Updated Two-Unit
For Sale
Under Contract
$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 Market49
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
Bathroom 1, Laundry Room, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bathroom 3
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 Under Contract
Size
2,290 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Architectural style
Other
Additional Structures
Other
Buildings
1
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
NAOMI DOMINY
(906) 204-5737
Added: Sep 14
Changed: Oct 27
Last Checked: Nov 1 at 8:06AM
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.
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Investment Insights
Based on property information with market context.
This two-unit duplex in Ishpeming contains 2,290 square feet, with five bedrooms and three bathrooms overall. The upper apartment received a full interior renovation from 2023–2024, including a replacement kitchen, bathroom, drywall, lighting, and flooring. Improvements to the lower unit include new interior doors, two replacement windows, and updated shower systems in both full bathrooms.
Electrical wiring was replaced throughout the home, and the main sewer line was replaced in December 2025. The property also has forced-air heat, public water, a fenced yard, and off-street parking for four vehicles. Built in 1880, it occupies a 0.2-acre parcel and includes a range, refrigerator, microwave, dryer, and humidifier.
Electrical wiring was replaced throughout the home, and the main sewer line was replaced in December 2025. The property also has forced-air heat, public water, a fenced yard, and off-street parking for four vehicles. Built in 1880, it occupies a 0.2-acre parcel and includes a range, refrigerator, microwave, dryer, and humidifier.
Key Highlights
- Two units with five bedrooms and three bathrooms across 2,290 square feet
- Upper apartment renovation completed from 2023–2024, including kitchen, bathroom, drywall, lighting, and flooring
- Electrical system replaced throughout the home
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 - Separate living units offer a flexible configuration, with 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: Two units with five bedrooms and three bathrooms across 2,290 square feet; Upper apartment renovation completed from 2023–2024, including kitchen, bathroom, drywall, lighting, and flooring; Electrical system replaced throughout the home
