Corner Retail and Office
For Sale
Contact for pricing
1200 Carpenter Avenue, Iron Mountain, MI 49801
Corner lot commercial building at a busy stoplight with ample parking and space for retail, food service, or office.
Property Size2,895 SF
Lot Size0.50 Acres
Price / SF$103.59
Days on Market53
Property Features for 1200 Carpenter Avenue
General Information
Standard status
Active
Size
2,895 SF
Total Parking Spaces
20
Lot size
0.50 Acres
Property subtype
Retail
Investment Type
Stabilized
Building Details
Tenancy
Single
Listing Agency:
Leeds Real Estate
(906) 396-9422
Listed By:
Kimberly Webb · License #MI 6501341251
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 9 at 10:15AM
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 Leeds Real Estate
Investment Insights
Based on property information with market context.
This corner lot commercial property includes a nearly 2,895-square-foot building with ample on-site parking. The building is configured to support a variety of uses, including retail, food service, and office, and a portion of the space is already rented.
The site is positioned at a busy stoplight and is surrounded by active businesses, supporting strong day-to-day visibility and convenient access for customers and visitors. With its corner location and generous parking, the property is designed for both storefront operations and service-oriented tenants.
For buyers and tenants, the mix of usable square footage and existing occupancy creates flexibility for an operator looking to expand or launch a new concept while maintaining a presence on a high-traffic, easily accessed site. If you’re evaluating retail or service-driven space, or an office setup that benefits from storefront exposure, this property offers a practical, adaptable footprint with parking capacity on site.
The site is positioned at a busy stoplight and is surrounded by active businesses, supporting strong day-to-day visibility and convenient access for customers and visitors. With its corner location and generous parking, the property is designed for both storefront operations and service-oriented tenants.
For buyers and tenants, the mix of usable square footage and existing occupancy creates flexibility for an operator looking to expand or launch a new concept while maintaining a presence on a high-traffic, easily accessed site. If you’re evaluating retail or service-driven space, or an office setup that benefits from storefront exposure, this property offers a practical, adaptable footprint with parking capacity on site.
Key Highlights
- Corner lot commercial property at a busy stoplight with ample parking and easy access
- Nearly 0.5‑acre lot with a nearly 3,000 sq. ft. building
- Building space suited for retail, food service, or office use
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
$26,118
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
8.71%
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%
$522,360
$522.4K
Cap Rate 7%
$373,114
$373.1K
Cap Rate 9%
$290,200
$290.2K
Market Conditions
NOI Build-Up for 2,895 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
$41.7K $14.40/SF
− Vacancy
−$4.4K −$1.51/SF
EGI
$37.3K $12.89/SF
− OpEx
−$11.2K −$3.87/SF
NOI
$26.1K $9.02/SF
Area
Dickinson County, MI
Vacancy
10.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$522,360
Cap Rate 7%
$373,114
Cap Rate 9%
$290,200
Alternative Uses
Best Use
Retail
$373.1K
$326.5K – $435.3K
NOI $26,118 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.1K
$488.4K – $651.2K
NOI $39,070 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 73%
Hotels & Casinos 16%
Home Improvements & Furnishings 11%
Hardee's
Dining
5,232 visits/mo
0.3 miles
Thai Bistro
Dining
2,260 visits/mo
0.5 miles
TownePlace Suites by Marriott
Hotels & Casinos
1,653 visits/mo
0.3 miles
Pat's Campioni's TrueValue
Home Improvements & Furnishings
1,176 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Corner lot commercial building at a busy stoplight with ample parking and space for retail, food service, or office.
Where is this retail space located?
The property is located at 1200 Carpenter Avenue 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: Corner lot commercial property at a busy stoplight with ample parking and easy access; Nearly 0.5‑acre lot with a nearly 3,000 sq. ft. building; Building space suited for retail, food service, or office use
