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
111 Canterbury Ln Alpena, MI Discover Effortless Living in Village Green - A Beautifully Updated, Move-In-Ready Townhom...	2 beds \| 1 baths \| 882 sq.ft.	$169,900	Airbnb cash on cash: 2.77% Traditional cash on cash: 6.73% Airbnb Rental Income: $1233 Traditional Rental Income: $1481 Airbnb ROI: 2.77% Traditional ROI: 6.73%
5065 Misery Bay Rd Alpena, MI Experience the magic of true Up North living where sunrise mornings, sparkling Lake Huron ...	4 beds \| 3 baths \| 3,648 sq.ft.	$525,000	Airbnb cash on cash: 0.81% Traditional cash on cash: 6.94% Airbnb Rental Income: $1847 Traditional Rental Income: $4359 Airbnb ROI: 0.81% Traditional ROI: 6.94%
733 River St Alpena, MI	3 beds \| 1 baths \| 2,080 sq.ft.	$150,000	Airbnb cash on cash: 5.64% Traditional cash on cash: 11.62% Airbnb Rental Income: $1622 Traditional Rental Income: $2021 Airbnb ROI: 5.64% Traditional ROI: 11.62%
215 Potter St Alpena, MI Charming Bungalow with gleaming hardwood floors throughout most of the home. Freshly paint...	3 beds \| 2 baths \| 2,180 sq.ft.	$215,000	Airbnb cash on cash: 3.12% Traditional cash on cash: 5.55% Airbnb Rental Income: $1622 Traditional Rental Income: $1658 Airbnb ROI: 3.12% Traditional ROI: 5.55%
207 Mason St Alpena, MI Back on the market at no fault of the seller. This luxurious open concept home in the City...	4 beds \| 3 baths \| 2,659 sq.ft.	$372,000	Airbnb cash on cash: 2.01% Traditional cash on cash: 6.55% Airbnb Rental Income: $1847 Traditional Rental Income: $2933 Airbnb ROI: 2.01% Traditional ROI: 6.55%
1098 Wayne Rd Alpena, MI Welcome to this cute 3-bedroom, 2-bathroom ranch home located in Alpena Township. This hom...	3 beds \| 2 baths \| 1,100 sq.ft.	$179,900	Airbnb cash on cash: 4.56% Traditional cash on cash: 9.71% Airbnb Rental Income: $1622 Traditional Rental Income: $2060 Airbnb ROI: 4.56% Traditional ROI: 9.71%
1139 Fern Ln Alpena, MI Welcome home to this spacious 3-bedroom, 1 and a half bath property offering over 2,000 sq...	3 beds \| 2 baths \| 2,657 sq.ft.	$198,000	Airbnb cash on cash: 3.8% Traditional cash on cash: 11.31% Airbnb Rental Income: $1622 Traditional Rental Income: $2574 Airbnb ROI: 3.8% Traditional ROI: 11.31%
1116 Pine Rd Alpena, MI 3 bedroom, 1 bath home offering approximately 960 sq. ft. of comfortable living space. Per...	3 beds \| 1 baths \| 960 sq.ft.	$140,000	Airbnb cash on cash: 5.82% Traditional cash on cash: 10.44% Airbnb Rental Income: $1622 Traditional Rental Income: $1826 Airbnb ROI: 5.82% Traditional ROI: 10.44%
215 Fair Ave Alpena, MI This unique and beautiful 4-bedroom, 2-bath home is nestled on an oversized lot in the hea...	4 beds \| 2 baths \| 3,108 sq.ft.	$325,000	Airbnb cash on cash: 2.37% Traditional cash on cash: 4.2% Airbnb Rental Income: $1847 Traditional Rental Income: $1910 Airbnb ROI: 2.37% Traditional ROI: 4.2%
232 South First Ave Alpena, MI Step into timeless elegance with this 6000 plus sq ft, two story, four bedroom, six bath r...	4 beds \| 4 baths \| 6,791 sq.ft.	$895,000	Airbnb cash on cash: -0.2% Traditional cash on cash: 5.88% Airbnb Rental Income: $1847 Traditional Rental Income: $6415 Airbnb ROI: -0.2% Traditional ROI: 5.88%
2694 Werth Rd Alpena, MI Welcome home to this well-maintained 3-bedroom, 1.5-bath home located just outside the cit...	3 beds \| 1 baths \| 1,456 sq.ft.	$219,900	Airbnb cash on cash: 3.33% Traditional cash on cash: 9.07% Airbnb Rental Income: $1622 Traditional Rental Income: $2358 Airbnb ROI: 3.33% Traditional ROI: 9.07%
4431 Long Rapids Rd Alpena, MI RARE OPPORTUNITY, Combination of land and Water Front, 4 acres - 870 Ft of water frontage ...	4 beds \| 3 baths \| 2,700 sq.ft.	$569,000	Airbnb cash on cash: -0.16% Traditional cash on cash: 3.48% Airbnb Rental Income: $1847 Traditional Rental Income: $3285 Airbnb ROI: -0.16% Traditional ROI: 3.48%
121 Channel Road 1 Alpena, MI NEW AC, water heater, and heating system. This channel-front home offers direct access to ...	3 beds \| 2 baths \| 1,950 sq.ft.	$399,900	Airbnb cash on cash: 0.99% Traditional cash on cash: 5.59% Airbnb Rental Income: $1622 Traditional Rental Income: $2889 Airbnb ROI: 0.99% Traditional ROI: 5.59%
2431 Genschaw Rd Alpena, MI Welcome home to this inviting 3-bed, 2-bath property situated on a beautiful 0.94-acre lot...	3 beds \| 2 baths \| 2,465 sq.ft.	$214,000	Airbnb cash on cash: 3.67% Traditional cash on cash: 11.36% Airbnb Rental Income: $1622 Traditional Rental Income: $2757 Airbnb ROI: 3.67% Traditional ROI: 11.36%
423 W Campbell St Alpena, MI This comfortable 3 bedroom one bath home is one you need to see because there is more than...	3 beds \| 1 baths \| 2,370 sq.ft.	$179,900	Airbnb cash on cash: 4.46% Traditional cash on cash: 9.41% Airbnb Rental Income: $1622 Traditional Rental Income: $2010 Airbnb ROI: 4.46% Traditional ROI: 9.41%
2195 Raymond St Alpena, MI Tucked away in a peaceful, private setting, this charming 3-bedroom, 2-bath home offers th...	3 beds \| 2 baths \| 1,296 sq.ft.	$220,000	Airbnb cash on cash: 3.41% Traditional cash on cash: 6.46% Airbnb Rental Income: $1622 Traditional Rental Income: $1813 Airbnb ROI: 3.41% Traditional ROI: 6.46%
120 E Mirre Street Alpena, MI Charming Alpena Home with Beautiful Gardens and Prime Location Nestled on a quiet, lovely ...	2 beds \| 2 baths \| 1,184 sq.ft.	$224,900	Airbnb cash on cash: 1.66% Traditional cash on cash: 4.88% Airbnb Rental Income: $1233 Traditional Rental Income: $1525 Airbnb ROI: 1.66% Traditional ROI: 4.88%
614 W Lake Street Alpena, MI Welcome to 614 W Lake Street in Alpena where you will find a charming 3-bedroom, 1-bath re...	2 beds \| 1 baths \| 1,100 sq.ft.	$147,000	Airbnb cash on cash: 3.46% Traditional cash on cash: 8.34% Airbnb Rental Income: $1233 Traditional Rental Income: $1526 Airbnb ROI: 3.46% Traditional ROI: 8.34%
205 Sunset Blvd Alpena, MI Lovely 3 bedroom 2 bath Ranch 1345 sq ft upstairs and 1345 sq ft in basement This Spacious...	3 beds \| 2 baths \| 1,345 sq.ft.	$259,000	Airbnb cash on cash: 2.69% Traditional cash on cash: 9.11% Airbnb Rental Income: $1622 Traditional Rental Income: $2734 Airbnb ROI: 2.69% Traditional ROI: 9.11%
567 Long Rapids Road Alpena, MI Great City location with all the feel of country living. Short distance to the hospital an...	4 beds \| 2 baths \| 1,866 sq.ft.	$269,900	Airbnb cash on cash: 2.83% Traditional cash on cash: 8.4% Airbnb Rental Income: $1847 Traditional Rental Income: $2770 Airbnb ROI: 2.83% Traditional ROI: 8.4%
310 W Campbell St Alpena, MI Motivated seller! Older style home with lots of charm and character. The large apartments ...	4 beds \| N/A baths \| 2,273 sq.ft.	$214,900	Airbnb cash on cash: 3.11% Traditional cash on cash: 7.92% Airbnb Rental Income: $1847 Traditional Rental Income: $2374 Airbnb ROI: 3.11% Traditional ROI: 7.92%
6815 Wessel Rd Alpena, MI Well-maintained 2003 manufactured featuring a custom walk-in shower and functional living ...	3 beds \| 1 baths \| 1,260 sq.ft.	$225,000	Airbnb cash on cash: 2.5% Traditional cash on cash: 6.83% Airbnb Rental Income: $1622 Traditional Rental Income: $2085 Airbnb ROI: 2.5% Traditional ROI: 6.83%
1090 Oakridge Dr Alpena, MI Enjoy the peacefulness of this 3-bedroom, 2-bath home with an attached garage and a spacio...	3 beds \| 1 baths \| 2,432 sq.ft.	$279,000	Airbnb cash on cash: 2.4% Traditional cash on cash: 8% Airbnb Rental Income: $1622 Traditional Rental Income: $2635 Airbnb ROI: 2.4% Traditional ROI: 8%
17952 Birch St Alpena, MI Enjoy waterfront living in this charming three bedroom, one and a half bath home situated ...	3 beds \| 1 baths \| 1,600 sq.ft.	$435,000	Airbnb cash on cash: -0.35% Traditional cash on cash: 2.5% Airbnb Rental Income: $1622 Traditional Rental Income: $2567 Airbnb ROI: -0.35% Traditional ROI: 2.5%
3352 French Rd Alpena, MI Large Ranch home close to schools & shopping. Natural gas fireplace Insert in Living room ...	3 beds \| 1 baths \| 1,456 sq.ft.	$165,000	Airbnb cash on cash: 4.9% Traditional cash on cash: 10.23% Airbnb Rental Income: $1622 Traditional Rental Income: $2002 Airbnb ROI: 4.9% Traditional ROI: 10.23%
105 N 2nd Ave 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.	$530,000	Airbnb cash on cash: 0.09% Traditional cash on cash: 2.26% Airbnb Rental Income: $1233 Traditional Rental Income: $1912 Airbnb ROI: 0.09% Traditional ROI: 2.26%
328 W Washington Ave Alpena, MI This Alpena duplex located just 4 blocks away from the Lake Huron is a dream! Whether you ...	4 beds \| 2 baths \| 2,352 sq.ft.	$264,900	Airbnb cash on cash: 2.99% Traditional cash on cash: 8.78% Airbnb Rental Income: $1847 Traditional Rental Income: $2797 Airbnb ROI: 2.99% Traditional ROI: 8.78%
303 Mckinley Ave Alpena, MI This adorable 3-bed ranch has all the good stuff: a sunny sunroom, 8 1/2 ft ceilings, fres...	3 beds \| 1 baths \| 1,916 sq.ft.	$145,000	Airbnb cash on cash: 5.83% Traditional cash on cash: 11.08% Airbnb Rental Income: $1622 Traditional Rental Income: $1893 Airbnb ROI: 5.83% Traditional ROI: 11.08%
328 South State Ave Alpena, MI Located within the City of Alpena and situated on the shores of Lake Huron with 82.5ft of ...	4 beds \| 2 baths \| 6,708 sq.ft.	$875,000	Airbnb cash on cash: -0.58% Traditional cash on cash: 2.33% Airbnb Rental Income: $1847 Traditional Rental Income: $3724 Airbnb ROI: -0.58% Traditional ROI: 2.33%

Real Estate investment in Alpena, MI

There are 82 properties for sale in the city of Alpena . The median list price in Alpena is $189,886 and the average price per square foot is $94. In August 2026, the average monthly cash on cash return in Alpena is 8.00%. The average monthly rental income in Alpena is $2,085.

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

There are 82 investment properties available for sale in Alpena.

In 2026, the best neighborhood to buy investment property is Alpena.

The ROI for Long-Term is higher than the Short-Term in Alpena with average rental income of $2,085.

Your search for investment property begins and ends here

Investment Property for Sale in Alpena, MI

111 Canterbury Ln

Alpena, MI

2 beds | 1 baths | 882 sq.ft.

$169,900

Airbnb cash on cash: 2.77%

Traditional cash on cash: 6.73%

Airbnb Rental Income: $1233

Traditional Rental Income: $1481

Airbnb ROI: 2.77%

Traditional ROI: 6.73%

5065 Misery Bay Rd

Alpena, MI

4 beds | 3 baths | 3,648 sq.ft.

$525,000

Airbnb cash on cash: 0.81%

Traditional cash on cash: 6.94%

Airbnb Rental Income: $1847

Traditional Rental Income: $4359

Airbnb ROI: 0.81%

Traditional ROI: 6.94%

733 River St

Alpena, MI

3 beds | 1 baths | 2,080 sq.ft.

$150,000

Airbnb cash on cash: 5.64%

Traditional cash on cash: 11.62%

Airbnb Rental Income: $1622

Traditional Rental Income: $2021

Airbnb ROI: 5.64%

Traditional ROI: 11.62%

215 Potter St

Alpena, MI

3 beds | 2 baths | 2,180 sq.ft.

$215,000

Airbnb cash on cash: 3.12%

Traditional cash on cash: 5.55%

Airbnb Rental Income: $1622

Traditional Rental Income: $1658

Airbnb ROI: 3.12%

Traditional ROI: 5.55%

207 Mason St

Alpena, MI

4 beds | 3 baths | 2,659 sq.ft.

$372,000

Airbnb cash on cash: 2.01%

Traditional cash on cash: 6.55%

Airbnb Rental Income: $1847

Traditional Rental Income: $2933

Airbnb ROI: 2.01%

Traditional ROI: 6.55%

1098 Wayne Rd

Alpena, MI

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

$179,900

Airbnb cash on cash: 4.56%

Traditional cash on cash: 9.71%

Airbnb Rental Income: $1622

Traditional Rental Income: $2060

Airbnb ROI: 4.56%

Traditional ROI: 9.71%

1139 Fern Ln

Alpena, MI

3 beds | 2 baths | 2,657 sq.ft.

$198,000

Airbnb cash on cash: 3.8%

Traditional cash on cash: 11.31%

Airbnb Rental Income: $1622

Traditional Rental Income: $2574

Airbnb ROI: 3.8%

Traditional ROI: 11.31%

1116 Pine Rd

Alpena, MI

3 beds | 1 baths | 960 sq.ft.

$140,000

Airbnb cash on cash: 5.82%

Traditional cash on cash: 10.44%

Airbnb Rental Income: $1622

Traditional Rental Income: $1826

Airbnb ROI: 5.82%