Flex Space With Attached
For Sale
$299,900
101 W Hughitt Street, Iron Mountain, MI 49801
COMMERCIAL - Iron Mountain, MI
Property Size3,325 SF
Lot Size0.50 Acres
Price / SF$90.20
Days on Market177
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: Aug 7
Last Checked: Aug 9 at 10:06PM
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-space property is a metal commercial building with a wood facade and an attached garage. The interior includes retail and storage areas along with dedicated office space and a mechanical room. An overhead garage door, rear entrance, and established parking lot support varied operational needs. Forced-air heating, central air, public water, and a metal roof are in place, with construction completed in 2000.
The property occupies a corner parcel made up of three city lots totaling approximately 0.5 acres. Its Iron Mountain setting provides access to the downtown post office, shopping, and restaurants. Zoning is identified as Commercial,Industrial.
The property occupies a corner parcel made up of three city lots totaling approximately 0.5 acres. Its Iron Mountain setting provides access to the downtown post office, shopping, and restaurants. Zoning is identified as Commercial,Industrial.
Key Highlights
- Flex‑space building with retail, storage, office, and mechanical areas
- Attached garage with overhead door and rear entrance
- Three city lots totaling approximately 0.5 acres
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
Property Profile
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combines retail, storage, office, and service areas with on-site parking and a rear entrance.
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‑space building with retail, storage, office, and mechanical areas; Attached garage with overhead door and rear entrance; Three city lots totaling approximately 0.5 acres
