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    130 Washington Ave Iron River, MI 49935

    Sponsored
    For Sale
    $349,000

    House - Iron River, MI

    Property size:
    2,923 SF
    Lot size:
    0.45 Acres
    Days on Market:
    11
    Last Refresh:
    Jan 24 at 9:06 am

    Property Features for 130 Washington Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm
    Zoning
    Commercial
    APN
    055.116.001.00
    Interior features
    220 Volt Power, Bath, Cafe/Kitchen, Electric Available, Gas Available, No Elevator, Public Restrooms, Restroom(s), Sidewalks, Sprinkler System, Trash Removal, Smoke/Fire Alarm
    Accessibility
    Accessible Elevator Installed
    Size
    2,923 SF
    Lot size
    0.45 Acres

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air
    Cooling system
    Central Air, Exhaust Fan (Cooling)

    Building Details

    Year built
    1932
    Building materials
    Stucco
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT

    KELLER WILLIAMS CLASSIC REALTY NM (763) 463-7500

    Listing agent NICOLE HEBERT (763) 463-7500

    Listing date Jan 14, 2026

    MLS# 50197464 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

    Turnkey Restaurant & Bar with Residence

    This 2923 square foot commercial property, formerly Liminal, features a restaurant and bar with a full basement, presenting a ready-to-operate business opportunity in Iron County. The property includes a Michigan liquor license and a separate residence located behind the main building, suitable for a live/work arrangement or income generation. Recent upgrades include a remodeled commercial kitchen, new plumbing, updated electrical systems, new forced-air heating, a newer roof installed in 2018, new concrete flooring, renovated bathrooms, fresh interior and exterior paint, and a 10-foot Captivaire vent hood. The sale encompasses a full array of commercial equipment, such as a stove, fryers, prep tables, a walk-in cooler and freezer, beer coolers, a POS system, and a salad bar, facilitating a turnkey operation. The residential component offers 4 bedrooms (2 downstairs, 2 upstairs) with additional space on the third floor, potentially for a game room or office. This area has renovation potential for owner occupancy, rental income, or Airbnb. The property spans 4 lots totaling 0.45 acres. Situated near snowmobile and outdoor recreation trails, it is positioned to attract customer traffic. This mixed-use property is suitable for entrepreneurs looking to establish their restaurant and bar business, with the option to live on-site or generate rental income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Similar Places Nearby

    J & M BAR & GRILL, River North Pub & Grill, Outer Limits Bar & Grill

    Location Insight

    • Map
    • Local Demand
    City
    Iron River
    County
    Iron
    State
    Michigan
    Longitude
    -88.633675
    Latitude
    46.087003

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    FAQs

    What type of property is this?
    Bar - Commercial restaurant and bar with living space in Iron River.
    Where is this bar located?
    The property is located at 130 Washington Ave Iron River, MI.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: - Turnkey restaurant and bar with a Michigan liquor license and fully equipped commercial kitchen, ready for immediate operation.; - Includes a separate 4-bedroom residence, offering live/work potential, rental income, or Airbnb opportunity.; - Extensive recent upgrades, including remodeled kitchen, new plumbing, updated electrical, new heating, newer roof, and renovated bathrooms.
    (906) 284-0216
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    130 Washington Ave Iron River, MI 49935
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    Iron River, MI 49935
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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
    130 Washington Ave Iron River, MI 49935
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    We can help!
    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT
    Real Estate License ID: UPAR
    (906) 284-0216
    Learn more
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