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    424 Cloverland Dr Ironwood, MI 49938

    For Sale
    $159,000

    Former Hotel, Office, & Living Quarters - Huge Potential

    Property size:
    5,576 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    313
    This exceptional 5,576 square foot industrial property, situated on a desirable 0.54-acre lot in Ironwood, MI, presents a unique investment opportunity. Located directly on US Highway 2, this property boasts high visibility and convenient access. The main structure is a former hotel featuring twelve sizable rooms, several of which are exceptionally large and could easily be converted into suites or apartments for long-term rentals. An attached office building offers additional space and includes attached living quarters. Significant renovations have already been completed, including extensive electrical rewiring in both the hotel and the brick home. The office/living quarters features a brand-new roof and a substantial supply of new windows ready for installation. A convenient laundry/workshop area is located just off the office. The living quarters boast a spacious kitchen, an open-concept living/dining area, and a main floor bathroom. There are two main floor bedrooms and one upstairs. The foundation of both buildings is reported to be in excellent condition. Ample parking is available on the half-acre lot. This property is a prime candidate for redevelopment, offering significant potential for various commercial uses. The seller is offering short-term owner financing, making this an even more attractive proposition. This is a project that is well underway, offering a significant head start for the next owner.

    Property Features for 424 Cloverland Dr

    General Information

    Property type
    Industrial properties
    Square Feet
    5,576 SF
    Lot Size
    23,522 SF

    Building Details

    Year Built
    1954
    Property Profile Location Intelligence

    Current Use by Public Records

    Crestview Motel Motel

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.17842
    Latitude
    46.46359

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    FAQs

    What type of property is this?
    Industrial property - Former Hotel, Office, & Living Quarters - Huge Potential
    Where is this industrial property located?
    The property is located at 424 Cloverland Dr Ironwood, MI.
    What is the asking price?
    The asking price for this property is $159,000.
    (906) 667-6366
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    424 Cloverland Dr Ironwood, MI 49938
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    Ironwood, MI 49938
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    424 Cloverland Dr Ironwood, MI 49938
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