Updated Two-Unit
New
For Sale
$189,900
805 N 5th Street, Ishpeming, MI 49849
RESIDENTIAL, 2 Story, Ishpeming, MI
Property Size2,290 SF
Lot Size0.20 Acres
Price / SF$82.93
Days on Market2
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
Bedroom 3, Bedroom 5, Bathroom 3, Basement, Bedroom 1, Bathroom 1, Laundry Room, Bedroom 4, Bathroom 2, Bedroom 2
Interior features
Other (InteriorFeatures)
Exterior features
Fenced Yard
Fencing
Fenced
Appliances
Dryer, Humidifier, Microwave, Range/Oven, Refrigerator
Lot features
Corner Lot
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
Size
2,290 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Water source
Public
Amenities
fenced yard
smart thermostat
Building Details
Year built
1880
Floors in Building
2
Architectural style
Other
Additional Structures
Other
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
NAOMI DOMINY
(906) 204-5737
Added: Sep 14
Last Checked: Sep 15 at 2:06PM
MLS# 50221699
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 two-story duplex contains 2 units with a combined 2,290 square feet of living space, 5 bedrooms, and 3 bathrooms. The upstairs unit received a comprehensive renovation during 2023-2024, including a new kitchen and bathroom, fresh drywall, updated lighting, and new flooring. The lower unit includes new interior doors, two replacement windows, and updated shower systems in both full bathrooms.
Major property improvements include new electrical throughout, a smart thermostat, and a new main sewer line installed in December 2025. The 0.2-acre parcel provides a fully fenced yard and dedicated off-street parking for 4 vehicles. Additional features include forced-air heating, public water, a laundry room, range/oven, refrigerator, microwave, dryer, and humidifier.
Major property improvements include new electrical throughout, a smart thermostat, and a new main sewer line installed in December 2025. The 0.2-acre parcel provides a fully fenced yard and dedicated off-street parking for 4 vehicles. Additional features include forced-air heating, public water, a laundry room, range/oven, refrigerator, microwave, dryer, and humidifier.
Key Highlights
- 2,290 square feet with 5 bedrooms and 3 bathrooms
- Two‑unit duplex configuration
- Upstairs unit renovated during 2023‑2024
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
Check the figures for this property
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-story duplex with renovated interiors, separate units, off-street parking, and a 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 feet with 5 bedrooms and 3 bathrooms; Two‑unit duplex configuration; Upstairs unit renovated during 2023‑2024
