High-Visibility Corner Lot
For Sale
Contact for pricing
126 Woodward, Iron Mountain, MI 49801
Architectural building with exceptional exposure in thriving Iron Mountain area.
Property Size2,640 SF
Price / SF$188.45
Days on Market102
Property Features for 126 Woodward
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Retail, Office, Industrial
Zoning
Commercial
Building Details
Year Built
1972
Tenancy
Single
Listing Agency:
Leeds Real Estate
(906) 396-9422
Listed By:
Kimberly Webb · License #MI 6501341251
Source:
Crexi
Added: May 22
Changed: Aug 24
Last Checked: Aug 30 at 6:16PM
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 architectural building is positioned on a high-visibility corner lot with a stoplight, offering exceptional exposure in a thriving area of Iron Mountain and Kingsford. The location benefits from strong traffic flow and excellent accessibility. The office space has been updated, featuring glass interior walls that allow natural light to flow throughout the building. A spacious conference room is available for meetings and presentations, while well-appointed bathrooms and a dedicated breakroom area add comfort and functionality for staff and clients. The exterior features landscaping, sidewalks, and on-site parking to accommodate employees and visitors. Located minutes from Ford Airport with commercial service through Delta Air Lines, it offers convenience for traveling professionals and clients. The property size is 2640 square feet. This commercial opportunity offers location, style, and long-term potential.
Key Highlights
- High‑visibility corner lot location with stoplight in a thriving area.
- Updated office space with sleek glass interior walls and abundant natural light.
- Strong traffic flow and excellent accessibility.
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
$27,835
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
5.59%
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%
$556,700
$556.7K
Cap Rate 7%
$397,643
$397.6K
Cap Rate 9%
$309,278
$309.3K
Market Conditions
NOI Build-Up for 2,640 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
$47.5K $18.00/SF
− Vacancy
−$10.4K −$3.94/SF
EGI
$37.1K $14.06/SF
− OpEx
−$9.3K −$3.51/SF
NOI
$27.8K $10.54/SF
Area
Dickinson County, MI
Vacancy
21.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$556,700
Cap Rate 7%
$397,643
Cap Rate 9%
$309,278
Alternative Uses
Best Use
Office B
$397.6K
$347.9K – $463.9K
NOI $27,835 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$509.0K
$445.4K – $593.8K
NOI $35,629 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Architectural building with exceptional exposure in thriving Iron Mountain area.
Where is this office building located?
The property is located at 126 Woodward Iron Mountain, MI.
What is the asking price?
The asking price for this property is $497,500.
What are key features of this property?
This property features: High‑visibility corner lot location with stoplight in a thriving area.; Updated office space with sleek glass interior walls and abundant natural light.; Strong traffic flow and excellent accessibility.
