Flex Space with Attached
For Sale
$299,900
101 W Hughitt Street, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size3,780 SF
Lot Size0.50 Acres
Price / SF$90.20
Days on Market223
Property Features for 101 W Hughitt Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial,Industrial
Zoning description
Commercial, Industrial
Lot features
Corner Lot, Cleared
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
3,325 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6213
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Roof type
Metal
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
KELLY CHALLANCIN · License #6501420449
(906) 282-4906
Added: Feb 13
Changed: Sep 3
Last Checked: Sep 24 at 1:06AM
MLS# 50199550
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.
This flex property combines retail and storage areas with dedicated office space, a storage area, and a mechanical room. An attached garage includes an overhead door, rear access, and additional parking behind the building. The structure was built in 2000 and features a metal roof, forced-air heat, central air, and public water.
The property occupies approximately half an acre across three city lots at 101 W Hughitt Street in Iron Mountain. Its corner-lot setting places the building near downtown shopping, restaurants, and the post office. Commercial and industrial zoning supports the property’s stated business-oriented configuration, while the established parking area includes room for future expansion.
The property occupies approximately half an acre across three city lots at 101 W Hughitt Street in Iron Mountain. Its corner-lot setting places the building near downtown shopping, restaurants, and the post office. Commercial and industrial zoning supports the property’s stated business-oriented configuration, while the established parking area includes room for future expansion.
Key Highlights
- Commercial and industrial zoning at 101 W Hughitt Street, Iron Mountain, MI 49801
- Approximately 0.5 acres across three city lots
- Attached garage with overhead door, rear entrance, and additional parking
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
Warehouse
$283.7K
$248.2K – $331.0K
NOI $19,859 @ 7.0% cap · market cap 6.62%
Second Best
Industrial
$235.3K
$205.9K – $274.6K
NOI $16,474 @ 7.0% cap · market cap 5.49%
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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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
762
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-industrial property with office, storage, parking, and a rear service entrance on a corner lot.
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: Commercial and industrial zoning at 101 W Hughitt Street, Iron Mountain, MI 49801; Approximately 0.5 acres across three city lots; Attached garage with overhead door, rear entrance, and additional parking
