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.	$220,000	Airbnb cash on cash: 3.19% Traditional cash on cash: 10.09% Airbnb Rental Income: $1503 Traditional Rental Income: $2501 Airbnb ROI: 3.19% Traditional ROI: 10.09%
101 ISLAND VIEW Drive Alpena, MI Charming 3 bed, 2 bath home on a corner lot in desirable Iriscrest Subdivision-just minute...	3 beds \| 2 baths \| 2,424 sq.ft.	$389,900	Airbnb cash on cash: 1.07% Traditional cash on cash: 5.7% Airbnb Rental Income: $1441 Traditional Rental Income: $2707 Airbnb ROI: 1.07% Traditional ROI: 5.7%
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.	$260,500	Airbnb cash on cash: 2.05% Traditional cash on cash: 10.24% Airbnb Rental Income: $1441 Traditional Rental Income: $3025 Airbnb ROI: 2.05% Traditional ROI: 10.24%
914 S Third Avenue Alpena, MI Here's your opportunity to own a home full of charm and modern updates right in the heart ...	4 beds \| 2 baths \| 2,870 sq.ft.	$275,000	Airbnb cash on cash: 2.41% Traditional cash on cash: 9.02% Airbnb Rental Income: $1503 Traditional Rental Income: $2777 Airbnb ROI: 2.41% Traditional ROI: 9.02%
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.	$220,000	Airbnb cash on cash: 0.48% Traditional cash on cash: 4.72% Airbnb Rental Income: $1088 Traditional Rental Income: $1601 Airbnb ROI: 0.48% Traditional ROI: 4.72%
7717 Weiss Road Alpena, MI Enjoy the beauty of waterfront living with this stunning property featuring over 600 feet ...	3 beds \| 2 baths \| 1,680 sq.ft.	$329,900	Airbnb cash on cash: 0.44% Traditional cash on cash: 6.07% Airbnb Rental Income: $1441 Traditional Rental Income: $2757 Airbnb ROI: 0.44% Traditional ROI: 6.07%
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: -0.55% Traditional cash on cash: 5.88% Airbnb Rental Income: $1503 Traditional Rental Income: $6415 Airbnb ROI: -0.55% Traditional ROI: 5.88%
2188 Sommerset Drive Alpena, MI Welcome to this meticulously maintained Ranch-style home built in 2001 with modern updates...	3 beds \| 3 baths \| 3,500 sq.ft.	$365,000	Airbnb cash on cash: 0.16% Traditional cash on cash: 5.83% Airbnb Rental Income: $1441 Traditional Rental Income: $2956 Airbnb ROI: 0.16% Traditional ROI: 5.83%
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.	$575,000	Airbnb cash on cash: 0.3% Traditional cash on cash: 5.05% Airbnb Rental Income: $1503 Traditional Rental Income: $3615 Airbnb ROI: 0.3% Traditional ROI: 5.05%
632 Sable Street Alpena, MI Charming and updated, this fully furnished move-in ready home is just steps from downtown ...	2 beds \| 1 baths \| 1,608 sq.ft.	$145,000	Airbnb cash on cash: 2.71% Traditional cash on cash: 9.7% Airbnb Rental Income: $1088 Traditional Rental Income: $1688 Airbnb ROI: 2.71% Traditional ROI: 9.7%
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: -0.15% Traditional cash on cash: 3.28% Airbnb Rental Income: $1441 Traditional Rental Income: $3091 Airbnb ROI: -0.15% Traditional ROI: 3.28%
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: -0.32% Traditional cash on cash: 2.42% Airbnb Rental Income: $1503 Traditional Rental Income: $2266 Airbnb ROI: -0.32% Traditional ROI: 2.42%
9801 French Road Alpena, MI This home , with detached garage and shed is located North of Alpena on a paved public mai...	2 beds \| 1 baths \| 1,244 sq.ft.	$139,900	Airbnb cash on cash: 2.15% Traditional cash on cash: 9.41% Airbnb Rental Income: $1088 Traditional Rental Income: $1693 Airbnb ROI: 2.15% Traditional ROI: 9.41%
4541 Cathro Road Alpena, MI One level living! This 3 bedroom, 1 bath ranch is located in Maple in Maple Ridge township...	3 beds \| 1 baths \| 1,224 sq.ft.	$138,000	Airbnb cash on cash: 5.73% Traditional cash on cash: 6.94% Airbnb Rental Income: $1441 Traditional Rental Income: $1172 Airbnb ROI: 5.73% Traditional ROI: 6.94%
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.	$275,000	Airbnb cash on cash: 2.03% Traditional cash on cash: 5.02% Airbnb Rental Income: $1441 Traditional Rental Income: $1787 Airbnb ROI: 2.03% Traditional ROI: 5.02%
307 Minor Street Alpena, MI Discover 307 Minor St., a beautifully, well-built maintained residence in a friendly Alpen...	2 beds \| 2 baths \| 2,952 sq.ft.	$195,000	Airbnb cash on cash: 1.26% Traditional cash on cash: 6.95% Airbnb Rental Income: $1088 Traditional Rental Income: $1771 Airbnb ROI: 1.26% Traditional ROI: 6.95%
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.	$240,000	Airbnb cash on cash: 2.4% Traditional cash on cash: 6.24% Airbnb Rental Income: $1441 Traditional Rental Income: $1882 Airbnb ROI: 2.4% Traditional ROI: 6.24%
506 S North Street Alpena, MI *BACK ON THE MARKET & PRICED BELOW APPRAISED VALUE* Beautifully remodeled from ceiling...	2 beds \| 1 baths \| 792 sq.ft.	$133,900	Airbnb cash on cash: 3.8% Traditional cash on cash: 10.16% Airbnb Rental Income: $1088 Traditional Rental Income: $1535 Airbnb ROI: 3.8% Traditional ROI: 10.16%
105 Sitting Bull Road Alpena, MI Brand-new home! This beautifully constructed 2-bedroom, 2-bath residence offers modern com...	2 beds \| 2 baths \| 960 sq.ft.	$169,900	Airbnb cash on cash: 1.35% Traditional cash on cash: 7.53% Airbnb Rental Income: $1088 Traditional Rental Income: $1719 Airbnb ROI: 1.35% Traditional ROI: 7.53%
567 Long Rapids Road Alpena, MI Discover this spacious 4-bedroom, 1.5-bath oversized ranch. Perfect for family living and ...	4 beds \| 2 baths \| 3,732 sq.ft.	$279,000	Airbnb cash on cash: 1.61% Traditional cash on cash: 8.1% Airbnb Rental Income: $1503 Traditional Rental Income: $2770 Airbnb ROI: 1.61% Traditional ROI: 8.1%
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: -0.1% Traditional cash on cash: 1.37% Airbnb Rental Income: $3253 Traditional Rental Income: $4987 Airbnb ROI: -0.1% 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 \| 2 baths \| 1,506 sq.ft.	$449,000	Airbnb cash on cash: -0.18% Traditional cash on cash: 4.23% Airbnb Rental Income: $1088 Traditional Rental Income: $2572 Airbnb ROI: -0.18% Traditional ROI: 4.23%
185 S June Street Alpena, MI Very nice location, within walking distance of Lake Huron, schools and shopping! Beautiful...	4 beds \| 3 baths \| 1,817 sq.ft.	$274,500	Airbnb cash on cash: 1.79% Traditional cash on cash: 9.66% Airbnb Rental Income: $1503 Traditional Rental Income: $3100 Airbnb ROI: 1.79% Traditional ROI: 9.66%
1214 S Second Avenue Alpena, MI Newly renovated home on Alpena's beautiful Second Avenue! This home has been completely re...	4 beds \| 3 baths \| 3,088 sq.ft.	$274,900	Airbnb cash on cash: 1.22% Traditional cash on cash: 10.35% Airbnb Rental Income: $1503 Traditional Rental Income: $3428 Airbnb ROI: 1.22% Traditional ROI: 10.35%
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.	$118,000	Airbnb cash on cash: 3.68% Traditional cash on cash: 10.38% Airbnb Rental Income: $1088 Traditional Rental Income: $1481 Airbnb ROI: 3.68% Traditional ROI: 10.38%
326 N Addison Street Alpena, MI ** MOTIVATED SELLER ** Charming Ranch-Style Home with Convenient Layout Welcome to you...	3 beds \| 1 baths \| 945 sq.ft.	$149,900	Airbnb cash on cash: 4.57% Traditional cash on cash: 9.96% Airbnb Rental Income: $1441 Traditional Rental Income: $1785 Airbnb ROI: 4.57% Traditional ROI: 9.96%
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: 1.69% Traditional cash on cash: 7.98% Airbnb Rental Income: $1441 Traditional Rental Income: $2615 Airbnb ROI: 1.69% 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: 2.78% Traditional cash on cash: 8.1% Airbnb Rental Income: $1441 Traditional Rental Income: $2072 Airbnb ROI: 2.78% Traditional ROI: 8.1%
4785 Werth Road Alpena, MI Wilson Township, 3 Bedroom, 1 Bathroom, home on .5 acres! This slice of heaven is just wai...	3 beds \| 1 baths \| 1,750 sq.ft.	$169,900	Airbnb cash on cash: 4.01% Traditional cash on cash: 9.31% Airbnb Rental Income: $1441 Traditional Rental Income: $1870 Airbnb ROI: 4.01% Traditional ROI: 9.31%
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: -0.48% Traditional cash on cash: 2.83% Airbnb Rental Income: $1503 Traditional Rental Income: $3683 Airbnb ROI: -0.48% Traditional ROI: 2.83%
145 Sitting Bull Road Alpena, MI Charming new home on a double lot with an open floor plan. Welcome to this Nicely built in...	3 beds \| 1 baths \| 1,232 sq.ft.	$199,500	Airbnb cash on cash: 2.71% Traditional cash on cash: 7.18% Airbnb Rental Income: $1441 Traditional Rental Income: $1857 Airbnb ROI: 2.71% Traditional ROI: 7.18%
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: 8.18% Traditional cash on cash: 11.07% Airbnb Rental Income: $3253 Traditional Rental Income: $3202 Airbnb ROI: 8.18% Traditional ROI: 11.07%
211 Par Drive Alpena, MI Welcome to this charming ranch-style home located close to the golf course, hospitals and ...	3 beds \| 1 baths \| 1,200 sq.ft.	$177,000	Airbnb cash on cash: 2.94% Traditional cash on cash: 7.58% Airbnb Rental Income: $1441 Traditional Rental Income: $1794 Airbnb ROI: 2.94% Traditional ROI: 7.58%
6555 Monaghan Point Road Alpena, MI Your own private home oasis just minutes from Alpena! Secluded yet big, beautiful yard. Al...	3 beds \| 2 baths \| 1,842 sq.ft.	$349,000	Airbnb cash on cash: 1.21% Traditional cash on cash: 5.77% Airbnb Rental Income: $1441 Traditional Rental Income: $2508 Airbnb ROI: 1.21% Traditional ROI: 5.77%
411 N Garden Street Alpena, MI Welcome to this spacious 4-bedroom, 2-bathroom tri-level home, located on a desirable corn...	4 beds \| 2 baths \| 1,554 sq.ft.	$199,000	Airbnb cash on cash: 3.05% Traditional cash on cash: 10.19% Airbnb Rental Income: $1503 Traditional Rental Income: $2412 Airbnb ROI: 3.05% Traditional ROI: 10.19%
1280 Dow Drive Alpena, MI Located in highly desirable subdivision along the golf course, a two-story brick tradition...	3 beds \| 3 baths \| 3,248 sq.ft.	$425,000	Airbnb cash on cash: 0.4% Traditional cash on cash: 5.28% Airbnb Rental Income: $1441 Traditional Rental Income: $2952 Airbnb ROI: 0.4% Traditional ROI: 5.28%
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: 1.37% Traditional cash on cash: 7.83% Airbnb Rental Income: $1441 Traditional Rental Income: $2536 Airbnb ROI: 1.37% Traditional ROI: 7.83%
314 W Lincoln Street Alpena, MI Don't miss your chance to own a true Alpena gem, Charming Fieldstone Home. Welcome to a st...	2 beds \| 1 baths \| 1,488 sq.ft.	$135,000	Airbnb cash on cash: 2.31% Traditional cash on cash: 10.13% Airbnb Rental Income: $1088 Traditional Rental Income: $1731 Airbnb ROI: 2.31% Traditional ROI: 10.13%
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.	$249,900	Airbnb cash on cash: 0.13% Traditional cash on cash: 5.9% Airbnb Rental Income: $1088 Traditional Rental Income: $2080 Airbnb ROI: 0.13% Traditional ROI: 5.9%
312 Huron Street Alpena, MI This inviting 3-bedroom home offers comfort, style, and plenty of character. The primary b...	3 beds \| 1 baths \| 2,145 sq.ft.	$160,000	Airbnb cash on cash: 3.51% Traditional cash on cash: 9.71% Airbnb Rental Income: $1441 Traditional Rental Income: $1960 Airbnb ROI: 3.51% Traditional ROI: 9.71%

Real Estate investment in Alpena, MI

There are 47 properties for sale in the city of Alpena . The median list price in Alpena is $232,450 and the average price per square foot is $100. In September 2025, the average monthly cash on cash return in Alpena is 8.00%. The average monthly rental income in Alpena is $2,162.

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

There are 47 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 $2,162.

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.

$220,000

Airbnb cash on cash: 3.19%

Traditional cash on cash: 10.09%

Airbnb Rental Income: $1503

Traditional Rental Income: $2501

Airbnb ROI: 3.19%

Traditional ROI: 10.09%

101 ISLAND VIEW Drive

Alpena, MI

3 beds | 2 baths | 2,424 sq.ft.

$389,900

Airbnb cash on cash: 1.07%

Traditional cash on cash: 5.7%

Airbnb Rental Income: $1441

Traditional Rental Income: $2707

Airbnb ROI: 1.07%

Traditional ROI: 5.7%

7863 Long Rapids Road

Alpena, MI

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

$260,500

Airbnb cash on cash: 2.05%

Traditional cash on cash: 10.24%

Airbnb Rental Income: $1441

Traditional Rental Income: $3025

Airbnb ROI: 2.05%

Traditional ROI: 10.24%

914 S Third Avenue

Alpena, MI

4 beds | 2 baths | 2,870 sq.ft.

$275,000

Airbnb cash on cash: 2.41%

Traditional cash on cash: 9.02%

Airbnb Rental Income: $1503

Traditional Rental Income: $2777

Airbnb ROI: 2.41%

Traditional ROI: 9.02%

17131 Paradise Cove Road

Alpena, MI

2 beds | 1 baths | 700 sq.ft.

$220,000

Airbnb cash on cash: 0.48%

Traditional cash on cash: 4.72%

Airbnb Rental Income: $1088

Traditional Rental Income: $1601

Airbnb ROI: 0.48%

Traditional ROI: 4.72%

7717 Weiss Road

Alpena, MI

3 beds | 2 baths | 1,680 sq.ft.

$329,900

Airbnb cash on cash: 0.44%

Traditional cash on cash: 6.07%

Airbnb Rental Income: $1441

Traditional Rental Income: $2757

Airbnb ROI: 0.44%

Traditional ROI: 6.07%

232 S First Avenue

Alpena, MI

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

$895,000

Airbnb cash on cash: -0.55%

Traditional cash on cash: 5.88%

Airbnb Rental Income: $1503

Traditional Rental Income: $6415

Airbnb ROI: -0.55%

Traditional ROI: 5.88%

2188 Sommerset Drive

Alpena, MI

3 beds | 3 baths | 3,500 sq.ft.

$365,000

Airbnb cash on cash: 0.16%

Traditional cash on cash: 5.83%

Airbnb Rental Income: $1441

Traditional Rental Income: $2956

Airbnb ROI: 0.16%