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About the Listing 107247 - 697567
Turnkey mixed-use opportunity in the heart of downtown Negaunee. This well-maintained building offers a high-performing short-term rental upstairs and a fully leased commercial space on the main level, creating an impressive investment package from day one. The upper residential unit has been thoughtfully updated and consistently delivers strong performance, boasting a 4.98-star rating with 91 reviews over four years. Renovated with quality and longevity in mind, it features new furnishings (2022), updated kitchen appliances, a 2025 tankless gas water heater, high-efficiency boiler, new washer and dryer (2025), and electrical improvements. A full sewer line and drain replacement was completed in 2022. Additional conveniences include an Ecobee smart thermostat, Schlage Encode keyless entry system, and window A/C units. This unit is offered fully furnished, making operations seamless. The main-level commercial space provides reliable income with a lease in place at $1,400/month through October 2026. Utilities for this space are separately metered and paid by the tenant, while the owner covers trash and internet. Current performance shows approximately $50,460 in short-term rental revenue year-to-date and $65,700 in total rental income, with an estimated NOI of around $27,000. A heated garage/basement below the building adds valuable flexibility for storage or future income-producing potential such as heated storage units. Located just steps from The Depot venue, downtown dining and shopping, and close to year-round recreation including RAMBA trails, the Iron Ore Heritage Trail, and ATV/snowmobile routes, this property is ideally positioned for continued success. Also listed under residential, MLS# 50194888.
Listing Highlights
Status
Active With Contingency
Days on Site
26
Property Type
Commercial Sale
MLS ®
50194886
Year Built
1900
Total Square Footage
4,441
Lot/Acreage
0.12
County
Marquette
Area
Negaunee (52021)
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances:
- Air Cond: Window Unit(s)
- Heating: Forced Air,Hot Water
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 4441
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public Water
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 174x46x143x34
- Zoning: Mixed Use
- Roof:
- Others:
- Sewer: Public Sanitary
- Parking Features: Off Street
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
% Mortgage Rate
Questions About..
338 Rail Negaunee, MI 49866
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