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
1921 Long Rapids Road Alpena, MI Modern Riverfront Living on the Thunder Bay River Tucked into a natural wooded setting whe...	5 beds \| 3 baths \| 4,146 sq.ft.	$620,000	Airbnb cash on cash: 0.04% Traditional cash on cash: 4.78% Airbnb Rental Income: $1406 Traditional Rental Income: $3729 Airbnb ROI: 0.04% Traditional ROI: 4.78%
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: -0.97% Traditional cash on cash: 5.88% Airbnb Rental Income: $1080 Traditional Rental Income: $6415 Airbnb ROI: -0.97% Traditional ROI: 5.88%
920 Sable Street Alpena, MI Own this beautiful two-bedroom, two-bath home with well cared for hardwood floors, main le...	2 beds \| 2 baths \| 2,508 sq.ft.	$199,900	Airbnb cash on cash: -0.32% Traditional cash on cash: 9.93% Airbnb Rental Income: $731 Traditional Rental Income: $2365 Airbnb ROI: -0.32% Traditional ROI: 9.93%
1460 Long Rapids Road Alpena, MI This 3-bedroom, 2-bath home offers 1,680 sq ft of comfortable living space on a generous 1...	3 beds \| 2 baths \| 2,520 sq.ft.	$265,000	Airbnb cash on cash: 0.66% Traditional cash on cash: 5.24% Airbnb Rental Income: $996 Traditional Rental Income: $1787 Airbnb ROI: 0.66% Traditional ROI: 5.24%
14021 Morrow Rd Alpena, MI Tucked away at the end of a quiet dead-end road, this property offers a rare opportunity t...	5 beds \| 1 baths \| 1,843 sq.ft.	$389,900	Airbnb cash on cash: -0.09% Traditional cash on cash: 1.67% Airbnb Rental Income: $1406 Traditional Rental Income: $1626 Airbnb ROI: -0.09% Traditional ROI: 1.67%
386 & 390 South Brooke St Alpena, MI Exceptional investment opportunity! This two-unit ranch duplex features a spacious three-b...	5 beds \| N/A baths \| 2,400 sq.ft.	$225,000	Airbnb cash on cash: 1.41% Traditional cash on cash: 8.27% Airbnb Rental Income: $1406 Traditional Rental Income: $2442 Airbnb ROI: 1.41% Traditional ROI: 8.27%
1711 LAKE WINYAH Alpena, MI COZY 2290 SQ FOOT BI LEVEL SITTING ON 1 ACRE OF STUNNING LAND. THIS HOME NOT ONLY FEATURES...	4 beds \| 2 baths \| 2,290 sq.ft.	$250,000	Airbnb cash on cash: 0.6% Traditional cash on cash: 9.85% Airbnb Rental Income: $1080 Traditional Rental Income: $2894 Airbnb ROI: 0.6% Traditional ROI: 9.85%
14359 Parallel Ave Alpena, MI 3+ Bedroom 1 1/2 Bath Ranch on corner lot of Parallel & Sunset Dr. A Subdivision Long Lake...	3 beds \| 1 baths \| 1,800 sq.ft.	$268,500	Airbnb cash on cash: -0.44% Traditional cash on cash: 1.9% Airbnb Rental Income: $996 Traditional Rental Income: $1260 Airbnb ROI: -0.44% Traditional ROI: 1.9%
5331 N US Highway 23 Alpena, MI Charming and move-in ready, this 3-bedroom, 1-bath home offers comfort and convenience in ...	3 beds \| 1 baths \| 1,035 sq.ft.	$165,000	Airbnb cash on cash: 1.8% Traditional cash on cash: 8.76% Airbnb Rental Income: $996 Traditional Rental Income: $1736 Airbnb ROI: 1.8% Traditional ROI: 8.76%

Real Estate investment in Alpena, MI

There are 24 properties for sale in the city of Alpena . The median list price in Alpena is $197,000 and the average price per square foot is $85. In February 2026, the average monthly cash on cash return in Alpena is 8.00%. The average monthly rental income in Alpena is $1,808.

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

There are 24 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 $1,808.

Your search for investment property begins and ends here

Investment Property for Sale in Alpena, MI

1921 Long Rapids Road

Alpena, MI

5 beds | 3 baths | 4,146 sq.ft.

$620,000

Airbnb cash on cash: 0.04%

Traditional cash on cash: 4.78%

Airbnb Rental Income: $1406

Traditional Rental Income: $3729

Airbnb ROI: 0.04%

Traditional ROI: 4.78%

232 South First Ave

Alpena, MI

4 beds | 4 baths | 6,791 sq.ft.

$895,000

Airbnb cash on cash: -0.97%

Traditional cash on cash: 5.88%

Airbnb Rental Income: $1080

Traditional Rental Income: $6415

Airbnb ROI: -0.97%

Traditional ROI: 5.88%

920 Sable Street

Alpena, MI

2 beds | 2 baths | 2,508 sq.ft.

$199,900

Airbnb cash on cash: -0.32%

Traditional cash on cash: 9.93%

Airbnb Rental Income: $731

Traditional Rental Income: $2365

Airbnb ROI: -0.32%

Traditional ROI: 9.93%

1460 Long Rapids Road

Alpena, MI

3 beds | 2 baths | 2,520 sq.ft.

$265,000

Airbnb cash on cash: 0.66%

Traditional cash on cash: 5.24%

Airbnb Rental Income: $996

Traditional Rental Income: $1787

Airbnb ROI: 0.66%

Traditional ROI: 5.24%

14021 Morrow Rd

Alpena, MI

5 beds | 1 baths | 1,843 sq.ft.

$389,900

Airbnb cash on cash: -0.09%

Traditional cash on cash: 1.67%

Airbnb Rental Income: $1406

Traditional Rental Income: $1626

Airbnb ROI: -0.09%

Traditional ROI: 1.67%

386 & 390 South Brooke St

Alpena, MI

5 beds | N/A baths | 2,400 sq.ft.

$225,000

Airbnb cash on cash: 1.41%

Traditional cash on cash: 8.27%

Airbnb Rental Income: $1406

Traditional Rental Income: $2442

Airbnb ROI: 1.41%

Traditional ROI: 8.27%

1711 LAKE WINYAH

Alpena, MI

4 beds | 2 baths | 2,290 sq.ft.

$250,000

Airbnb cash on cash: 0.6%

Traditional cash on cash: 9.85%

Airbnb Rental Income: $1080

Traditional Rental Income: $2894

Airbnb ROI: 0.6%

Traditional ROI: 9.85%

14359 Parallel Ave

Alpena, MI

3 beds | 1 baths | 1,800 sq.ft.

$268,500

Airbnb cash on cash: -0.44%

Traditional cash on cash: 1.9%

Airbnb Rental Income: $996

Traditional Rental Income: $1260

Airbnb ROI: -0.44%