Turn-Key Restaurant with
106 E Cloverland Drive Ironwood, MI 49938
For Sale
$200,000
COMMERCIAL - Ironwood, MI
Property Size1,406 SF
Lot Size0.41 Acres
Price / SF$142.25
Days on Market1940
Property Features for 106 E Cloverland Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
1,406 SF
Lot size
0.41 Acres
Utilities
Heating system
Hot Water(Heating)
Cooling system
Exhaust Fan (Cooling), Ceiling Fan(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1950
Listing Agency:
NORTHERN TRAILS REALTY
(906) 932-4110
Listed By:
DEAN LANTTA · License #50339094
(906) 364-1582
Added: Apr 7, 2021
Changed: Jul 29
Last Checked: Jul 29 at 5:06PM
MLS# 10070623
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 turn-key restaurant is offered with equipment and furnishings included. The operation has been owned and operated by the same owner for 25 years, and the property is described as having had many updates. Seating is provided for 45 guests.
The restaurant is located on E Cloverland Drive in Ironwood, MI, and is conveniently located on Hwy US 2, with plenty of parking available for patrons.
The offering includes the existing improvements for immediate operations, making it suitable for an owner-operator seeking a ready-to-run restaurant setup.
The restaurant is located on E Cloverland Drive in Ironwood, MI, and is conveniently located on Hwy US 2, with plenty of parking available for patrons.
The offering includes the existing improvements for immediate operations, making it suitable for an owner-operator seeking a ready-to-run restaurant setup.
Key Highlights
- Restaurant with seating for 45
- Includes equipment and furnishings for continued operations
- Many updates reported by the owner
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 |
1,406 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$223.4K
$195.5K – $260.6K
NOI $15,638 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$298.6K
$261.3K – $348.4K
NOI $20,902 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turn-key restaurant for sale with seating for 45 and included equipment and furnishings.
Where is this conventional restaurant located?
The property is located at 106 E Cloverland Drive Ironwood, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Restaurant with seating for 45; Includes equipment and furnishings for continued operations; Many updates reported by the owner
