216 E Ludington Street Iron Mountain, MI 49801
COMMERCIAL - Iron Mountain, MI
Property Features for 216 E Ludington Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- Parking features
- Off Street
- Standard status
- Active
- Size
- 833 SF
Taxes and HOA fees
- Tax Annual Amount
- 1678
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1891
- Roof type
- Rubber
Listing agent RYAN GORDON License #6502420131 (906) 282-1644
Listing office STEPHENS REAL ESTATE 1320 CARPENTER AVE., Iron Mountain, MI (906) 774-8570
Listing date Dec 1, 2025
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.
The property is situated in the heart of downtown Iron Mountain, with visibility and heavy foot traffic.
Zoned for commercial use, the suite offers a practical configuration for office operations within a historic mixed-use condominium setting.
Key Highlights
- Prime downtown location with excellent visibility and heavy foot traffic.
- Efficient floorplan features a reception area, two private offices, and private restroom.
- Located in the historic 1891 Sandstone Condominiums building.
Local Financial Insights For Office B
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 | $15.0k | $18.00 |
| − Vacancy | −$3.3k | −$3.94 |
| EGI | $11.7k | $14.06 |
| − OpEx | −$2.9k | −$3.51 |
| NOI | $8.8k | $10.54 |
