Iron Mountain Commercial Building For
For Sale
$329,500
1605 N Stephenson Avenue, Iron Mountain, MI 49801
COMMERCIAL - Iron Mountain, MI
Property Size3,288 SF
Lot Size0.48 Acres
Price / SF$100.21
Days on Market128
Property Features for 1605 N Stephenson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
3,288 SF
Lot size
0.48 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1973
Listing Agency:
HARRIS STATE WIDE
(906) 828-1099
Listed By:
HUGH HARRIS · License #UPAR
(906) 282-7348
Added: Mar 26
Changed: Jun 10
Last Checked: Jul 31 at 10:06PM
MLS# 50202563
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.
This 3,288 square foot commercial building in Iron Mountain, Michigan, presents versatile potential for various business ventures. Previously utilized as a restaurant for several decades, the property is also suitable for use as a professional or retail building. The building is in excellent condition, featuring new plumbing and wiring, along with three large, up-to-code handicap bathrooms and a fireplace. Ample parking spaces are available, and the property offers immediate access to the highway. Situated on a highly visible corner of US-2 with high traffic, the location is near Lake Antoine, hotels, motels, and a trail system. The 0.48-acre lot is passed by hundreds of Boss Snow Plow and Systems Control employees twice daily. This location is ideal for opening a new business or relocating an existing one.
Key Highlights
- 3,288 SF commercial building on a high‑traffic, highly visible corner on US‑2 in Iron Mountain
- New plumbing and wiring reported
- Three large handicap‑accessible bathrooms, up to code
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 | $47.3k | $14.40 |
| − Vacancy | −$5.0k | −$1.51 |
| EGI | $42.4k | $12.89 |
| − OpEx | −$12.7k | −$3.87 |
| NOI | $29.7k | $9.02 |
3,288 SF · lease $14.40/SF/yr · vacancy 10.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$423.8K
$370.8K – $494.4K
NOI $29,663 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$633.9K
$554.7K – $739.6K
NOI $44,374 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
42k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Hotels & Casinos 5%
Dining 2%
Kwik Trip
Shops & Services
33,563 visits/mo
0.0 miles
Dollar General
Shops & Services
5,925 visits/mo
0.1 miles
Comfort Inn
Hotels & Casinos
1,119 visits/mo
0.4 miles
A&W Restaurant
Dining
890 visits/mo
0.2 miles
Holiday Inn Express & Suites Iron Mountain
Hotels & Casinos
827 visits/mo
0.3 miles
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - 3,288 SF commercial building with high visibility and ample parking.
Where is this storefront property located?
The property is located at 1605 N Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $329,500.
What are key features of this property?
This property features: 3,288 SF commercial building on a high‑traffic, highly visible corner on US‑2 in Iron Mountain; New plumbing and wiring reported; Three large handicap‑accessible bathrooms, up to code
