Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Mixed-Use Commercial/Residential Property Title is generated by Realmo AI

    417 Washington Avenue, Iron River, MI 49935

    View on Map
    Claim this Listing
    For Sale
    $425,000

    COMMERCIAL - Iron River, MI

    Property size:
    6,237 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $68/SF
    Added:
    May 4, 2026
    Days on Market:
    19
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 417 Washington Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Patio and Porch features
    Patio
    Exterior features
    Deck/Patio, Wheelchair Access
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    Size
    6,237 SF
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7963

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1996

    We can help!

    Listing Contact
    STEPHEN REMONDINI

    Listing agent STEPHEN REMONDINI License #11057094

    Listing office STEPHENS REAL ESTATE-IRON RIVER 427 Cedar Avenue, Iron Mountain, MI

    Listing date May 4, 2026

    MLS# 50206454

    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.

    HighLights

    • Mixed‑use property: commercial space and two residential apartments.
    • Barrier‑free main level suitable for various business types (medical, professional, service‑based).
    • Two well‑appointed apartments with appliances for rental income or owner occupancy.
    • On‑site parking lot for tenants, clients, and customers.
    • Full poured basement (2,079 sq ft) provides abundant storage.
    • Wheelchair accessible with ramp.

    Overview

    This 4,158 sq ft commercial/residential property offers versatility and investment potential. The main level is designed to accommodate a range of business uses, featuring a reception area, waiting room, 3 patient examining rooms, private offices, a computer/IT and storage room, and 2 restrooms. It is suited for medical, professional, or service-based operations. The upper level includes two apartments, each equipped with appliances. One apartment is a 2-bedroom, 1-bath unit, while the other is a 1-bedroom, 1-bath unit with an upper deck. A full poured basement offers 2,079 sq ft of storage space. The property includes an on-site parking lot. Located in Iron River, MI, the property sits on a 0.18-acre lot. The property offers a live/work opportunity, combining functionality, comfort, and income potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Iron County Internal ... Medical Clinic Robert F. Han, ... Physician Megan Collins Physician Melanie Martin Pediatrician Clayton Shaker Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Iron River
    County
    Iron
    State
    Michigan
    Longitude
    -88.63313
    Latitude
    46.084274

    Nearby Similar for Sale

    • $275,000
      11,680 SF

      Iron River Commercial Storefront

      Commercial storefront on 0.77 acres with high-visibility frontage.
      32 N 4th Avenue, Iron River, MI 49935
      View Details
    • $119,900
      3,236 SF

      Iron River Commercial Building

      Commercial building with repositioning potential in downtown Iron River.
      202 W Genesee Street, Iron River, MI 49935
      View Details
    • $130,000
      1,900 SF

      Versatile Commercial Property on Class A Road

      Commercial property with buildings, storage, and parking on 2.12 acres.
      2.12 ac. Forbes Road, Iron River, MI 49935
      View Details
    • $299,000
      2,923 SF

      Turnkey Restaurant & Bar Opportunity

      Ready-to-operate restaurant and bar with living quarters in Iron River.
      130 Washington Avenue, Iron River, MI 49935
      View Details
    • $299,900
      2,000 SF

      Ski Brule Duplex Investment Opportunity

      Dual-unit chalet near Ski Brule, ideal for rental income.
      111 Little Deer Road, Iron River, MI 49935
      View Details
    • $284,900
      2,053 SF

      Duplex Near Ski Brule

      Versatile duplex near Ski Brule, ideal for rental or getaway.
      104 Sleepy Hollow Way, Iron River, MI 49935
      View Details
    • $395,000
      18,000 SF

      Historical Church with Renovated Basement

      Unique 18,000 SF former church with turn-key basement living.
      121 N 5th Avenue, Iron River, MI 49935
      View Details
    • $129,900
      4,640 SF

      Commercial Building on US-2

      4,640 sq ft commercial building on 2.53 acres.
      4159 W US2 Highway, Iron River, MI 49935
      View Details
    • $399,900
      11,680 SF

      Iron River Appliance Storefront

      Successful appliance store on 0.77 acres with high visibility.
      32 N 4th Avenue, Iron River, MI 49935
      View Details
    • $298,500
      20,000 SF

      Iron River Commercial Opportunity

      Commercial building with rental income potential on 4.89 acres.
      3257 US2 Highway, Iron River, MI 49935
      View Details
    • $99,000
      8,084 SF

      Historic Building in Iron River

      Historic commercial building with potential for various business ventures.
      208 Cherry Street, Iron River, MI 49935
      View Details
    • $45,000
      2,875 SF

      Spacious Duplex Ready for Renovation

      2,875 sq ft duplex on 0.34 acres, ready for renovation.
      37 Allen Street, Iron River, MI 49935
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 4,158 sq ft commercial/residential property with income potential.
    Where is this mixed-use property located?
    The property is located at 417 Washington Avenue Iron River, MI.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Mixed‑use property: commercial space and two residential apartments.; **Barrier‑free main level** suitable for various business types (medical, professional, service‑based).; Two well‑appointed apartments with appliances for rental income or owner occupancy.
    (906) 284-0341
    We can help!
    Listing Contact
    STEPHEN REMONDINI
    Real Estate License ID: 11057094
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    417 Washington Avenue, Iron River, MI 49935
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!