Real Estate Investment Properties for Sale in Alpena, MI

Looking for investment property in Alpena, MI with high ROI ?

Explore a variety of short-term homes & houses in Alpena, MI. Invest wisely with VRBO & Alpena, MI Airbnb properties available for purchase. Find your ideal investment property among our curated listings for a rewarding real estate venture.

Investment Property for Sale in Alpena, MI

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
1310 S Third Avenue Alpena, MI This spacious city home, originally built in 1925, offers updated modern convenience in a ...	4 beds \| 2 baths \| 1,388 sq.ft.	$220,950	Airbnb cash on cash: 8.16% Traditional cash on cash: 9.36% Airbnb Rental Income: $2655 Traditional Rental Income: $2276 Airbnb ROI: 8.16% Traditional ROI: 9.36%
2478 Long Rapids Road Alpena, MI Move right on in!!! This home has so much to offer with a nice big eat in kitchen with u...	2 beds \| 2 baths \| 1,976 sq.ft.	$218,600	Airbnb cash on cash: 5.1% Traditional cash on cash: 10.23% Airbnb Rental Income: $1957 Traditional Rental Income: $2503 Airbnb ROI: 5.1% Traditional ROI: 10.23%
3406 French Road Alpena, MI Beautiful piece of property on over 5 acres. 2 bed 1 bath home with a 1.5 detached garage....	2 beds \| 1 baths \| 840 sq.ft.	$128,500	Airbnb cash on cash: 9.4% Traditional cash on cash: 10.37% Airbnb Rental Income: $1957 Traditional Rental Income: $1563 Airbnb ROI: 9.4% Traditional ROI: 10.37%
17131 Paradise Cove Road Alpena, MI Frontage that overlooks a cove on beautiful, all sport, Long Lake. Open Concept kitchen an...	2 beds \| 1 baths \| 700 sq.ft.	$258,000	Airbnb cash on cash: 3.02% Traditional cash on cash: 3.67% Airbnb Rental Income: $1957 Traditional Rental Income: $1601 Airbnb ROI: 3.02% Traditional ROI: 3.67%
4507 Long Rapids Road Alpena, MI Enjoy home on 152 feet of Lake Winyah just a few miles from town. Seller has added a new ...	3 beds \| 2 baths \| 2,016 sq.ft.	$380,000	Airbnb cash on cash: 3.82% Traditional cash on cash: 3.26% Airbnb Rental Income: $2524 Traditional Rental Income: $1713 Airbnb ROI: 3.82% Traditional ROI: 3.26%
3475 French Road Alpena, MI Delightful home set on over 2.5 acres of serene wooded land, complete with a private walki...	2 beds \| 2 baths \| 1,568 sq.ft.	$225,000	Airbnb cash on cash: 4.93% Traditional cash on cash: 9.08% Airbnb Rental Income: $1957 Traditional Rental Income: $2327 Airbnb ROI: 4.93% Traditional ROI: 9.08%
314 Sable Street Alpena, MI Welcome to this charming rustic home in the heart of Alpena. This inviting property featur...	3 beds \| 1 baths \| 2,334 sq.ft.	$178,000	Airbnb cash on cash: 9.25% Traditional cash on cash: 10.1% Airbnb Rental Income: $2524 Traditional Rental Income: $2058 Airbnb ROI: 9.25% Traditional ROI: 10.1%
7880 Bloom Road Alpena, MI Looking for privacy and to be able to walk out your back door to your very own hunting lan...	2 beds \| 1 baths \| 1,100 sq.ft.	$425,000	Airbnb cash on cash: 1.76% Traditional cash on cash: 2.32% Airbnb Rental Income: $1957 Traditional Rental Income: $1665 Airbnb ROI: 1.76% Traditional ROI: 2.32%
17756 Birch Alpena, MI Waterfrontage! Home sits on a peaceful, private setting on Long Lake! 1st floor Master ...	4 beds \| 3 baths \| 2,200 sq.ft.	$469,000	Airbnb cash on cash: 1.87% Traditional cash on cash: 2.42% Airbnb Rental Income: $2655 Traditional Rental Income: $2266 Airbnb ROI: 1.87% Traditional ROI: 2.42%
3537 S Third Avenue Alpena, MI Ease and convenience of condo living. Spacious three bedroom, two full bath condo with eve...	3 beds \| 2 baths \| 1,328 sq.ft.	$172,500	Airbnb cash on cash: 8.46% Traditional cash on cash: 6.08% Airbnb Rental Income: $2524 Traditional Rental Income: $1524 Airbnb ROI: 8.46% Traditional ROI: 6.08%
105 N Second Avenue Alpena, MI This beautiful downtown building still has original brick work on the upper level and is p...	2 beds \| 2 baths \| 3,662 sq.ft.	$600,000	Airbnb cash on cash: 0.68% Traditional cash on cash: 1.38% Airbnb Rental Income: $1957 Traditional Rental Income: $1834 Airbnb ROI: 0.68% Traditional ROI: 1.38%
212 E Palm Street Alpena, MI Own this four-bedroom, two-bath duplex with a good rental history. Two-bedroom, one-bath u...	N/A beds \| N/A baths \| 1,680 sq.ft.	$121,700	Airbnb cash on cash: N/A Traditional cash on cash: 10.24% Airbnb Rental Income: $null Traditional Rental Income: $1544 Airbnb ROI: N/A Traditional ROI: 10.24%
902 S 4th Avenue Alpena, MI This one is special! Two-story full brick home that has been well maintained. Vinyl window...	4 beds \| 2 baths \| 2,655 sq.ft.	$270,900	Airbnb cash on cash: 5.87% Traditional cash on cash: 9.36% Airbnb Rental Income: $2655 Traditional Rental Income: $2916 Airbnb ROI: 5.87% Traditional ROI: 9.36%
6234 French Road Alpena, MI Three bedroom ranch home with an attached garage. Many upgrades have been done over the la...	3 beds \| 1 baths \| 1,352 sq.ft.	$167,500	Airbnb cash on cash: 9.74% Traditional cash on cash: 10.75% Airbnb Rental Income: $2524 Traditional Rental Income: $2076 Airbnb ROI: 9.74% Traditional ROI: 10.75%
1253 N Partridge Point Road Alpena, MI Gorgeous Two-Bed, Two-Bath Home with 93 Feet of Lake Huron FrontageThis home has been ...	2 beds \| 2 baths \| 1,320 sq.ft.	$320,000	Airbnb cash on cash: 1.96% Traditional cash on cash: 4.85% Airbnb Rental Income: $1957 Traditional Rental Income: $2311 Airbnb ROI: 1.96% Traditional ROI: 4.85%
440 S Lawn Street Alpena, MI Remodeled duplex in Alpena County! This ranch style duplex offers two units, each unit is ...	N/A beds \| N/A baths \| N/A	$255,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.76% Airbnb Rental Income: $null Traditional Rental Income: $1244 Airbnb ROI: N/A Traditional ROI: 2.76%
2187 County Line Road Alpena, MI Welcome to your dream home! This immaculate three-bedroom, one-bathroom ranch is in excell...	3 beds \| 1 baths \| 1,040 sq.ft.	$185,000	Airbnb cash on cash: 7.84% Traditional cash on cash: 7.63% Airbnb Rental Income: $2524 Traditional Rental Income: $1878 Airbnb ROI: 7.84% Traditional ROI: 7.63%
112 W Alfred Street Alpena, MI Great income property with some long term tenants 2 Units in main and a cabana in back. se...	N/A beds \| N/A baths \| 1,421 sq.ft.	$179,000	Airbnb cash on cash: N/A Traditional cash on cash: 5.99% Airbnb Rental Income: $null Traditional Rental Income: $1514 Airbnb ROI: N/A Traditional ROI: 5.99%
359 N Franklin Street Alpena, MI This cute brick ranch home offers two comfortable bedrooms and 1 full bathThe expansive ya...	2 beds \| 1 baths \| 896 sq.ft.	$139,900	Airbnb cash on cash: 7.53% Traditional cash on cash: 9.11% Airbnb Rental Income: $1957 Traditional Rental Income: $1655 Airbnb ROI: 7.53% Traditional ROI: 9.11%
6298 US 23 North Alpena, MI This exceptional property combines modern updates with rural charm! The three bedroom, tw...	3 beds \| 2 baths \| 1,248 sq.ft.	$189,000	Airbnb cash on cash: 8.12% Traditional cash on cash: 9.61% Airbnb Rental Income: $2524 Traditional Rental Income: $2182 Airbnb ROI: 8.12% Traditional ROI: 9.61%
6512 French Road Alpena, MI Wildlife galore! Sitting on 5 acres, this 4 bedroom, 2 1/2 bath home has all the features ...	4 beds \| 3 baths \| 1,620 sq.ft.	$284,900	Airbnb cash on cash: 5.77% Traditional cash on cash: 8.57% Airbnb Rental Income: $2655 Traditional Rental Income: $2773 Airbnb ROI: 5.77% Traditional ROI: 8.57%
397 Geronimo Road Alpena, MI This spacious 4-bedroom, 2-bathroom home is located just 5 minutes from Alpena, offering a...	4 beds \| 2 baths \| 2,127 sq.ft.	$249,862	Airbnb cash on cash: 6.67% Traditional cash on cash: 10.14% Airbnb Rental Income: $2655 Traditional Rental Income: $2841 Airbnb ROI: 6.67% Traditional ROI: 10.14%
159 Thomas Avenue Alpena, MI Features three spacious bedrooms and a bath on each level. Walk out from the lower level t...	3 beds \| 2 baths \| 1,630 sq.ft.	$209,900	Airbnb cash on cash: 7.35% Traditional cash on cash: 10.29% Airbnb Rental Income: $2524 Traditional Rental Income: $2498 Airbnb ROI: 7.35% Traditional ROI: 10.29%
102 E Parsons Street Alpena, MI Wonderful 3 bedroom, 2 bath home at the end of a cul-de-sac. This home has a great kitchen...	3 beds \| 2 baths \| 1,558 sq.ft.	$194,900	Airbnb cash on cash: 7.65% Traditional cash on cash: 10.73% Airbnb Rental Income: $2524 Traditional Rental Income: $2485 Airbnb ROI: 7.65% Traditional ROI: 10.73%
320 Bedford Street Alpena, MI Move right in to this adorable 3 bedroom ranch that is walking distance to Ella White Scho...	3 beds \| 1 baths \| 2,058 sq.ft.	$160,000	Airbnb cash on cash: 9.62% Traditional cash on cash: 10.49% Airbnb Rental Income: $2524 Traditional Rental Income: $2046 Airbnb ROI: 9.62% Traditional ROI: 10.49%
743 S State Avenue Alpena, MI It's a Christmas Miracle!! The perfect starter home, Airbnb, or investment property has h...	2 beds \| 1 baths \| 1,284 sq.ft.	$149,900	Airbnb cash on cash: 7.19% Traditional cash on cash: 9.97% Airbnb Rental Income: $1957 Traditional Rental Income: $1842 Airbnb ROI: 7.19% Traditional ROI: 9.97%
8978 Gutchess Road Alpena, MI Discover the perfect lakeside retreat with 100 feet of pristine sandy beach frontage on Lo...	4 beds \| 2 baths \| 1,503 sq.ft.	$499,000	Airbnb cash on cash: 2.74% Traditional cash on cash: 3.98% Airbnb Rental Income: $2655 Traditional Rental Income: $2599 Airbnb ROI: 2.74% Traditional ROI: 3.98%
1060 N Partridge Point Road Alpena, MI Move right in!! This adorable 2 bedroom home is tucked into this lot which has frontage ...	2 beds \| 1 baths \| 1,180 sq.ft.	$165,000	Airbnb cash on cash: 6.86% Traditional cash on cash: 8.49% Airbnb Rental Income: $1957 Traditional Rental Income: $1699 Airbnb ROI: 6.86% Traditional ROI: 8.49%
121 W Blair Street Alpena, MI Great home for first time home buyer or retiree. This home is within walking distance of ...	2 beds \| 1 baths \| 1,560 sq.ft.	$138,500	Airbnb cash on cash: 8.36% Traditional cash on cash: 10.85% Airbnb Rental Income: $1957 Traditional Rental Income: $1773 Airbnb ROI: 8.36% Traditional ROI: 10.85%

Real Estate investment in Alpena, MI

There are 29 properties for sale in the city of Alpena . The median list price in Alpena is $171,200 and the average price per square foot is $102. In January 2025, the average monthly cash on cash return in Alpena is 10.00%. The average monthly rental income in Alpena is $2,009.

Alpena, MI Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 29 investment properties available for sale in Alpena.

In 2025, the best neighborhood to buy investment property is Alpena.

The ROI for Short-Term is higher than the Long-Term in Alpena with average rental income of $2,524.

Your search for investment property begins and ends here

Investment Property for Sale in Alpena, MI

1310 S Third Avenue

Alpena, MI

4 beds | 2 baths | 1,388 sq.ft.

$220,950

Airbnb cash on cash: 8.16%

Traditional cash on cash: 9.36%

Airbnb Rental Income: $2655

Traditional Rental Income: $2276

Airbnb ROI: 8.16%

Traditional ROI: 9.36%

2478 Long Rapids Road

Alpena, MI

2 beds | 2 baths | 1,976 sq.ft.

$218,600

Airbnb cash on cash: 5.1%

Traditional cash on cash: 10.23%

Airbnb Rental Income: $1957

Traditional Rental Income: $2503

Airbnb ROI: 5.1%

Traditional ROI: 10.23%

3406 French Road

Alpena, MI

2 beds | 1 baths | 840 sq.ft.

$128,500

Airbnb cash on cash: 9.4%

Traditional cash on cash: 10.37%

Airbnb Rental Income: $1957

Traditional Rental Income: $1563

Airbnb ROI: 9.4%

Traditional ROI: 10.37%

17131 Paradise Cove Road

Alpena, MI

2 beds | 1 baths | 700 sq.ft.

$258,000

Airbnb cash on cash: 3.02%

Traditional cash on cash: 3.67%

Airbnb Rental Income: $1957

Traditional Rental Income: $1601

Airbnb ROI: 3.02%

Traditional ROI: 3.67%

4507 Long Rapids Road

Alpena, MI

3 beds | 2 baths | 2,016 sq.ft.

$380,000

Airbnb cash on cash: 3.82%

Traditional cash on cash: 3.26%

Airbnb Rental Income: $2524

Traditional Rental Income: $1713

Airbnb ROI: 3.82%

Traditional ROI: 3.26%

3475 French Road

Alpena, MI

2 beds | 2 baths | 1,568 sq.ft.

$225,000

Airbnb cash on cash: 4.93%

Traditional cash on cash: 9.08%

Airbnb Rental Income: $1957

Traditional Rental Income: $2327

Airbnb ROI: 4.93%

Traditional ROI: 9.08%

314 Sable Street

Alpena, MI

3 beds | 1 baths | 2,334 sq.ft.

$178,000

Airbnb cash on cash: 9.25%

Traditional cash on cash: 10.1%

Airbnb Rental Income: $2524

Traditional Rental Income: $2058

Airbnb ROI: 9.25%

Traditional ROI: 10.1%

7880 Bloom Road

Alpena, MI

2 beds | 1 baths | 1,100 sq.ft.

$425,000

Airbnb cash on cash: 1.76%

Traditional cash on cash: 2.32%

Airbnb Rental Income: $1957

Traditional Rental Income: $1665

Airbnb ROI: 1.76%