Updated Office Building on
For Sale
$497,500
126 Woodward Avenue, Iron Mountain, MI 49801
COMMERCIAL - Iron Mountain, MI
Property Size2,640 SF
Lot Size0.63 Acres
Price / SF$188.45
Days on Market168
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
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: Aug 4
Last Checked: Aug 20 at 11:06PM
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.
An updated office building located at 126 Woodward Avenue in Iron Mountain, offering a bright, modern interior with glass interior walls designed to bring in natural light. The layout includes a spacious conference room, well-appointed bathrooms, and a dedicated breakroom area. The exterior features attractive landscaping, sidewalks, and ample on-site parking for employees and visitors.
The property sits on a high-visibility corner lot with a stoplight, supporting convenient access and strong visibility in a thriving business area of Iron Mountain and Kingsford. It is listed as zoned commercial and offers a total building size of 2,640 square feet on a 0.63-acre lot.
For sale as a commercial office asset, the building also provides proximity to Ford Airport, with commercial service through Delta Air Lines indicated in the listing remarks.
The property sits on a high-visibility corner lot with a stoplight, supporting convenient access and strong visibility in a thriving business area of Iron Mountain and Kingsford. It is listed as zoned commercial and offers a total building size of 2,640 square feet on a 0.63-acre lot.
For sale as a commercial office asset, the building also provides proximity to Ford Airport, with commercial service through Delta Air Lines indicated in the listing remarks.
Key Highlights
- High‑visibility corner lot location with stoplight access in a thriving area.
- Updated office space with sleek glass interior walls and 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
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
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 - Updated office building on a high-visibility corner lot with stoplight and glass interior walls.
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: High‑visibility corner lot location with stoplight access in a thriving area.; Updated office space with sleek glass interior walls and natural light.; Strong traffic flow and excellent accessibility.
