Updated Office
For Sale
$497,500
126 Woodward Avenue, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size2,640 SF
Lot Size0.63 Acres
Price / SF$188.45
Days on Market207
Property Features for 126 Woodward Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Lot features
Corner Lot, Main Street
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,640 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Annual Amount
9242
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
glass interior walls
conference room
bathrooms
breakroom
landscaping
sidewalks
Building Details
Year built
1972
Roof type
Shingle
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Added: Mar 5
Changed: Sep 3
Last Checked: Sep 28 at 12:06AM
MLS# 50200978
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 2,640-square-foot office building was constructed in 1972 and has been updated with glass interior partitions that bring natural light into the work areas. The layout includes a conference room, bathrooms, and a dedicated breakroom, with forced-air heating, central air, a shingle roof, and public water. Landscaping, sidewalks, and on-site parking complete the property, which occupies a 0.63-acre lot. Existing renters are in place.
The property is located at 126 Woodward Avenue in Iron Mountain, Michigan, on a corner lot controlled by a stoplight. Its setting provides access to the surrounding Iron Mountain and Kingsford area, and Ford Airport is only minutes away with commercial Delta Air Lines service. The property is zoned Commercial.
The property is located at 126 Woodward Avenue in Iron Mountain, Michigan, on a corner lot controlled by a stoplight. Its setting provides access to the surrounding Iron Mountain and Kingsford area, and Ford Airport is only minutes away with commercial Delta Air Lines service. The property is zoned Commercial.
Key Highlights
- 2,640 square feet of office space on a 0.63‑acre lot
- Updated interior with glass partitions, conference room, bathrooms, and breakroom
- Corner‑lot position at a stoplight in Iron Mountain, MI
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
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office property with flexible work areas, a conference room, staff amenities, and on-site parking.
Where is this office building located?
The property is located at 126 Woodward Avenue 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: 2,640 square feet of office space on a 0.63‑acre lot; Updated interior with glass partitions, conference room, bathrooms, and breakroom; Corner‑lot position at a stoplight in Iron Mountain, MI
