Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Office Building on Cloverland Title is generated by Realmo AI

    652 E Cloverland, Ironwood, MI 49938

    View on Map
    Claim this Listing
    For Sale
    $150,000

    Commercial office building with three individual offices, each with a bathroom.

    Type:Industrial
    Property size:
    2,700 SF
    Price / SF:
    $55/SF
    Added:
    Oct 28, 2024
    Days on Market:
    583
    Last Refresh:
    May 13 at 8:09 pm

    Property Features for 652 E Cloverland

    General Information

    Standard status
    Active
    Size
    2,700 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1981

    We can help!

    Listing Contact
    WENDY ROUTHEAUX

    Listing agent WENDY ROUTHEAUX

    Listing office SILVER PROPERTIES-EXP REALTY

    Listing date Oct 28, 2024

    Source Xome

    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 SILVER PROPERTIES-EXP REALTY

    HighLights

    • Prime location on Cloverland Dr. with high visibility
    • Three individual offices, each with a private bathroom
    • Separate entrances for each office, ensuring autonomy
    • Versatile opportunity for owner‑occupancy or rental investment
    • Well‑designed layout optimizing functionality and comfort
    • Central air cooling and carpet flooring

    Overview

    This commercial office building is located on Cloverland Drive. The property features three individual offices, each equipped with its own bathroom. Each office has its own entrance. The property offers spaces that optimize functionality and comfort. This property is suitable for businesses looking to operate on-site or as a rental investment for steady income. The property is 2700 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Prentiss & Carlisle Forestry Service Cup It - Bra ... (Bike/Boat/Book/etc) Store Regional Hospice Services ... Nursing Home Jamie Fiorucci Foster Care Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.156076
    Latitude
    46.463378

    Nearby Similar for Sale

    • $2,500,000
      20,975 SF

      Multifunctional Commercial Property in Ironwood

      Highly visible commercial property with expansion potential and diverse tenant mix.
      629 W Cloverland Drive, Ironwood, MI 49938
      View Details
    • $149,900
      2,781 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 E Cloverland Drive, Ironwood, MI 49938
      View Details
    • $149,900
      2,700 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 CLOVERLAND DR E, Ironwood, MI 49938
      View Details
    • $2,500,000
      19,500 SF

      Multifunctional Commercial Property in Ironwood

      Versatile commercial property with expansion potential on 4.3 acres.
      629 CLOVERLAND DR, Ironwood, MI 49938
      View Details
    • $159,900
      2,008 SF

      Updated Duplex with Garage Space

      Well-maintained duplex in Ironwood with updated interiors and garages.
      919 Nightingale, Ironwood, MI 49938
      View Details
    • $215,000
      2,040 SF

      Spacious Duplex on Scenic Land

      Charming duplex with rental income potential near outdoor recreation.
      10342 N Lake Road, Ironwood, MI 49938
      View Details
    • $119,900
      1,434 SF

      Ironwood Duplex: Investment Opportunity

      Well-located Ironwood duplex near amenities and trails. Updated vacant unit.
      208 Greenbush Street, Ironwood, MI 49938
      View Details
    • $189,000
      1,600 SF

      Established Bakery Business Opportunity

      Turnkey artisan bakery with equipment, recipes, and real estate.
      230 E Aurora Street, Ironwood, MI 49938
      View Details
    • $159,900
      1,004 SF

      Updated Duplex with Garage Space

      Well-maintained duplex in Ironwood with updated interiors and garages.
      919 Nightingale St, Ironwood, MI 49938
      View Details
    • $920,000
      45,912 SF

      Modern Industrial Facility on 5.37 Acres

      45,912 SF industrial facility with ample parking and yard.
      1700 Iron King Road, Ironwood, MI 49938
      View Details
    • $97,900
      2,100 SF

      Mixed-Use Property in Downtown Ironwood

      Versatile commercial property with storefront and apartments in revitalized district.
      122 W Aurora Street, Ironwood, MI 49938
      View Details
    • $1,000,000
      19,304 SF

      Modern Industrial Facility on Acreage

      Move-in-ready industrial facility with acreage and US-2 access.
      1760 Liberty St, Ironwood, MI 49938
      View Details

    FAQs

    What type of property is this?
    Office building - Commercial office building with three individual offices, each with a bathroom.
    Where is this office building located?
    The property is located at 652 E Cloverland Ironwood, MI.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Prime location on Cloverland Dr. with high visibility; Three individual offices, each with a private bathroom; Separate entrances for each office, ensuring autonomy
    (906) 932-1200
    We can help!
    Listing Contact
    WENDY ROUTHEAUX
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    652 E Cloverland, Ironwood, MI 49938
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!