Retail Corner Lot
1200 Carpenter Avenue Unit SourceFi Iron Mountain, MI 49801
1200 Carpenter Avenue Unit SourceFi, Iron Mountain, MI, 49801
$284,900
For Sale
$284,900
Retail building on a corner lot with ample parking and a portion already rented for income.
Property Size2,895 SF
Lot Size0.50 Acres
Price / SF$98.41
Days on Market680
Property Features for 1200 Carpenter Avenue Unit SourceFi
General Information
- Standard status
- Active
- Size
- 2,895 SF
- Lot size
- 0.50 Acres
- Property subtype
- Industrial
Building Details
- Year Built
- 1960
Listing agency
LEEDS REAL ESTATE
(906) 396-9422
Listed by
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Source
Xome
Added: Sep 11, 2024 Updated: Jul 21 at 3:11AM Checked: Jul 22 at 3:50AM
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 retail corner lot building offers a nearly 3,000 sq. ft. footprint and ample parking to support customer access. A portion of the building is already rented, providing immediate income alongside the space available for additional occupancy.
The property is positioned at a busy stoplight and surrounded by other businesses, supporting strong day-to-day visibility and accessibility.
The layout accommodates a mix of retail, food service, or office uses, depending on how the space is configured to meet your operating needs.
The property is positioned at a busy stoplight and surrounded by other businesses, supporting strong day-to-day visibility and accessibility.
The layout accommodates a mix of retail, food service, or office uses, depending on how the space is configured to meet your operating needs.
Key Highlights
- Corner lot at a busy stoplight location
- Nearly 3,000 sq. ft. commercial building
- Portion of the building is already rented for immediate income
Local Financial Insights For 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 | $41.7k | $14.40 |
| − Vacancy | −$4.4k | −$1.51 |
| EGI | $37.3k | $12.89 |
| − OpEx | −$11.2k | −$3.87 |
| NOI | $26.1k | $9.02 |
2,895 SF · lease $14.40/SF/yr · vacancy 10.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$373.1K
$326.5K – $435.3K
NOI $26,118 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$558.1K
$488.4K – $651.2K
NOI $39,070 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Borderhounds
Charitable Organization
Similar For Sale Nearby
Similar Off Market Nearby
- Iron Mountain City Attorneys Office — 100 E C St, Iron Mountain, MI 49801
FAQs
What type of property is this?
Storefront property - Retail building on a corner lot with ample parking and a portion already rented for income.
Where is this storefront property located?
The property is located at 1200 Carpenter Avenue Unit SourceFi Iron Mountain, MI.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Corner lot at a busy stoplight location; Nearly 3,000 sq. ft. commercial building; Portion of the building is already rented for immediate income
