Renovated
For Sale
Under Contract
$189,900
805 N 5th Street, Ishpeming, MI 49849
MULTIFAMILY, 2 Story, Ishpeming, MI
Property Size2,290 SF
Lot Size0.20 Acres
Price / SF$82.93
Days on Market53
Property Features for 805 N 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Laundry Room, Bedroom 1, Bedroom 5, Bedroom 4, Basement, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2
Interior features
Hardwood Floors
Exterior features
Fenced Yard
Fencing
Fenced
Appliances
Dryer, Humidifier, Microwave, Range/Oven, Refrigerator, Washer
Lot features
Corner Lot, Cleared
Elementary school district
Ishpeming Public School District
Middle school district
Ishpeming Public School District
High school district
Ishpeming Public School District
Subdivision
Ishpeming (52013)
Standard status
Active Under Contract
Size
2,290 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3659
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
fenced yard
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Architectural style
Other
Buildings
1
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
NAOMI DOMINY
(906) 204-5737
Added: Sep 10
Changed: Oct 27
Last Checked: Nov 1 at 10:06AM
MLS# 50221452
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 2,290-square-foot duplex contains two units with a combined five bedrooms and three bathrooms. The upstairs unit received a full renovation from 2023 to 2024, including a new kitchen, bathroom, drywall, lighting, and flooring. Downstairs improvements include new interior doors, two new windows, and updated shower systems in both full bathrooms. Hardwood floors, a fenced yard, forced-air heating, and ceiling fans are also present.
The property occupies a 0.2-acre lot in Ishpeming. Off-street parking accommodates four vehicles. Electrical service was replaced throughout the home, and a new main sewer line was installed in December 2025.
The property occupies a 0.2-acre lot in Ishpeming. Off-street parking accommodates four vehicles. Electrical service was replaced throughout the home, and a new main sewer line was installed in December 2025.
Key Highlights
- Two‑unit duplex with 2,290 square feet
- Five bedrooms and three bathrooms total
- Upstairs unit renovated from 2023 to 2024, including kitchen, bathroom, drywall, lighting, and flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,305
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$286,100
$286.1K
Cap Rate 7%
$204,357
$204.4K
Cap Rate 9%
$158,944
$158.9K
Market Conditions
NOI Build-Up for 2,290 SF
Gross rent
$21.2K $9.24/SF
− Vacancy
−$724 −$0.32/SF
EGI
$20.4K $8.92/SF
− OpEx
−$6.1K −$2.68/SF
NOI
$14.3K $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%
$286,100
Cap Rate 7%
$204,357
Cap Rate 9%
$158,944
Alternative Uses
Best Use
Multifamily LT 5
$204.4K
$178.8K – $238.4K
NOI $14,305 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$176.9K
$154.8K – $206.4K
NOI $12,384 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$674.4K
$590.1K – $786.9K
NOI $47,211 @ 7.0% cap · market cap 24.86%
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
289
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 - The two-unit layout includes five bedrooms and three bathrooms across separate living spaces.
Where is this duplex located?
The property is located at 805 N 5th Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,290 square feet; Five bedrooms and three bathrooms total; Upstairs unit renovated from 2023 to 2024, including kitchen, bathroom, drywall, lighting, and flooring
