Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Building on US 2 Title is generated by Realmo AI

    135 E Cloverland, Ironwood, MI 49938

    View on Map
    Claim this Listing
    New
    For Sale
    $149,900

    Investment,Office - Ironwood, MI

    Property size:
    2,781 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $53/SF
    Added:
    May 11, 2026
    Days on Market:
    2
    Last Refresh:
    May 12 at 7:06 am

    Property Features for 135 E Cloverland

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Other
    Interior features
    Bath, Concrete Floor, Delivery Door, Display Window, Electric Available, Fixtures, Furniture, Restroom(s), Unfinished Floor
    Exterior features
    Wheelchair Access
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    52-22-126-160
    Size
    2,781 SF
    Lot size
    0.20 Acres

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air
    Cooling system
    Wall/Window Unit(s)

    Building Details

    Flooring type
    Concrete
    Building materials
    Brick, Log
    Roof type
    Rubber, Tile
    Architectural style
    Other

    We can help!

    Listing Contact
    RACHEL MARTIN

    Listing agent RACHEL MARTIN License #6502431648

    Listing office REDMAN REALTY GROUP, LLC 488 W. Hagerman Lake Road, Iron River, MI

    Listing date May 11, 2026

    MLS# 50207158 Listing URL

    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.

    HighLights

    • Prime location on US 2 in Ironwood, Michigan.
    • 2700 sq ft commercial building with limitless potential.
    • Full, unfinished basement suitable for storage or a walk‑in cooler.
    • Blacktop parking area and wheelchair access.
    • Side delivery door for convenient loading and unloading.
    • Opportunity for handyman or builder to customize the unfinished bar and bathroom areas.

    Overview

    This 2700 sq ft commercial building is located on US 2 in Ironwood, Michigan, and offers potential business opportunities. The building includes a blacktop parking area, a wheelchair ramp, easy access, and a side delivery door. Inside, there are unfinished bar and bathroom areas. The property also features a full, unfinished basement, suitable for storage and potentially a walk-in cooler. The property is being sold in as-is condition and sits on a 0.2-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.1710206
    Latitude
    46.4630321

    Nearby Similar for Sale

    • $149,900
      2,700 SF

      Commercial Building on US 2

      2700 sq ft commercial building with limitless potential.
      135 CLOVERLAND DR E, Ironwood, MI 49938
      View Details
    • $2,500,000
      20,975 SF

      Multifunctional Commercial Property in Ironwood

      Commercial property with expansion potential in a high-traffic location.
      629 W Cloverland, Ironwood, MI 49938
      View Details
    • $2,500,000

      Multifunctional Commercial Property in Ironwood

      Versatile commercial property with expansion potential on 4.3 acres.
      629 CLOVERLAND DR, Ironwood, MI 49938
      View Details
    • $159,900
      2,008 SF

      Updated Duplex with Garage Space

      Well-maintained duplex in Ironwood with updated interiors and garages.
      919 Nightingale, Ironwood, MI 49938
      View Details
    • $189,000
      1,600 SF

      Established Bakery Business Opportunity

      Turnkey artisan bakery with equipment, recipes, and real estate.
      230 E Aurora, Ironwood, MI 49938
      View Details
    • $97,900
      2,100 SF

      Downtown Ironwood Mixed-Use Investment

      Mixed-use property with commercial storefront and two apartments.
      122 W Aurora Street, Ironwood, MI 49938
      View Details
    • $52,000
      2,756 SF

      Mixed-Use Building with Apartment

      2,756 sq ft commercial building with apartment and garage.
      100 Bonnie, Ironwood, MI 49938
      View Details
    • $159,900
      1,004 SF

      Updated Duplex with Garage Space

      Well-maintained duplex in Ironwood with updated interiors and garages.
      919 Nightingale St, Ironwood, MI 49938
      View Details
    • $1,000,000
      19,304 SF

      Modern Industrial Facility on Acreage

      Move-in-ready industrial facility with acreage and US-2 access.
      1760 Liberty St, Ironwood, MI 49938
      View Details
    • $204,900
      1,952 SF

      Turn-Key Restaurant Opportunity in Ironwood

      Operational restaurant with bar and patio near Powderhorn Ski Hill.
      N11582 Black River, Ironwood, MI 49938
      View Details
    • $185,000
      2,700 SF

      Commercial Office Building on Cloverland

      Commercial office building with three individual offices, each with a bathroom.
      652 E Cloverland, Ironwood, MI 49938
      View Details
    • $519,000
      8,000 SF

      Vintage Motel with Income Potential

      Investment opportunity: motel with houses in Ironwood, Michigan.
      663 E Cloverland Dr, Ironwood, MI 49938
      View Details

    FAQs

    What type of property is this?
    Office building - 2700 sq ft commercial building with limitless potential.
    Where is this office building located?
    The property is located at 135 E Cloverland Ironwood, MI.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: Prime location on US 2 in Ironwood, Michigan.; 2700 sq ft commercial building with limitless potential.; Full, unfinished basement suitable for storage or a walk‑in cooler.
    (715) 891-6686
    We can help!
    Listing Contact
    RACHEL MARTIN
    Real Estate License ID: 6502431648
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    135 E Cloverland, Ironwood, MI 49938
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!