Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    237 E Cloverland Dr Ironwood, MI 49938

    Sponsored
    For Sale
    $199,900

    1 to 4 Units,Investment,Office - Ironwood, MI

    Property size:
    6,670 SF
    Lot size:
    372.00 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 27 at 7:06 pm

    Property Features for 237 E Cloverland Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    APN
    2752-22-127-100 + 127-090
    Parking features
    Off Street, Parking Lot
    Patio and Porch features
    Patio, Deck
    Interior features
    Cable TV Available, Internet Available, Delivery Area, Display Window, Occupied, Pole Sign, Private Restrooms, Reception Area, Showroom, Sidewalks
    Exterior features
    Deck/Patio
    Size
    6,670 SF
    Lot size
    372.00 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Hot Water (Heating), Other (Heating)
    Cooling system
    Wall/Window Unit(s)

    Building Details

    Year built
    1920
    Building materials
    Stucco
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    NANCY ZAK

    Zak's Realty Inc (906) 932-2688

    Listing agent NANCY ZAK (906) 932-2688 License #6501351668

    Listing date Jan 27, 2026

    MLS# 50198297 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

    Commercial Building with Multiple Tenants

    This commercial building, located on US Hwy 2, is currently leased by a medical product company, a nail salon, and a hearing aid service, and also includes two apartments upstairs. A vacant main-level commercial space is available for immediate use or for a new tenant. The property features a front parking lot and a large area behind the building for additional parking, with an exit onto Francis St. The building is well-maintained and has a newer roof. It offers a convenient location with prime visibility on US 2. The property is located in Ironwood, MI, in Gogebic County. The lot size is 372 acres. The building size is 6670 square feet and is zoned commercial. It can be used for office, retail, mixed-use, or residential income purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Reflections Hair Salon Beauty Salon Home Medical Products ... Medical Supply Store Gale Hill Medical Clinic Nails by Amanda Nail Salon Hill's Hearing Medical Clinic

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.167743
    Latitude
    46.462931

    Nearby Similar for Sale

    • $215,000
      5,952 SF

      Downtown Ironwood Mixed-Use Investment Property

      Unique investment opportunity in historic downtown Ironwood, Michigan.
      105 S Suffolk St, Ironwood, MI 49938
      View Details
    • $129,900
      2,232 SF

      Solid Income-Generating Triplex Opportunity

      Three-unit apartment building with steady income potential in Ironwood, Michigan.
      217 S Mansfield St, Ironwood, MI 49938
      View Details
    • $219,900
      2,862 SF

      Historic Ironwood Property with Updates

      Updated historic property with endless potential in a prime location.
      400 Silver St, Ironwood, MI 49938
      View Details
    • $204,900
      1,952 SF

      Turn-Key Restaurant Opportunity in Ironwood

      Operational restaurant with bar and patio near Powderhorn Ski Hill.
      N11582 Black River Rd, Ironwood, MI 49938
      View Details
    • $30,000
      20,000 SF

      Jessieville Commercial Building Opportunity

      Two-story brick building in Jessieville, ready for renovation.
      1 Iron King Rd, Ironwood, MI 49938
      View Details
    • New
      $189,000
      1,600 SF

      Established Bakery Business Opportunity

      Turnkey artisan bakery with equipment, recipes, and real estate.
      230 E Aurora St, Ironwood, MI 49938
      View Details
    • $160,000
      2,781 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 E Cloverland Dr, Ironwood, MI 49938
      View Details
    • $160,000
      0.20 Acres

      Commercial Building on US 2

      2700 sq ft commercial building on US 2.
      135 Cloverland Dr E, Ironwood, MI 49938
      View Details
    • $117,900
      2,100 SF

      Downtown Ironwood Mixed-Use Investment

      Mixed-use property with commercial space and apartments in downtown Ironwood.
      122 W Aurora St, Ironwood, MI 49938
      View Details
    • $52,000
      2,756 SF

      Mixed-Use Building with Apartment

      2,756 sq ft commercial building with apartment and garage.
      100 Bonnie St, Ironwood, MI 49938
      View Details
    • $229,999
      1,952 SF

      Ironwood Restaurant - Turnkey Opportunity

      Established Restaurant, Ski Area Proximity, High Traffic
      N11582 Black River Rd, Ironwood, MI 49938
      View Details
    • $199,900
      3,784 SF

      Ironwood Industrial Property - Prime Location

      High-traffic industrial building, ideal for various uses.
      1301 Cloverland Dr, Ironwood, MI 49938
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Commercial building with multiple tenants and prime US 2 visibility.
    Where is this mixed-use property located?
    The property is located at 237 E Cloverland Dr Ironwood, MI.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: - Prime US Hwy 2 visibility and convenient location.; - Income-generating property with existing tenants (Medical Product co., nail salon, hearing aid service, and 2 apartments).; - Vacant main level commercial space available for immediate use or new tenant.
    (906) 932-2688
    Request Owner's contact information
    237 E Cloverland Dr Ironwood, MI 49938
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    237 E Cloverland Dr
    Ironwood, MI 49938
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    237 E Cloverland Dr Ironwood, MI 49938
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    NANCY ZAK
    Real Estate License ID: 6501351668
    (906) 932-2688
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.