For Sale
$135,000
216 E Ludington St, Iron Mountain, MI 49801
Compact, tastefully decorated office suite in historic downtown building.
Property Size833 SF
Price / SF$162.06
Days on Market53
Property Features for 216 E Ludington St
General Information
Standard status
Active
Property type
Office Units, Office Spaces
Size
833 SF
Investment Type
Owner User
Building Details
Year Built
1891
Year Renovated
2010
Buildings
1
Stories
1
Units
1
Listing Agency:
(906) 774-8570
Listed By:
Ryan
(906) 774-8570
Added: Jun 10
Financial Insights For Office B
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 | $15.0k | $18.00 |
| − Vacancy | −$3.3k | −$3.94 |
| EGI | $11.7k | $14.06 |
| − OpEx | −$2.9k | −$3.51 |
| NOI | $8.8k | $10.54 |
833 SF · lease $18.00/SF/yr · vacancy 21.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$125.5K
$109.8K – $146.4K
NOI $8,783 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$160.6K
$140.5K – $187.4K
NOI $11,242 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Compact, tastefully decorated office suite in historic downtown building.
Where is this office units located?
The property is located at 216 E Ludington St Iron Mountain, MI.
What is the asking price?
The asking price for this property is $135,000.
