Split-Level Multi-Family
827 & 831 S Stephenson Avenue Iron Mountain, MI 49801
For Sale
$199,900
MULTI_FAMILY - Split Level - Iron Mountain, MI
Property Size2,142 SF
Lot Size0.27 Acres
Price / SF$93.32
Days on Market70
Property Features for 827 & 831 S Stephenson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Basement
Parking features
Driveway
Exterior features
Sidewalks, Exterior Balcony
Appliances
Range/Oven, Refrigerator
Standard status
Active
Size
2,142 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4722
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1916
Floors in Building
2
Number of units
2
Architectural style
Split Level
Listing Agency:
MULTI STATE REALTY
(906) 828-2525
Listed By:
THOMAS MINER · License #6501448767
(906) 221-7955
Added: May 19
Changed: Jul 24
Last Checked: Jul 27 at 1:06PM
MLS# 50208093
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 split-level multi-family package includes 827 and 831 S Stephenson Avenue, sold together. Each home provides both an upper and a lower 1-bedroom, 1-bath unit, creating multiple rental-ready living spaces within the combined offering.
At 831 S Stephenson Avenue, the lower unit is currently being used as a business space. Together, the properties offer a mix of residential units across both addresses, plus a commercial-use component within 831.
The combined lot size is 0.27 acres, and the property size is listed at 2,142 square feet. The listing is offered for sale as a single package.
At 831 S Stephenson Avenue, the lower unit is currently being used as a business space. Together, the properties offer a mix of residential units across both addresses, plus a commercial-use component within 831.
The combined lot size is 0.27 acres, and the property size is listed at 2,142 square feet. The listing is offered for sale as a single package.
Key Highlights
- Two homes sold together: 827 and 831 S Stephenson Ave
- Both 827 and 831 offer upper and lower 1 bed, 1 bath units
- 831 lower unit currently used as a business space
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 | $21.8k | $10.20 |
| − Vacancy | −$1.4k | −$0.66 |
| EGI | $20.4k | $9.54 |
| − OpEx | −$6.1k | −$2.86 |
| NOI | $14.3k | $6.68 |
2,142 SF · lease $10.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$204.3K
$178.8K – $238.3K
NOI $14,300 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$190.2K
$166.5K – $222.0K
NOI $13,317 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$413.0K
$361.4K – $481.8K
NOI $28,908 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two homes are sold together, each offering upper and lower 1-bed/1-bath units, with business space in 831’s lower unit.
Where is this duplex located?
The property is located at 827 & 831 S Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two homes sold together: 827 and 831 S Stephenson Ave; Both 827 and 831 offer upper and lower 1 bed, 1 bath units; 831 lower unit currently used as a business space
