Building Details

Year Built 1902

Buildings 1

Stories 2

Units 1

Listed By: Ryan Gordon Show Phone

Added: Jun 10

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,610

Suggested Prices Based on Cap Rates

Cap Rate 5%

$572,200 $572.2K

Cap Rate 7%

$408,714 $408.7K

Cap Rate 9%

$317,889 $317.9K

What to ask about pricing

Market Conditions

NOI Build-Up for 2,756 SF

Gross rent

$42.7K $15.48/SF

− Vacancy

−$1.8K −$0.65/SF

EGI

$40.9K $14.83/SF

− OpEx

−$12.3K −$4.45/SF

NOI

$28.6K $10.38/SF

Area

Gogebic County, MI

Vacancy

4.20%

Lease Rate

$15.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$572,200

Cap Rate 7%

$408,714

Cap Rate 9%

$317,889

Alternative Uses

Best Use

Mixed Use

$462.5K

$404.7K – $539.6K (±1% cap)

NOI $32,377 @ 7.0% cap · market cap 108.28%

Second Best

Retail

$408.7K

$357.6K – $476.8K (±1% cap)

NOI $28,610 @ 7.0% cap · market cap 95.69%

Theoretical Best

Office A

$585.3K

$512.2K – $682.9K (±1% cap)

NOI $40,972 @ 7.0% cap · market cap 137.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail properties & Spaces

Suggested Use

Top Pick Big Box & Wholesale Store Auto Repair Shop Real Estate Agency Building Supply Grocery & Convenience Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

78

Businesses Nearby

Explore this area Business Placement

Demographics for 49938, MI

7,340

Population

4,728

Households

1.6

Avg Household Size

49

Median Age

23%

College-Educated

95%

High-School Grad

225.6 sq mi

ZIP Area

33

Density / Sq Mi

$44,379

Median Household Income

$34,553

Median Earnings

$590

Median Rent

$95,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - 2,756 sq ft commercial building with upstairs apartment.

Where is this mixed-use property located?

The property is located at 100 Bonnie St Ironwood, MI.