Corner Lot Retail-Office
1200 Carpenter Avenue Iron Mountain, MI 49801
1200 Carpenter Avenue, Iron Mountain, MI, 49801
$284,900
For Sale
$284,900
COMMERCIAL - Iron Mountain, MI
Property Size2,895 SF
Lot Size0.48 Acres
Price / SF$98.41
Days on Market678
Property Features for 1200 Carpenter Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Parking features
- Parking Lot
- Standard status
- Active
- Size
- 2,895 SF
- Lot size
- 0.48 Acres
Taxes and HOA fees
- Tax Annual Amount
- 10627
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1960
Listing agency
LEEDS REAL ESTATE
(906) 779-5333
Listed by
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Added: Sep 13, 2024 Updated: Jul 17 at 6:02PM Checked: Jul 22 at 2:06PM
MLS# 50155622
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.
Investment Insights
Based on property information with market context.
Located at 1200 Carpenter Avenue in Iron Mountain, Michigan, this corner lot commercial property includes a 0.48-acre site and a 2,895-square-foot building. Ample parking is available for day-to-day customer and employee access. The space is suited for retail, food service, or office use, and a portion of the building is already rented.
The property sits at a busy stoplight intersection and is positioned among active businesses, supporting convenient visibility and accessibility for passing traffic.
The property sits at a busy stoplight intersection and is positioned among active businesses, supporting convenient visibility and accessibility for passing traffic.
Key Highlights
- High‑traffic corner lot location at a busy stoplight.
- Nearly 3,000 sq. ft. building suitable for retail, food service, or office use.
- Immediate additional income from existing rental portion.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.7k | $14.40 |
| − Vacancy | −$4.4k | −$1.51 |
| EGI | $37.3k | $12.89 |
| − OpEx | −$11.2k | −$3.87 |
| NOI | $26.1k | $9.02 |
2,895 SF · lease $14.40/SF/yr · vacancy 10.50% · expense 30.00%
Alternative Uses
Best Use
Office B
$436.0K
$381.5K – $508.7K
NOI $30,523 @ 7.0% cap · market cap 10.71%
Second Best
Retail
$373.1K
$326.5K – $435.3K
NOI $26,118 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$558.1K
$488.4K – $651.2K
NOI $39,070 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Borderhounds
Charitable Organization
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Nearly half-acre corner lot with a 2,895 SF building and ample parking for retail, food service, or office use.
Where is this retail space located?
The property is located at 1200 Carpenter Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: High‑traffic corner lot location at a busy stoplight.; Nearly 3,000 sq. ft. building suitable for retail, food service, or office use.; Immediate additional income from existing rental portion.
