Flex Space With Attached
For Sale
$299,900
101 W Hughitt Street, Iron Mountain, MI 49801
Metal commercial building with office, storage, central air, rear access, and on-site parking.
Property Size3,780 SF
Lot Size0.50 Acres
Price / SF$90.20
Days on Market211
Property Features for 101 W Hughitt Street
General Information
Standard status
Active
Size
3,780 SF
Lot size
0.50 Acres
Property subtype
Industrial
Site & Location
Corner Location
Yes
Road Access
Yes
Additional Details
Drive-In Doors
1
Amenities
dedicated office space
storage
mechanical room
attached garage
rear entrance
established parking lot
room for future expansion
Central Air
3
Tile, Concrete, Carpet
Metal
146166
Building Details
Year Built
2000
Buildings
1
Building Size
3,780 SF
Construction
metal
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
KELLY CHALLANCIN · License #6501420449
(906) 282-4906
Source:
Xome
Added: Feb 11
Changed: Sep 9
Last Checked: Sep 10 at 6:25AM
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 LEEDS REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 2000, this flex property combines a metal commercial building with a wood façade and a practical mix of retail, storage, office, and mechanical areas. The property also includes an attached garage with an overhead door, a rear entrance, and central air. Interior finishes include tile, concrete, and carpet.
The building occupies a corner site formed by three city lots totaling approximately half an acre. An established parking lot serves the property, with additional room for expansion, while the rear of the building provides extra parking access. Its setting offers convenient access to the downtown post office, shopping, and restaurants.
The building occupies a corner site formed by three city lots totaling approximately half an acre. An established parking lot serves the property, with additional room for expansion, while the rear of the building provides extra parking access. Its setting offers convenient access to the downtown post office, shopping, and restaurants.
Key Highlights
- Flex property with retail, storage, office, and mechanical areas
- Attached garage with overhead door and rear entrance
- Three city lots totaling approximately half an acre
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
$19,859
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
6.62%
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%
$397,180
$397.2K
Cap Rate 7%
$283,700
$283.7K
Cap Rate 9%
$220,656
$220.7K
Market Conditions
NOI Build-Up for 3,325 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
$24.4K $7.35/SF
− Vacancy
−$1.1K −$0.32/SF
EGI
$23.4K $7.03/SF
− OpEx
−$3.5K −$1.05/SF
NOI
$19.9K $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%
$397,180
Cap Rate 7%
$283,700
Cap Rate 9%
$220,656
Alternative Uses
Best Use
Retail
$428.5K
$375.0K – $500.0K
NOI $29,997 @ 7.0% cap · market cap 10.00%
Second Best
Warehouse
$283.7K
$248.2K – $331.0K
NOI $19,859 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$641.0K
$560.9K – $747.9K
NOI $44,873 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
759
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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Metal commercial building with office, storage, central air, rear access, and on-site parking.
Where is this flex space located?
The property is located at 101 W Hughitt Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Flex property with retail, storage, office, and mechanical areas; Attached garage with overhead door and rear entrance; Three city lots totaling approximately half an acre
