Two-Duplex Property with Mixed
For Sale
$199,900
827 & 831 S Stephenson Avenue, Iron Mountain, MI 49801
MULTIFAMILY, 2 Story, Iron Mountain, MI
Property Size2,142 SF
Lot Size0.27 Acres
Price / SF$93.32
Days on Market141
Property Features for 827 & 831 S Stephenson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 4, Bathroom 2, Basement, Bedroom 2
Parking features
Driveway
Exterior features
Sidewalks, Exterior Balcony
Appliances
Range/Oven, Refrigerator
Subdivision
Spies & Jenkins 1st Add
Lot features
Main Street
Elementary school district
Iron Mountain City School District
Middle school district
Iron Mountain City School District
High school district
Iron Mountain City School District
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: Sep 14
Last Checked: Oct 6 at 8:06AM
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 offering includes two duplex properties at 827 and 831 S Stephenson Avenue, totaling 2,142 square feet on 0.27 acres. Each building has an upper and lower one-bedroom, one-bath unit; the lower level at 831 is currently used as business space. The properties were built in 1916 and feature split-level construction, exterior balconies, sidewalks, driveway parking, and basements.
Interior equipment includes ranges and refrigerators, with forced-air heat, ceiling fans, and public water service. The package provides four one-bedroom, one-bath unit configurations across the two addresses, with a combination of residential and business use already present at 831.
Interior equipment includes ranges and refrigerators, with forced-air heat, ceiling fans, and public water service. The package provides four one-bedroom, one-bath unit configurations across the two addresses, with a combination of residential and business use already present at 831.
Key Highlights
- Two duplex properties at 827 and 831 S Stephenson Avenue
- 2,142 square feet on a 0.27‑acre parcel
- Each building includes upper and lower one‑bedroom, one‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,300
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$286,000
$286.0K
Cap Rate 7%
$204,286
$204.3K
Cap Rate 9%
$158,889
$158.9K
Market Conditions
NOI Build-Up for 2,142 SF
Gross rent
$21.8K $10.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$20.4K $9.54/SF
− OpEx
−$6.1K −$2.86/SF
NOI
$14.3K $6.68/SF
Area
Dickinson County, MI
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$286,000
Cap Rate 7%
$204,286
Cap Rate 9%
$158,889
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
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
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 buildings combine residential units with a business-use space, offering flexible occupancy across the package.
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 duplex properties at 827 and 831 S Stephenson Avenue; 2,142 square feet on a 0.27‑acre parcel; Each building includes upper and lower one‑bedroom, one‑bath units
