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    Versatile Commercial Property on Two Acres Title is generated by Realmo AI

    5000 N Stephenson, Iron Mountain, MI 49801

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    Claim this Listing
    For Sale
    $425,000

    Commercial/Industrial - Iron Mountain, MI

    Property size:
    8,852 SF
    Lot size:
    2.11 Acres
    Price / SF:
    $48/SF
    Added:
    Feb 13, 2026
    Days on Market:
    92
    Last Refresh:
    May 16 at 10:06 pm

    Property Features for 5000 N Stephenson

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking features
    Parking Lot
    Security features
    Fire Alarm
    Interior features
    Bath, Cafe/Kitchen, Concrete Floor, Delivery Door, Display Window, Floor Drain, Floor Reinforced, Flr Thickness: 4+ - 6 In., Freight Elevator(s), Gas Available, Living Quarters Attached, Overhead Doors, Private Restrooms, Public Restrooms, Separate Meters, Sheet Flooring, Sidewalks, Tile Floors, Trash Removal, Under 400 Amps, Unfinished Floor, Vinyl/Laminate Floors, Smoke/Fire Alarm
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    051-701-400-00
    Size
    8,852 SF
    Lot size
    2.11 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    15093.45

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1961
    Flooring type
    Concrete, Laminate, Tile, Vinyl
    Building materials
    Brick
    Roof type
    Asphalt, Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    KELLY CHALLANCIN
    KELLY CHALLANCIN

    Listing agent KELLY CHALLANCIN License #6501420449

    Listing office LEEDS REAL ESTATE 1114 Carpenter Ave, Iron Mountain, MI

    Listing date Feb 13, 2026

    MLS# 50199437 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.

    HighLights

    • Over 9,000 sq ft of versatile commercial space on 2 acres.
    • 2,400+ sq ft shop building with overhead doors suitable for storage, automotive, or light industrial use.
    • Renovated 2,700+ sq ft potential retail space.
    • 2‑bedroom, 1‑bath living quarters (can be used as office space).
    • Newer forced NFA heating systems, septic, well pressure tank, and water heater (all since 2023).
    • Workshop and shop building are currently leased, offering immediate income potential.

    Overview

    This commercial property offers over 9,000 sq ft of functional space on a 2.11-acre lot. The property includes a 2-bedroom, 1-bath living quarters that could also serve as office space or a conference or break room. There is a 1,400+ sq ft workshop area and a 2,400+ sq ft shop building with overhead doors suitable for storage, automotive, or light industrial use. The property also features a renovated 2,700+ sq ft potential retail space with a half bath, ready for a wide variety of uses. An upper-level open area provides a blank canvas for expansion or additional office space. The property has newer forced NFA heating systems, a new septic system, a well-pressure tank, a water heater, and concrete work, all installed since 2023. The property has undergone major excavation, with new retaining walls and professional landscaping. The workshop and 2,400 sq ft shop building are currently leased, with negotiable terms. Located minutes from the Wisconsin border and the local airport, this property is suitable for logistics, retail, light manufacturing, or mixed-use development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Auto Parts Store Department Store Kitchen & Bath Showroom Storage Facility Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Iron Mountain
    County
    Dickinson
    State
    Michigan
    Longitude
    -88.0573
    Latitude
    45.8348

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    FAQs

    What type of property is this?
    Mixed-use property - 9,000+ sq ft commercial property with living quarters.
    Where is this mixed-use property located?
    The property is located at 5000 N Stephenson Iron Mountain, 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: Over 9,000 sq ft of versatile commercial space on 2 acres.; **2,400+ sq ft shop building with overhead doors** suitable for storage, automotive, or light industrial use.; Renovated 2,700+ sq ft potential retail space.
    (906) 282-4906
    We can help!
    Listing Contact
    KELLY CHALLANCIN
    KELLY CHALLANCIN
    Real Estate License ID: 6501420449
    Learn More
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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
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