106 E Cloverland Drive, Ironwood, MI 49938
Turn-key restaurant offering seating for 45, included equipment and furnishings, and plenty of parking near US 2.
- Added:
- Jul 15, 2024
- Days on Market:
- 722
- Last Refresh:
- Jul 1 at 3:22 am
Property Features for 106 E Cloverland Drive
General Information
- Standard status
- Active
- Size
- 1,406 SF
Listing office NORTHERN TRAILS REALTY (906) 364-1582
Listing date Jul 15, 2024
Source Exprealty
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 NORTHERN TRAILS REALTY
HighLights
- Turn‑key restaurant includes equipment and furnishings for immediate operation
- Seating for 45
- Plenty of parking
- Conveniently located on Hwy US 2
- Owned and operated by the same owner for 25 years
Overview
The property is conveniently located on US 2, providing straightforward access for customers passing through the area. Plenty of parking is available, which helps support on-site dining and makes the site practical for day-to-day restaurant traffic.
For a buyer seeking a restaurant with an operational setup already in place, this offering provides a complete package through the included equipment and furnishings, rather than starting from scratch. With seating for 45 and a parking-focused site, the space is well-suited for operators looking to establish or expand a dine-in concept with a turnkey workflow. The owner is also willing to assist the new owner with getting established, which can be helpful during the transition to new ownership.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.8k | $15.48 |
| − Vacancy | −$914 | −$0.65 |
| EGI | $20.9k | $14.83 |
| − OpEx | −$5.2k | −$3.71 |
| NOI | $15.6k | $11.12 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Ironwood
- County
- Gogebic
- State
- Michigan
- Longitude
- -90.174637
- Latitude
- 46.46338
