338 Rail Street

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.