629 W Cloverland Drive Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Features for 629 W Cloverland Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Other
- Parking features
- Parking Lot
- Security features
- Security Lighting
- Exterior features
- Security Lighting, Wheelchair Access
- Accessibility
- Accessible Approach with Ramp
- Standard status
- Active
- Size
- 20,975 SF
- Lot size
- 4.30 Acres
Utilities
- Heating system
- Forced Air
- Cooling system
- Humidity Control, Central Air
- Water source
- Public
Building Details
- Year built
- 2006
- Roof type
- Metal, Asphalt
- Additional Structures
- Second Garage
Listing agent RACHEL MARTIN License #60346 - 90 (715) 891-6686
Listing office REDMAN REALTY GROUP, LLC 488 W Hagerman Lake Road, Iron River, MI (715) 891-6686
Listing date Apr 8, 2026
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 located on W Cloverland Drive in Ironwood, Michigan, with access to a back city street and ADA compliance. Utility and building services listed include 3-phase power, city sewer and water, and forced air and central air units for the units.
The unit spaces vary in size and could be adapted for other use layouts, and the property includes additional features such as attached garage space with an overhead door. Specific details are available for interested buyers and brokers.
Key Highlights
- High‑visibility location on US 2 with 4.3 acres for future expansion
- 19,500 sq ft plaza built to high standards with 7 long‑term tenants and an additional 800 sq ft building with an 8th tenant
- Strong income potential with almost $30K in gross lease income
Local 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 | $324.7k | $15.48 |
| − Vacancy | −$13.6k | −$0.65 |
| EGI | $311.1k | $14.83 |
| − OpEx | −$93.3k | −$4.45 |
| NOI | $217.7k | $10.38 |
