Country Village Office/Studio
For Sale
Contact for pricing
1000 Country Ln, Ishpeming, MI 49849
Well-maintained, fully rented office/studio space in Ishpeming.
Property Size6,336 SF
Price / SF$102.59
Days on Market198
Property Features for 1000 Country Ln
General Information
Standard status
Active
Size
6,336 SF
Property subtype
Mixed Use, Office
Zoning
General Commercial
Occupancy
100%
Building Details
Year Built
1999
Buildings
1
Stories
1
Units
6
Listing Agency:
RE/MAX 1st Realty
(906) 225-1136
Listed By:
Fran Sevegney · License #6502420591
Source:
Crexi
Added: Jan 26
Changed: Aug 10
Last Checked: Aug 10 at 2:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX 1st Realty
Investment Insights
Based on property information with market context.
Located in the heart of Country Village in Ishpeming, this well-maintained building offers over 6300 square feet of fully rented office and studio space. The property features a large parking lot, providing ample space for both tenants and customers. This presents a great investment opportunity within a fast-growing commercial area.
Key Highlights
- Fully rented office/studio space providing immediate income.
- Over 6300 square feet of commercial space.
- Located in the heart of the Country Village in Ishpeming.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,818
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,360
$836.4K
Cap Rate 7%
$597,400
$597.4K
Cap Rate 9%
$464,644
$464.6K
Market Conditions
NOI Build-Up for 6,336 SF
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.
Gross rent
$76.0K $12.00/SF
− Vacancy
−$9.1K −$1.44/SF
EGI
$66.9K $10.56/SF
− OpEx
−$25.1K −$3.96/SF
NOI
$41.8K $6.60/SF
Area
Marquette County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,360
Cap Rate 7%
$597,400
Cap Rate 9%
$464,644
Alternative Uses
Best Use
Office B
$1.40M
$1.22M – $1.63M
NOI $97,967 @ 7.0% cap · market cap 15.07%
Second Best
Mixed Use
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,623 @ 7.0% cap · market cap 20.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained, fully rented office/studio space in Ishpeming.
Where is this mixed-use property located?
The property is located at 1000 Country Ln Ishpeming, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Fully rented office/studio space providing immediate income.; Over 6300 square feet of commercial space.; Located in the heart of the Country Village in Ishpeming.
