Historic Flex Building with
New
For Sale
$199,900
216 E Hughitt Street, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size3,831 SF
Lot Size0.08 Acres
Price / SF$52.18
Days on Market4
Property Features for 216 E Hughitt Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
Main Street, Shopping Center
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
3,831 SF
Lot size
0.08 Acres
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Year built
1889
Buildings
1
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
LINDA PLUMLEY
(906) 396-9737
Added: Oct 20
Changed: Oct 23
Last Checked: Oct 23 at 9:06PM
MLS# 50225738
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.
Built in 1889, this 3,831-square-foot flex property occupies a 0.08-acre parcel. The first floor combines refurbished office space with a 29-by-59-foot unfinished area added in 1952. That area has high ceilings, a 9-by-10-foot overhead door, compressed-air lines, and heating and cooling. A separate rear office and storage area is studded for a future bathroom. The second floor has two offices, two storage rooms, a three-quarter bath, and a 29-by-59-foot cool-storage area; the offices and storage rooms are heated and cooled. Original hardwood floors and trim remain upstairs, while the facade features upper corbels and a copper valance.
The property is at 216 E Hughitt Street in Iron Mountain’s Downtown Development Authority district. It has alley access, street parking, and a parking lot, and sits next to free city parking. Public water serves the property.
The property is at 216 E Hughitt Street in Iron Mountain’s Downtown Development Authority district. It has alley access, street parking, and a parking lot, and sits next to free city parking. Public water serves the property.
Key Highlights
- 3,831 square feet on a 0.08‑acre parcel
- Built in 1889; unfinished first‑floor area was added in 1952
- 29‑by‑59‑foot unfinished area with a 9‑by‑10‑foot overhead door and compressed‑air lines
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,387
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$327,740
$327.7K
Cap Rate 7%
$234,100
$234.1K
Cap Rate 9%
$182,078
$182.1K
Market Conditions
NOI Build-Up for 3,831 SF
Gross rent
$28.0K $7.32/SF
− Vacancy
−$2.8K −$0.74/SF
EGI
$25.2K $6.58/SF
− OpEx
−$8.8K −$2.30/SF
NOI
$16.4K $4.28/SF
Area
Dickinson County, MI
Vacancy
10.10%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$327,740
Cap Rate 7%
$234,100
Cap Rate 9%
$182,078
Alternative Uses
Best Use
Industrial
$271.2K
$237.3K – $316.4K
NOI $18,981 @ 7.0% cap · market cap 9.50%
Second Best
Flex RnD
$234.1K
$204.8K – $273.1K
NOI $16,387 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$738.6K
$646.3K – $861.7K
NOI $51,702 @ 7.0% cap · market cap 25.86%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Under-served
Demand for This Use
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
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Downtown property pairs refurbished office areas with a heated and cooled workshop and alley access.
Where is this flex space located?
The property is located at 216 E Hughitt 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: 3,831 square feet on a 0.08‑acre parcel; Built in 1889; unfinished first‑floor area was added in 1952; 29‑by‑59‑foot unfinished area with a 9‑by‑10‑foot overhead door and compressed‑air lines
