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
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.	$167,000	Airbnb cash on cash: 1.28% Traditional cash on cash: 10.17% Airbnb Rental Income: $855 Traditional Rental Income: $1940 Airbnb ROI: 1.28% Traditional ROI: 10.17%
101 Island View Drive Alpena, MI This home is truly move-in ready, reflecting the pride of meticulous ownership. It's packe...	3 beds \| 2 baths \| 2,088 sq.ft.	$289,000	Airbnb cash on cash: -0.16% Traditional cash on cash: 7.86% Airbnb Rental Income: $855 Traditional Rental Income: $2707 Airbnb ROI: -0.16% Traditional ROI: 7.86%
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: 0.11% Traditional cash on cash: 10.71% Airbnb Rental Income: $855 Traditional Rental Income: $3025 Airbnb ROI: 0.11% Traditional ROI: 10.71%
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 \| 5 baths \| 6,791 sq.ft.	$895,000	Airbnb cash on cash: -0.6% Traditional cash on cash: 5.88% Airbnb Rental Income: $1446 Traditional Rental Income: $6415 Airbnb ROI: -0.6% 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.	$112,000	Airbnb cash on cash: 2.88% Traditional cash on cash: 11.64% Airbnb Rental Income: $1070 Traditional Rental Income: $1652 Airbnb ROI: 2.88% Traditional ROI: 11.64%
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.	$549,500	Airbnb cash on cash: 0.27% Traditional cash on cash: 5.33% Airbnb Rental Income: $1446 Traditional Rental Income: $3615 Airbnb ROI: 0.27% Traditional ROI: 5.33%
632 Sable Street Alpena, MI Charming and updated, this fully furnished move-in ready home is just close from downtown ...	2 beds \| 1 baths \| 1,608 sq.ft.	$145,000	Airbnb cash on cash: 2.6% Traditional cash on cash: 9.7% Airbnb Rental Income: $1070 Traditional Rental Income: $1688 Airbnb ROI: 2.6% Traditional ROI: 9.7%
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.	$699,000	Airbnb cash on cash: -0.89% Traditional cash on cash: 2.26% Airbnb Rental Income: $1446 Traditional Rental Income: $3071 Airbnb ROI: -0.89% Traditional ROI: 2.26%
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: 0.19% Traditional cash on cash: 5.24% Airbnb Rental Income: $855 Traditional Rental Income: $1787 Airbnb ROI: 0.19% Traditional ROI: 5.24%
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.	$159,900	Airbnb cash on cash: 1.48% Traditional cash on cash: 8.14% Airbnb Rental Income: $1070 Traditional Rental Income: $1719 Airbnb ROI: 1.48% Traditional ROI: 8.14%
303 S State Avenue Alpena, MI THE CASTLE like no other! Fully furnished. Turnkey w/hand carved solid wood furniture, art...	5 beds \| 3 baths \| 7,443 sq.ft.	$1,800,000	Airbnb cash on cash: -0.79% Traditional cash on cash: 1.37% Airbnb Rental Income: $1869 Traditional Rental Income: $4987 Airbnb ROI: -0.79% Traditional ROI: 1.37%
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: 3.66% Traditional cash on cash: 10.67% Airbnb Rental Income: $1070 Traditional Rental Income: $1481 Airbnb ROI: 3.66% 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.	$260,000	Airbnb cash on cash: -0.2% Traditional cash on cash: 8.32% Airbnb Rental Income: $855 Traditional Rental Income: $2615 Airbnb ROI: -0.2% Traditional ROI: 8.32%
2151 S Third Avenue Alpena, MI Convenience is key! This freshly painted 2-3 bedroom, has new laminate flooring in all the...	3 beds \| 1 baths \| 1,998 sq.ft.	$210,000	Airbnb cash on cash: 0.32% Traditional cash on cash: 8.1% Airbnb Rental Income: $855 Traditional Rental Income: $2072 Airbnb ROI: 0.32% 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: -0.54% Traditional cash on cash: 2.83% Airbnb Rental Income: $1446 Traditional Rental Income: $3683 Airbnb ROI: -0.54% 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 \| 2 baths \| 4,245 sq.ft.	$234,900	Airbnb cash on cash: 3.57% Traditional cash on cash: 11.82% Airbnb Rental Income: $1869 Traditional Rental Income: $3202 Airbnb ROI: 3.57% Traditional ROI: 11.82%
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: -0.71% Traditional cash on cash: 1.2% Airbnb Rental Income: $1070 Traditional Rental Income: $2467 Airbnb ROI: -0.71% Traditional ROI: 1.2%
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.	$415,000	Airbnb cash on cash: -0.71% Traditional cash on cash: 5.68% Airbnb Rental Income: $855 Traditional Rental Income: $3005 Airbnb ROI: -0.71% Traditional ROI: 5.68%
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: -0.42% Traditional cash on cash: 5.98% Airbnb Rental Income: $855 Traditional Rental Income: $3043 Airbnb ROI: -0.42% 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: 0.26% Traditional cash on cash: 7.21% Airbnb Rental Income: $855 Traditional Rental Income: $2163 Airbnb ROI: 0.26% Traditional ROI: 7.21%
4721 Haken Road Alpena, MI Discover the charm & potential of this spacious 3-bedroom ranch-style home nestled on a st...	3 beds \| 1 baths \| 1,424 sq.ft.	$419,000	Airbnb cash on cash: -0.58% Traditional cash on cash: 3.2% Airbnb Rental Income: $855 Traditional Rental Income: $2008 Airbnb ROI: -0.58% Traditional ROI: 3.2%
1091 Hamilton Road Alpena, MI Spacious 4-Bedroom Home on 1.23 Acres with Great Potential This 4-bedroom, 2-bath home off...	4 beds \| 2 baths \| 2,952 sq.ft.	$219,900	Airbnb cash on cash: 2.08% Traditional cash on cash: 11.29% Airbnb Rental Income: $1446 Traditional Rental Income: $2934 Airbnb ROI: 2.08% Traditional ROI: 11.29%
123 N Ninth Avenue Alpena, MI Affordable Alpena Gem - Perfect for First-Time Buyers or Investors! Discover this charming...	2 beds \| 1 baths \| 1,990 sq.ft.	$119,900	Airbnb cash on cash: 2.84% Traditional cash on cash: 11.17% Airbnb Rental Income: $1070 Traditional Rental Income: $1665 Airbnb ROI: 2.84% Traditional ROI: 11.17%
104 Birdie Lane Alpena, MI This delightful 2-bedroom, 1-bath home sits just steps from the golf course-fitting for it...	2 beds \| 1 baths \| 1,650 sq.ft.	$159,200	Airbnb cash on cash: 2.27% Traditional cash on cash: 9.05% Airbnb Rental Income: $1070 Traditional Rental Income: $1733 Airbnb ROI: 2.27% Traditional ROI: 9.05%
916 S First Avenue Alpena, MI This cozy ranch home is a perfect starter or retirement home with 3 bedrooms and a full ba...	3 beds \| 1 baths \| 1,104 sq.ft.	$185,000	Airbnb cash on cash: 0.18% Traditional cash on cash: 7.95% Airbnb Rental Income: $855 Traditional Rental Income: $1892 Airbnb ROI: 0.18% Traditional ROI: 7.95%
701 S Brooke Street Alpena, MI One level living! You will enjoy the open spaces in this rambling ranch. Large living room...	3 beds \| 2 baths \| 1,500 sq.ft.	$209,000	Airbnb cash on cash: 0.55% Traditional cash on cash: 9.13% Airbnb Rental Income: $855 Traditional Rental Income: $2223 Airbnb ROI: 0.55% Traditional ROI: 9.13%
2013 M-32 Alpena, MI Great buy!!! Plenty of room for the family in this handy location! Near Walmart, Arby's an...	3 beds \| 2 baths \| 1,342 sq.ft.	$115,000	Airbnb cash on cash: 1.52% Traditional cash on cash: 7.68% Airbnb Rental Income: $855 Traditional Rental Income: $1208 Airbnb ROI: 1.52% Traditional ROI: 7.68%

Real Estate investment in Alpena, MI

There are 36 properties for sale in the city of Alpena . The median list price in Alpena is $210,000 and the average price per square foot is $87. In December 2025, the average monthly cash on cash return in Alpena is 8.00%. The average monthly rental income in Alpena is $1,947.

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

There are 36 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 $1,947.

Your search for investment property begins and ends here

Investment Property for Sale in Alpena, MI

306 Elizabeth Street

Alpena, MI

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

$167,000

Airbnb cash on cash: 1.28%

Traditional cash on cash: 10.17%

Airbnb Rental Income: $855

Traditional Rental Income: $1940

Airbnb ROI: 1.28%

Traditional ROI: 10.17%

101 Island View Drive

Alpena, MI

3 beds | 2 baths | 2,088 sq.ft.

$289,000

Airbnb cash on cash: -0.16%

Traditional cash on cash: 7.86%

Airbnb Rental Income: $855

Traditional Rental Income: $2707

Airbnb ROI: -0.16%

Traditional ROI: 7.86%

7863 Long Rapids Road

Alpena, MI

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

$249,900

Airbnb cash on cash: 0.11%

Traditional cash on cash: 10.71%

Airbnb Rental Income: $855

Traditional Rental Income: $3025

Airbnb ROI: 0.11%

Traditional ROI: 10.71%

232 S First Avenue

Alpena, MI

4 beds | 5 baths | 6,791 sq.ft.

$895,000

Airbnb cash on cash: -0.6%

Traditional cash on cash: 5.88%

Airbnb Rental Income: $1446

Traditional Rental Income: $6415

Airbnb ROI: -0.6%

Traditional ROI: 5.88%

212 Adams Street

Alpena, MI

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

$112,000

Airbnb cash on cash: 2.88%

Traditional cash on cash: 11.64%

Airbnb Rental Income: $1070

Traditional Rental Income: $1652

Airbnb ROI: 2.88%

Traditional ROI: 11.64%

635 W Washington Avenue

Alpena, MI

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

$549,500

Airbnb cash on cash: 0.27%

Traditional cash on cash: 5.33%

Airbnb Rental Income: $1446

Traditional Rental Income: $3615

Airbnb ROI: 0.27%

Traditional ROI: 5.33%

632 Sable Street

Alpena, MI

2 beds | 1 baths | 1,608 sq.ft.

$145,000

Airbnb cash on cash: 2.6%

Traditional cash on cash: 9.7%

Airbnb Rental Income: $1070

Traditional Rental Income: $1688

Airbnb ROI: 2.6%

Traditional ROI: 9.7%

212 Long Rapids Road

Alpena, MI

4 beds | 4 baths | 4,293 sq.ft.

$699,000

Airbnb cash on cash: -0.89%

Traditional cash on cash: 2.26%

Airbnb Rental Income: $1446

Traditional Rental Income: $3071

Airbnb ROI: -0.89%