Leased Restaurant
For Sale
$495,000
1600 S Stephenson Avenue, Iron Mountain, MI 49801
COMMERCIAL - Iron Mountain, MI
Property Size2,528 SF
Lot Size0.66 Acres
Price / SF$195.81
Days on Market278
Property Features for 1600 S Stephenson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Lot features
Main Street, Cleared
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,528 SF
Lot size
0.66 Acres
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Listing Agency:
HARRIS STATE WIDE
(906) 828-1099
Listed By:
STEVE HARRIS · License #UPAR
(906) 396-3002
Added: Oct 28, 2025
Changed: Jul 11
Last Checked: Aug 1 at 9:06AM
MLS# 50192852
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 commercially zoned restaurant property is currently leased to a national chain pizza company. The offering includes a site of 0.66 acres and a building size of 2,528 square feet.
Located at 1600 S Stephenson Avenue in Iron Mountain, Michigan, the property is positioned to serve the surrounding Upper Peninsula market.
The building operates as a restaurant under the existing lease, providing an income-producing setup for an owner-operator or investor looking for a leased food-service use.
Located at 1600 S Stephenson Avenue in Iron Mountain, Michigan, the property is positioned to serve the surrounding Upper Peninsula market.
The building operates as a restaurant under the existing lease, providing an income-producing setup for an owner-operator or investor looking for a leased food-service use.
Key Highlights
- Leased to a national chain pizza company, providing immediate income.
- Fantastic business opportunity.
- Located in Iron Mountain, in the central Upper Peninsula.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.1k | $15.48 |
| − Vacancy | −$1.6k | −$0.65 |
| EGI | $37.5k | $14.83 |
| − OpEx | −$9.4k | −$3.71 |
| NOI | $28.1k | $11.12 |
2,528 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$401.7K
$351.5K – $468.6K
NOI $28,117 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$487.4K
$426.5K – $568.6K
NOI $34,117 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
59k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Shops & Services 27%
Hotels & Casinos 17%
Electronics 4%
Taco Bell
Dining
17,113 visits/mo
0.1 miles
Holiday Station Store
Shops & Services
12,958 visits/mo
0.2 miles
Baymont by Wyndham Iron Mountain
Hotels & Casinos
9,976 visits/mo
0.2 miles
Little Caesars Pizza
Dining
3,696 visits/mo
0.3 miles
Pizza Hut
Dining
2,990 visits/mo
0.2 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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property in commercial zoning, currently leased to a national chain pizza company.
Where is this conventional restaurant located?
The property is located at 1600 S Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Leased to a national chain pizza company, providing immediate income.; Fantastic business opportunity.; Located in Iron Mountain, in the central Upper Peninsula.
