Restaurant with Commercial
New
For Sale
$935,000
1665 S Stephenson Avenue, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size2,400 SF
Lot Size0.86 Acres
Price / SF$389.58
Days on Market6
Property Features for 1665 S Stephenson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Exterior features
Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Main Street
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,400 SF
Lot size
0.86 Acres
Taxes and HOA fees
Tax Annual Amount
11232
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
KIMBERLY WEBB · License #6501341251
(906) 396-9422
Added: Oct 30
Changed: Nov 3
Last Checked: Nov 4 at 9:06AM
MLS# 50226687
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.
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Investment Insights
Based on property information with market context.
This restaurant property in Iron Mountain sits on 0.86 acres and includes a dining area, two offices, and a commercial kitchen. Kitchen equipment includes a walk-in cooler, walk-in freezer, stainless-steel sinks, and prep stations. The building also has 12-foot ceilings, two bathrooms, ceramic tile flooring, a crawl space, and central air. Built in 2005, it has wheelchair access and an accessible approach with ramp.
The offering also includes a second location in Norway in leased space; that site has highway frontage. The Iron Mountain property has a large parking lot and public water.
The offering also includes a second location in Norway in leased space; that site has highway frontage. The Iron Mountain property has a large parking lot and public water.
Key Highlights
- 0.86‑acre restaurant property in Iron Mountain
- Kitchen includes a walk‑in cooler, walk‑in freezer, stainless‑steel sinks, and prep stations
- Dining area and two offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,694
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$533,880
$533.9K
Cap Rate 7%
$381,343
$381.3K
Cap Rate 9%
$296,600
$296.6K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$37.2K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$35.6K $14.83/SF
− OpEx
−$8.9K −$3.71/SF
NOI
$26.7K $11.12/SF
Area
Dickinson County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$533,880
Cap Rate 7%
$381,343
Cap Rate 9%
$296,600
Alternative Uses
Best Use
Specialty Retail
$381.3K
$333.7K – $444.9K
NOI $26,694 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$462.7K
$404.9K – $539.8K
NOI $32,390 @ 7.0% cap · market cap 3.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
353
Businesses Nearby
128k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 45%
Shops & Services 24%
Dining 21%
Hotels & Casinos 8%
Walmart
Superstores
57,268 visits/mo
0.4 miles
Taco Bell
Dining
17,113 visits/mo
0.2 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
Murphy USA
Shops & Services
9,550 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The dining area is supported by two offices, dedicated prep space, and walk-in cold storage.
Where is this conventional restaurant located?
The property is located at 1665 S Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: 0.86‑acre restaurant property in Iron Mountain; Kitchen includes a walk‑in cooler, walk‑in freezer, stainless‑steel sinks, and prep stations; Dining area and two offices
