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    1137 S Stephenson Iron Mountain, MI 49801

    View on Map
    For Sale
    $1,850,000

    Business - Iron Mountain, MI

    Type:Business
    Property size:
    3,519 SF
    Lot size:
    1.10 Acres
    Added:
    Aug 27, 2025
    Days on Market:
    218
    Last Refresh:
    Apr 1 at 12:06 pm

    Property Features for 1137 S Stephenson

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Zoning
    Commercial
    Parking features
    Parking Lot
    Interior features
    Bath, Cable Internet Installed, Cable TV Available, Cafe/Kitchen, Clear Span, Concrete Floor, Internet Available, Delivery Area, Delivery Door, Drive-In, Occupied, Overhead Doors, Private Restrooms, Public Restrooms, Reception Area, Truck Door(s)
    Standard status
    Active
    APN
    051-104-648-00, 051-103-791-00
    Size
    3,519 SF
    Lot size
    1.10 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    7603.92

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2014
    Flooring type
    Concrete
    Roof type
    Other, See Remarks
    Architectural style
    Other

    We can help!

    Listing Contact
    CARRIE TORETTA-PARTELLO

    Listing agent CARRIE TORETTA-PARTELLO License #6501298751

    Listing office COLDWELL BANKER REAL ESTATE GROUP 217 E. Hughitt Street, Pembine, MI

    Listing date Aug 27, 2025

    MLS# 50186822 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.

    Overview

    Turnkey Auto Service Facility Business

    This is a 3,519 sq. ft auto service facility built in 2014. The property includes 408 sq. ft of office space with a public restroom, and a 3,111 sq. ft shop area with 6 service bays. The upper level features a 408 sq. ft breakroom equipped with a refrigerator, sink, microwave, cabinets, dishware, and TV, along with an employee bathroom that includes a shower. There is also a loft/storage area of approximately 572 sq. ft with a reinforced floor, and a detached 15'x20' storage garage with an employee parking area. The building features radiant-heat natural gas in the shop and a forced air natural gas furnace in the office and breakroom area, trench drains with an oil separator, air exchanger, 3 ceiling fans, emergency and exit lighting, ADA compliance, energy-efficient lighting installed in 2020, and a security camera system. Included equipment and inventory consist of 3 hoists, a tire changing machine, tire balancer, parts washer, air compressor, A/C repair equipment, brake lathe, drill press, shop press, engine hoist, cutting torch, arc welder, wire feed welder, miscellaneous supplies, inventory, and security cameras. The sale includes an established snow removal/salt business with 20 regular customers, featuring a 2015 Ford F-350 regular cab pickup truck with a Boss 9'2" V plow and Boss salter. Customer records from the past 12 years are organized in QuickBooks. The property is located on Highway US 2 at the busiest intersection/traffic light in Iron Mountain, offering visibility. The lot size is 1.1 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dave's Auto Sales ... Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Midtown QuickLube — 1123 S Stephenson Ave, Iron Mountain, MI 49801
    • Integrity Automotive Care — 705 River Ave, Iron Mountain, MI 49801
    • Auto Tech Service Center — 701 Carpenter Ave, Iron Mountain, MI 49801
    • Dave's Auto Sales & Service — 1137 S Stephenson Ave, Iron Mountain, MI 49801
    • Burcar Towing and Recovery — 1228 Prospect Ave, Iron Mountain, MI 49801

    Location Insight

    • Map
    • Local Demand
    City
    Iron Mountain
    County
    Dickinson
    State
    Michigan
    Longitude
    -88.059113
    Latitude
    45.811712

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    FAQs

    What type of property is this?
    Auto shop - Modern, fully equipped auto service facility with additional income opportunities.
    Where is this auto shop located?
    The property is located at 1137 S Stephenson Iron Mountain, MI.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Turnkey auto service facility built in 2014, fully equipped with 6 service bays.; Includes established snow removal/salt business with equipment and 20 regular customers.; Prime location on Highway US 2 at the busiest intersection in Iron Mountain, ensuring maximum visibility.
    (906) 396-4985
    We can help!
    Listing Contact
    CARRIE TORETTA-PARTELLO
    Real Estate License ID: 6501298751
    Learn More
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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
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