Flex Space with Office and
For Sale
$1,200,000
101 W F Street, Iron Mountain, MI 49801
Commercial facility includes office areas, warehouse space, restrooms, and business equipment for ongoing wholesale operations.
Property Size7,540 SF
Price / SF$159.15
Days on Market9
Property Features for 101 W F Street
General Information
Standard status
Active
Size
7,540 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Amenities
3
Concrete
6015040100
Building Details
Year Built
1930
Building Size
7,540 SF
Listing Agency:
STEPHENS REAL ESTATE
(906) 774-8570
Listed By:
RYAN GORDON · License #6502420131
(906) 282-1644
Source:
Xome
Added: Sep 2
Changed: Sep 9
Last Checked: Sep 10 at 5:28AM
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 STEPHENS REAL ESTATE
Investment Insights
Based on property information with market context.
This flex-space property combines a 7,540-square-foot commercial building with dedicated offices, warehouse areas, and restrooms. The layout is configured for wholesale operations, including inventory storage, employee work areas, and distribution functions. Constructed in 1930, the building includes concrete interior elements and is offered with furniture and fixtures.
The sale also includes operational transportation and material-handling equipment: 4 vans, 4 trucks, and a forklift. Located at 101 W F Street in Iron Mountain, the property provides a combined facility and equipment package for a wholesale business requiring office, storage, and distribution space.
The sale also includes operational transportation and material-handling equipment: 4 vans, 4 trucks, and a forklift. Located at 101 W F Street in Iron Mountain, the property provides a combined facility and equipment package for a wholesale business requiring office, storage, and distribution space.
Key Highlights
- 7,540‑square‑foot commercial building
- Combination of dedicated office and warehouse areas
- Restrooms included within the facility
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
$45,033
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
3.75%
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%
$900,660
$900.7K
Cap Rate 7%
$643,329
$643.3K
Cap Rate 9%
$500,367
$500.4K
Market Conditions
NOI Build-Up for 7,540 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
$55.4K $7.35/SF
− Vacancy
−$2.4K −$0.32/SF
EGI
$53.0K $7.03/SF
− OpEx
−$7.9K −$1.05/SF
NOI
$45.0K $5.97/SF
Area
Dickinson County, MI
Vacancy
4.40%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
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%
$900,660
Cap Rate 7%
$643,329
Cap Rate 9%
$500,367
Alternative Uses
Best Use
Warehouse
$643.3K
$562.9K – $750.6K
NOI $45,033 @ 7.0% cap · market cap 3.75%
Second Best
Industrial
$533.7K
$467.0K – $622.6K
NOI $37,358 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,757 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial facility includes office areas, warehouse space, restrooms, and business equipment for ongoing wholesale operations.
Where is this flex space located?
The property is located at 101 W F Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 7,540‑square‑foot commercial building; Combination of dedicated office and warehouse areas; Restrooms included within the facility
