Automotive Garage and Retail
For Sale
$199,900
808 Quinnesec Street, Iron Mountain, MI 49801
Includes heated 2-car garage, a 3rd garage bay, office, 1-bathroom, and retail space in a high-traffic area.
Property Size1,540 SF
Price / SF$129.81
Days on Market700
Property Features for 808 Quinnesec Street
General Information
Standard status
Active
Size
1,540 SF
Taxes and HOA fees
Annual Taxes
$2,799
Listing Agency:
LEEDS REAL ESTATE
Listed By:
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Source:
Exprealty
Added: Oct 8, 2024
Changed: Sep 6
Last Checked: Sep 6 at 3:40PM
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 for-sale automotive-oriented property includes a heated 2-car garage with an air compressor and ample outlets, supported by an additional 3rd car garage on the opposite end of the building. The interior layout also features a dedicated office space for administrative work, a 1-bathroom facility, and an impressive retail area intended for customer interaction or product display.
The property is positioned in a high-traffic location designed to support visibility and customer flow. The building’s configuration provides practical flexibility for vehicle access and additional storage.
Offered at 808 Quinnesec Street in Iron Mountain, MI, this versatile structure can be considered for mechanical work, storage, and retail uses where a garage-and-showroom style setup is desirable.
The property is positioned in a high-traffic location designed to support visibility and customer flow. The building’s configuration provides practical flexibility for vehicle access and additional storage.
Offered at 808 Quinnesec Street in Iron Mountain, MI, this versatile structure can be considered for mechanical work, storage, and retail uses where a garage-and-showroom style setup is desirable.
Key Highlights
- Heated 2‑car garage includes an air compressor and ample outlets for mechanical work or storage
- Additional 3rd garage bay on the opposite end of the building for extra storage or vehicle access
- Includes office space for administrative tasks
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
$13,893
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
6.95%
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%
$277,860
$277.9K
Cap Rate 7%
$198,471
$198.5K
Cap Rate 9%
$154,367
$154.4K
Market Conditions
NOI Build-Up for 1,540 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
$22.2K $14.40/SF
− Vacancy
−$2.3K −$1.51/SF
EGI
$19.8K $12.89/SF
− OpEx
−$6.0K −$3.87/SF
NOI
$13.9K $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%
$277,860
Cap Rate 7%
$198,471
Cap Rate 9%
$154,367
Alternative Uses
Best Use
Retail
$198.5K
$173.7K – $231.6K
NOI $13,893 @ 7.0% cap · market cap 6.95%
Second Best
Industrial
$109.0K
$95.4K – $127.2K
NOI $7,630 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$296.9K
$259.8K – $346.4K
NOI $20,783 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
46k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Dining 13%
Hotels & Casinos 2%
Kwik Trip
Shops & Services
33,563 visits/mo
0.2 miles
Dollar General
Shops & Services
5,925 visits/mo
0.2 miles
Hardee's
Dining
5,232 visits/mo
0.4 miles
A&W Restaurant
Dining
890 visits/mo
0.1 miles
Holiday Inn Express & Suites Iron Mountain
Hotels & Casinos
827 visits/mo
0.4 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.
Similar Off Market Nearby
- Corner Auto Repair — 301 Carpenter Ave, Iron Mountain, MI 49801
- One Off Industries Complete Auto Repair — Iron Mountain, MI 49801
- Eureka Tire Co — 105 N Stephenson Ave, Iron Mountain, MI 49801
- Rudy's Body Shop — 224 N Merritt Ave, Iron Mountain, MI 49801
- Iron Mountain Automotive — 407 N Stephenson Ave, Iron Mountain, MI 49801
Frequently Asked Questions
What type of property is this?
Auto shop - Includes heated 2-car garage, a 3rd garage bay, office, 1-bathroom, and retail space in a high-traffic area.
Where is this auto shop located?
The property is located at 808 Quinnesec Street Iron Mountain, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Heated 2‑car garage includes an air compressor and ample outlets for mechanical work or storage; Additional 3rd garage bay on the opposite end of the building for extra storage or vehicle access; Includes office space for administrative tasks
