Updated Duplex with Off-Street
New
For Sale
$189,900
805 N 5TH STREET, Ishpeming, MI 49849
ISHPEMING, MI
Property Size2,290 SF
Price / SF$82.93
Days on Market4
Property Features for 805 N 5TH STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 5
Standard status
Active
Size
2,290 SF
Amenities
fenced yard
Building Details
Year built
1880
Listing Agency:
Marquette · Coldwell Banker Real Estate
(906) 225-5992
Listed By:
Naomi Dominy
(906) 204-5737
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 14 at 3:06AM
MLS# 50221452
Copyright © 2026 Coldwell Banker Schmidt 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 2,290-square-foot duplex contains 5 bedrooms and 3 bathrooms across two residential units. The upper unit received a comprehensive renovation in 2023-2024, including a new kitchen and bathroom, fresh drywall, updated lighting, and new flooring. Its primary bedroom includes a newly installed 6' x 6' window. Improvements to the lower unit include new interior doors, two replacement windows, and updated shower systems in both full bathrooms.
The property also includes off-street parking for 4 vehicles and a fully fenced yard. Building systems have been upgraded with new electrical throughout, a smart thermostat, and a new main sewer line installed in December, 2025. Constructed in 1880, the duplex offers a combination of updated living areas and substantial infrastructure improvements.
The property also includes off-street parking for 4 vehicles and a fully fenced yard. Building systems have been upgraded with new electrical throughout, a smart thermostat, and a new main sewer line installed in December, 2025. Constructed in 1880, the duplex offers a combination of updated living areas and substantial infrastructure improvements.
Key Highlights
- 2,290‑square‑foot duplex with 5 bedrooms and 3 bathrooms
- Upper unit renovated in 2023‑2024 with new kitchen, bathroom, drywall, lighting, and flooring
- Off‑street parking for 4 vehicles and a fully fenced yard
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
$14,305
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
7.53%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
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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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?
Duplex - Two-unit home with renovated interiors, dedicated parking, and a fully fenced yard.
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: 2,290‑square‑foot duplex with 5 bedrooms and 3 bathrooms; Upper unit renovated in 2023‑2024 with new kitchen, bathroom, drywall, lighting, and flooring; Off‑street parking for 4 vehicles and a fully fenced yard
