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
152 Colorado Road Alpena, MI This home offers a spacious and functional layout all on one level. Separate living room w...	4 beds \| 2 baths \| 1,676 sq.ft.	$209,000	Airbnb cash on cash: 3.37% Traditional cash on cash: 10.66% Airbnb Rental Income: $1494 Traditional Rental Income: $2501 Airbnb ROI: 3.37% Traditional ROI: 10.66%
306 Elizabeth Street Alpena, MI Enjoy your cozy home with easy access to Thunder Bay River boat launch, great for kayaking...	3 beds \| 1 baths \| 1,554 sq.ft.	$171,000	Airbnb cash on cash: 2.24% Traditional cash on cash: 9.92% Airbnb Rental Income: $1053 Traditional Rental Income: $1940 Airbnb ROI: 2.24% Traditional ROI: 9.92%
7863 Long Rapids Road Alpena, MI This home with beautiful frontage, on Thunder Bay River, includes a boat house that would ...	3 beds \| 2 baths \| 2,272 sq.ft.	$249,900	Airbnb cash on cash: 0.81% Traditional cash on cash: 10.71% Airbnb Rental Income: $1053 Traditional Rental Income: $3025 Airbnb ROI: 0.81% Traditional ROI: 10.71%
1302 S Third Avenue Alpena, MI This delightful 2-bedroom, 1-bath ranch offers comfort, convenience, and a great location ...	2 beds \| 1 baths \| 2,128 sq.ft.	$185,000	Airbnb cash on cash: 1.07% Traditional cash on cash: 6.59% Airbnb Rental Income: $1095 Traditional Rental Income: $1694 Airbnb ROI: 1.07% Traditional ROI: 6.59%
232 S First Avenue Alpena, MI Step into timeless elegance with this 6000 plus sq ft, two story, four bedroom, six bath r...	4 beds \| 6 baths \| 6,791 sq.ft.	$895,000	Airbnb cash on cash: -0.56% Traditional cash on cash: 5.88% Airbnb Rental Income: $1494 Traditional Rental Income: $6415 Airbnb ROI: -0.56% Traditional ROI: 5.88%
212 Adams Street Alpena, MI Located within city limits, this 2-bedroom, 1-bath home features a full basement, attached...	2 beds \| 1 baths \| 1,872 sq.ft.	$115,000	Airbnb cash on cash: 2.97% Traditional cash on cash: 11.32% Airbnb Rental Income: $1095 Traditional Rental Income: $1652 Airbnb ROI: 2.97% Traditional ROI: 11.32%
635 W Washington Avenue Alpena, MI A RARE GEM right within the city limits! This stunning 4-bedroom, 4- full bathroom home of...	4 beds \| 4 baths \| 3,237 sq.ft.	$570,000	Airbnb cash on cash: 0.3% Traditional cash on cash: 5.1% Airbnb Rental Income: $1494 Traditional Rental Income: $3615 Airbnb ROI: 0.3% Traditional ROI: 5.1%
129 Barrington Circle Alpena, MI Lovely Ranch home located on a wooded lot in Village Hills Subdivision. Home has had recen...	3 beds \| 2 baths \| 2,308 sq.ft.	$400,000	Airbnb cash on cash: -0.18% Traditional cash on cash: 4.19% Airbnb Rental Income: $1053 Traditional Rental Income: $2329 Airbnb ROI: -0.18% Traditional ROI: 4.19%
424 S State Avenue Alpena, MI Not very often do homes become available on Lake Huron within the city limits. This home o...	3 beds \| 3 baths \| 2,620 sq.ft.	$649,000	Airbnb cash on cash: -0.69% Traditional cash on cash: 3.28% Airbnb Rental Income: $1053 Traditional Rental Income: $3091 Airbnb ROI: -0.69% Traditional ROI: 3.28%
17756 Birch Alpena, MI Waterfrontage! Home sits on a peaceful, private setting on Long Lake! 1st floor Master Bed...	4 beds \| 3 baths \| 2,200 sq.ft.	$469,000	Airbnb cash on cash: -0.33% Traditional cash on cash: 2.42% Airbnb Rental Income: $1494 Traditional Rental Income: $2266 Airbnb ROI: -0.33% Traditional ROI: 2.42%
212 Long Rapids Road Alpena, MI Escape to your own private retreat without ever leaving the city in this unique 4-bedroom,...	4 beds \| 4 baths \| 4,293 sq.ft.	$749,000	Airbnb cash on cash: -0.84% Traditional cash on cash: 2.05% Airbnb Rental Income: $1494 Traditional Rental Income: $3071 Airbnb ROI: -0.84% Traditional ROI: 2.05%
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: 0.85% Traditional cash on cash: 5.24% Airbnb Rental Income: $1053 Traditional Rental Income: $1787 Airbnb ROI: 0.85% Traditional ROI: 5.24%
1132 US-23 N Alpena, MI Delightful and well-maintained, this two-bedroom, one-bath ranch home offers comfort, conv...	2 beds \| 1 baths \| 1,904 sq.ft.	$137,000	Airbnb cash on cash: 3.01% Traditional cash on cash: 5.48% Airbnb Rental Income: $1095 Traditional Rental Income: $1049 Airbnb ROI: 3.01% Traditional ROI: 5.48%
2170 Long Rapids Road Alpena, MI Welcome to this beautifully updated ranch-style home on a spacious 3/4-acre lot just minut...	3 beds \| 2 baths \| 1,824 sq.ft.	$234,500	Airbnb cash on cash: 1.02% Traditional cash on cash: 6.41% Airbnb Rental Income: $1053 Traditional Rental Income: $1882 Airbnb ROI: 1.02% Traditional ROI: 6.41%
8610 Lincoln Bay Drive Alpena, MI Sunrise side at it's finest ! Enjoy beautiful sunrises every day from your covered porch. ...	4 beds \| 3 baths \| 1,875 sq.ft.	$485,000	Airbnb cash on cash: 0.76% Traditional cash on cash: 5.45% Airbnb Rental Income: $1494 Traditional Rental Income: $3183 Airbnb ROI: 0.76% Traditional ROI: 5.45%
303 S State Avenue Alpena, MI THE CASTLE like no other! Fully furnished. Turnkey w/hand carved solid wood furniture, art...	5 beds \| 4 baths \| 7,443 sq.ft.	$1,800,000	Airbnb cash on cash: -0.17% Traditional cash on cash: 1.37% Airbnb Rental Income: $3119 Traditional Rental Income: $4987 Airbnb ROI: -0.17% Traditional ROI: 1.37%
2215 N Partridge Point Road Alpena, MI ''Lighthouse'' custom home on the shores of majestic Lake Huron! Home boasts 103' frontage...	2 beds \| N/A baths \| 1,506 sq.ft.	$419,000	Airbnb cash on cash: -0.11% Traditional cash on cash: 4.6% Airbnb Rental Income: $1095 Traditional Rental Income: $2572 Airbnb ROI: -0.11% Traditional ROI: 4.6%
520 Michigan Avenue Alpena, MI Price Improved! Charming 2-Bedroom Gem Near MICH-E-KE-WIS Park! Tucked away on a quiet dea...	2 beds \| 1 baths \| 960 sq.ft.	$115,000	Airbnb cash on cash: 3.85% Traditional cash on cash: 10.67% Airbnb Rental Income: $1095 Traditional Rental Income: $1481 Airbnb ROI: 3.85% Traditional ROI: 10.67%
140 Oriole Drive Alpena, MI Now available on the market is this charming ranch-style home set on a park-like lot, offe...	3 beds \| 2 baths \| 3,084 sq.ft.	$270,000	Airbnb cash on cash: 0.42% Traditional cash on cash: 7.98% Airbnb Rental Income: $1053 Traditional Rental Income: $2615 Airbnb ROI: 0.42% Traditional ROI: 7.98%
2151 S Third Avenue Alpena, MI Convenience is key! This freshly painted 2-3 bedroom, move in ready cement block home sits...	3 beds \| 1 baths \| 1,998 sq.ft.	$210,000	Airbnb cash on cash: 1.15% Traditional cash on cash: 8.1% Airbnb Rental Income: $1053 Traditional Rental Income: $2072 Airbnb ROI: 1.15% Traditional ROI: 8.1%
1225 Trowbridge Drive Alpena, MI Wake up every morning in this stunning 4-bedroom, 4-bathroom home, tucked inside one of th...	4 beds \| 4 baths \| 5,757 sq.ft.	$850,000	Airbnb cash on cash: -0.49% Traditional cash on cash: 2.83% Airbnb Rental Income: $1494 Traditional Rental Income: $3683 Airbnb ROI: -0.49% Traditional ROI: 2.83%
329 W Washington Avenue Alpena, MI Step back in time and own an incredible piece of history with this exceptional 4/5 Bedroom...	5 beds \| 3 baths \| 4,245 sq.ft.	$249,900	Airbnb cash on cash: 7.71% Traditional cash on cash: 11.07% Airbnb Rental Income: $3119 Traditional Rental Income: $3202 Airbnb ROI: 7.71% Traditional ROI: 11.07%
8818 French Road Alpena, MI Welcome to Appaloosa Valley, set 1000 feet back from the road, on 18.05 acres of peace, qu...	3 beds \| 2 baths \| 1,716 sq.ft.	$250,000	Airbnb cash on cash: 0% Traditional cash on cash: 7.83% Airbnb Rental Income: $1053 Traditional Rental Income: $2536 Airbnb ROI: 0% Traditional ROI: 7.83%
9634 Indian Reserve Road Alpena, MI This charming ranch-style home sits on 3.8 acres of beautifully maintained land. Boasting ...	2 beds \| 2 baths \| 1,352 sq.ft.	$247,500	Airbnb cash on cash: 0.18% Traditional cash on cash: 5.98% Airbnb Rental Income: $1095 Traditional Rental Income: $2080 Airbnb ROI: 0.18% Traditional ROI: 5.98%
519 Brentwood Drive Alpena, MI Step into comfort and convenience with this classic 3-bedroom ranch, built in 1961 and tho...	3 beds \| 2 baths \| 2,576 sq.ft.	$199,000	Airbnb cash on cash: 0.64% Traditional cash on cash: 10.94% Airbnb Rental Income: $1053 Traditional Rental Income: $2635 Airbnb ROI: 0.64% Traditional ROI: 10.94%
305 W Washington Avenue Alpena, MI Welcome to this beautifully transformed home that offers modern comforts. This restored ge...	4 beds \| 4 baths \| 2,659 sq.ft.	$450,000	Airbnb cash on cash: 0.73% Traditional cash on cash: 5.9% Airbnb Rental Income: $1494 Traditional Rental Income: $3234 Airbnb ROI: 0.73% Traditional ROI: 5.9%
1315 Sheridan Drive Alpena, MI ** MOTIVATED SELLER ** Move-In Ready 3 Bedroom, 2 Bathroom Ranch Style that is close t...	3 beds \| 2 baths \| 1,404 sq.ft.	$167,900	Airbnb cash on cash: 1.21% Traditional cash on cash: 11.5% Airbnb Rental Income: $1053 Traditional Rental Income: $2336 Airbnb ROI: 1.21% Traditional ROI: 11.5%
110 E Campbell Street Alpena, MI Welcome to this spacious 2-bedroom, 1-bath home offering 1,100 sq. ft. of comfortable livi...	2 beds \| 1 baths \| 2,200 sq.ft.	$165,000	Airbnb cash on cash: 1.49% Traditional cash on cash: 7.73% Airbnb Rental Income: $1095 Traditional Rental Income: $1705 Airbnb ROI: 1.49% Traditional ROI: 7.73%
9501 Indian Rd Alpena, MI Once in a lifetime opportunity to own a slice of Pure Michigan. This two bedroom, two bath...	2 beds \| 2 baths \| 3,190 sq.ft.	$995,000	Airbnb cash on cash: -0.69% Traditional cash on cash: 1.2% Airbnb Rental Income: $1095 Traditional Rental Income: $2467 Airbnb ROI: -0.69% Traditional ROI: 1.2%
2904 M-32 Alpena, MI Charming ranch home offering comfort, space and versatility. The property features a spaci...	3 beds \| 1 baths \| 2,822 sq.ft.	$195,000	Airbnb cash on cash: 1.51% Traditional cash on cash: 8.73% Airbnb Rental Income: $1053 Traditional Rental Income: $2026 Airbnb ROI: 1.51% Traditional ROI: 8.73%
121 Channel Road Alpena, MI NEW AC, Water Heater, and Heating system! There's something special about life on the chan...	3 beds \| 2 baths \| 1,950 sq.ft.	$425,000	Airbnb cash on cash: -0.3% Traditional cash on cash: 5.52% Airbnb Rental Income: $1053 Traditional Rental Income: $3005 Airbnb ROI: -0.3% Traditional ROI: 5.52%
1387 Hobbs Drive Alpena, MI Discover this inviting 3-bedroom, 1.5-bath ranch in the heart of Alpena! Set on a beautifu...	3 beds \| 2 baths \| 1,476 sq.ft.	$208,000	Airbnb cash on cash: 0.98% Traditional cash on cash: 9.65% Airbnb Rental Income: $1053 Traditional Rental Income: $2399 Airbnb ROI: 0.98% Traditional ROI: 9.65%
306 Princeton Avenue Alpena, MI This multi-level home invites you in with its soaring vaulted ceilings and square footage ...	4 beds \| 3 baths \| 2,352 sq.ft.	$285,000	Airbnb cash on cash: 1.71% Traditional cash on cash: 9.93% Airbnb Rental Income: $1494 Traditional Rental Income: $3263 Airbnb ROI: 1.71% Traditional ROI: 9.93%
1602 W Nicholson Hill Road Alpena, MI Lovely Mini FArm Newer Ranch home 3 bedrooms 2 baths Full basement with lots of storage ...	3 beds \| 2 baths \| 1,250 sq.ft.	$285,000	Airbnb cash on cash: 0.52% Traditional cash on cash: 6.01% Airbnb Rental Income: $1053 Traditional Rental Income: $2162 Airbnb ROI: 0.52% Traditional ROI: 6.01%
2223 N Partridge Point Road Alpena, MI Lake Huron living at its best! This 3-bedroom, 2-bath home sits on 106 feet of gorgeous fr...	3 beds \| 2 baths \| 2,710 sq.ft.	$420,000	Airbnb cash on cash: 0% Traditional cash on cash: 5.98% Airbnb Rental Income: $1053 Traditional Rental Income: $3043 Airbnb ROI: 0% Traditional ROI: 5.98%
213 Princeton Avenue Alpena, MI Super Convenient location to hospital, doctors and shopping! This well-maintained ranch is...	3 beds \| 2 baths \| 1,248 sq.ft.	$249,900	Airbnb cash on cash: 0.96% Traditional cash on cash: 7.21% Airbnb Rental Income: $1053 Traditional Rental Income: $2163 Airbnb ROI: 0.96% Traditional ROI: 7.21%
912 S 8th Avenue Alpena, MI	2 beds \| 2 baths \| 1,920 sq.ft.	$229,900	Airbnb cash on cash: 0.9% Traditional cash on cash: 8.46% Airbnb Rental Income: $1095 Traditional Rental Income: $2369 Airbnb ROI: 0.9% Traditional ROI: 8.46%
102 W Crapo Street Alpena, MI Charming Two-Bedroom, One-Bath Home in the City. Ideally located within walking distance t...	2 beds \| 1 baths \| 1,344 sq.ft.	$134,900	Airbnb cash on cash: 2.36% Traditional cash on cash: 10.4% Airbnb Rental Income: $1095 Traditional Rental Income: $1765 Airbnb ROI: 2.36% Traditional ROI: 10.4%

Real Estate investment in Alpena, MI

There are 39 properties for sale in the city of Alpena . The median list price in Alpena is $241,000 and the average price per square foot is $100. In October 2025, the average monthly cash on cash return in Alpena is 7.00%. The average monthly rental income in Alpena is $2,163.

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

There are 39 investment properties available for sale in Alpena.

In 2025, 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 $2,163.

Your search for investment property begins and ends here

Investment Property for Sale in Alpena, MI

152 Colorado Road

Alpena, MI

4 beds | 2 baths | 1,676 sq.ft.

$209,000

Airbnb cash on cash: 3.37%

Traditional cash on cash: 10.66%

Airbnb Rental Income: $1494

Traditional Rental Income: $2501

Airbnb ROI: 3.37%

Traditional ROI: 10.66%

306 Elizabeth Street

Alpena, MI

3 beds | 1 baths | 1,554 sq.ft.

$171,000

Airbnb cash on cash: 2.24%

Traditional cash on cash: 9.92%

Airbnb Rental Income: $1053

Traditional Rental Income: $1940

Airbnb ROI: 2.24%

Traditional ROI: 9.92%

7863 Long Rapids Road

Alpena, MI

3 beds | 2 baths | 2,272 sq.ft.

$249,900

Airbnb cash on cash: 0.81%

Traditional cash on cash: 10.71%

Airbnb Rental Income: $1053

Traditional Rental Income: $3025

Airbnb ROI: 0.81%

Traditional ROI: 10.71%

1302 S Third Avenue

Alpena, MI

2 beds | 1 baths | 2,128 sq.ft.

$185,000

Airbnb cash on cash: 1.07%

Traditional cash on cash: 6.59%

Airbnb Rental Income: $1095

Traditional Rental Income: $1694

Airbnb ROI: 1.07%

Traditional ROI: 6.59%

232 S First Avenue

Alpena, MI

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

$895,000

Airbnb cash on cash: -0.56%

Traditional cash on cash: 5.88%

Airbnb Rental Income: $1494

Traditional Rental Income: $6415

Airbnb ROI: -0.56%

Traditional ROI: 5.88%

212 Adams Street

Alpena, MI

2 beds | 1 baths | 1,872 sq.ft.

$115,000

Airbnb cash on cash: 2.97%

Traditional cash on cash: 11.32%

Airbnb Rental Income: $1095

Traditional Rental Income: $1652

Airbnb ROI: 2.97%

Traditional ROI: 11.32%

635 W Washington Avenue

Alpena, MI

4 beds | 4 baths | 3,237 sq.ft.

$570,000

Airbnb cash on cash: 0.3%

Traditional cash on cash: 5.1%

Airbnb Rental Income: $1494

Traditional Rental Income: $3615

Airbnb ROI: 0.3%

Traditional ROI: 5.1%

129 Barrington Circle

Alpena, MI

3 beds | 2 baths | 2,308 sq.ft.

$400,000

Airbnb cash on cash: -0.18%

Traditional cash on cash: 4.19%

Airbnb Rental Income: $1053

Traditional Rental Income: $2329

Airbnb ROI: -0.18%