updated Four-Unit Rental
803 E Grant Street Iron Mountain, MI 49801
New
803 E Grant Street, Iron Mountain, MI, 49801
$399,000
For Sale
$399,000
MULTI_FAMILY - Ranch - Iron Mountain, MI
Property Size2,912 SF
Lot Size0.32 Acres
Price / SF$137.02
Days on Market2
Property Features for 803 E Grant Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 4, Bathroom 1
- Parking features
- Garage
- Patio and Porch features
- Patio
- Exterior features
- Patio
- Appliances
- Dryer, Range/Oven, Refrigerator, Washer
- 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 Checked: Jul 22 at 6:06AM
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 four-unit ranch style rental property has had multiple updates over the years, including the roof, water heater, and some flooring, with apartment #1 noted as beautifully updated. The exterior is described as maintenance free, and each tenant is provided a private 1-car garage along with a patio area near shade trees. The property also includes a large backyard with an apple tree.
Located at 803 E Grant Street in Iron Mountain, the listing describes the setting as near a boat landing on Lake Antoine, close to walking trails around the lake, and within a quiet neighborhood.
With its unit-by-unit garages, private outdoor patio areas, and updated building components, the property is positioned for tenants seeking straightforward residential income living in a ranch configuration.
Located at 803 E Grant Street in Iron Mountain, the listing describes the setting as near a boat landing on Lake Antoine, close to walking trails around the lake, and within a quiet neighborhood.
With its unit-by-unit garages, private outdoor patio areas, and updated building components, the property is positioned for tenants seeking straightforward residential income living in a ranch configuration.
Key Highlights
- Ranch‑style home built in 1979 with public water
- Electric heating and wall/window unit cooling
- Patio included, plus a large backyard with an apple tree
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.7k | $10.20 |
| − Vacancy | −$1.9k | −$0.66 |
| EGI | $27.8k | $9.54 |
| − OpEx | −$8.3k | −$2.86 |
| NOI | $19.4k | $6.68 |
2,912 SF · lease $10.20/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four rental units include individual 1-car garages and patios, with exterior maintenance-free features and several recent updates.
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: Ranch‑style home built in 1979 with public water; Electric heating and wall/window unit cooling; Patio included, plus a large backyard with an apple tree
