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    The Largest CRE Database in the US with Over 1 Million Listings

    101 W Highitt Iron Mountain, MI 49801

    Sponsored
    For Sale
    $324,900

    Commercial/Industrial - Iron Mountain, MI

    Property size:
    3,325 SF
    Lot size:
    0.50 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 16 at 9:06 pm

    Property Features for 101 W Highitt

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial,Industrial
    APN
    051-104-453-00, 051-104-455-00
    Interior features
    Carpet, Concrete Floor, Internet Available, Delivery Door, Floor Drain, Off Street Loading, Overhead Doors, Private Restrooms, Showroom, Sidewalks, Tile Floors, Unfinished Floor
    Size
    3,325 SF
    Lot size
    0.50 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2000
    Flooring type
    Carpet, Concrete, Tile
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    KELLY CHALLANCIN
    KELLY CHALLANCIN

    Leeds Real Estate (906) 779-5333

    Listing agent KELLY CHALLANCIN (906) 779-5333 License #6501420449

    Listing date Feb 16, 2026

    MLS# 50199550 Listing URL

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Versatile Commercial Building on Corner Lot

    This attractive metal commercial building with a wood façade offers approximately 3,420 square feet of retail and storage space, along with an additional 360 square feet of garage space. The property features dedicated office space, a storage area, and a mechanical room. An attached garage with an overhead door is located behind the building, providing a rear entrance and extra parking. Situated on a highly visible corner lot encompassing three city lots, the property totals approximately half an acre. An established parking lot is present, with room for future expansion. The location offers convenient access to the downtown post office, shopping, and restaurants, enhancing both visibility and accessibility. The property's zoning is commercial and industrial. The building provides flexibility for a variety of business uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Iron Mountain
    County
    Dickinson
    State
    Michigan
    Longitude
    -88.067023
    Latitude
    45.819054

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    FAQs

    What type of property is this?
    Retail space - Retail and storage space with expansion potential in Iron Mountain.
    Where is this retail space located?
    The property is located at 101 W Highitt Iron Mountain, MI.
    What is the asking price?
    The asking price for this property is $324,900.
    What are key features of this property?
    This property features: - Highly visible corner lot location with convenient access to downtown, shopping, and restaurants.; - Approximately 3,420 sq ft of retail/storage space plus 360 sq ft garage.; - Established parking lot with room for future expansion on a half-acre lot.
    (906) 282-4906
    Request Owner's contact information
    101 W Highitt Iron Mountain, MI 49801
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    Iron Mountain, MI 49801
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    101 W Highitt Iron Mountain, MI 49801
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    We can help!
    Listing Contact
    KELLY CHALLANCIN
    KELLY CHALLANCIN
    Real Estate License ID: 6501420449
    (906) 282-4906 (906) 779-5333
    Learn more
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