216 E Ludington St, Iron Mountain, MI 49801
Compact, tastefully decorated office suite in historic downtown building.
Property size:
833 SFPrice / SF:
$162/SF- Added:
- Dec 1, 2025
- Days on Market:
- 192
- Last Refresh:
- Jun 10 at 10:30 am
Property Features for 216 E Ludington St
General Information
- Standard status
- Active
- Property type
- Office Units, Office Spaces, Commercial real estate
- Size
- 833 SF
Building Details
- Year Built
- 1891
Listing agent Ryan (906) 774-8570
Listing office (906) 774-8570
Listing date Dec 1, 2025
Local 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 local authorities.
Location Intelligence
Current Use by Public Records
Iron Mountain Counseling ...
Mental Health Service
Iron Mountain Counseling ...
Counselor
Dr. Karen Olson
Physician
Jill Esterly-Jayne
Foster Care Service
Location Insight
- Map
- Local Demand
- City
- Iron Mountain
- County
- Dickinson
- State
- Michigan
- Longitude
- -88.0642903
- Latitude
- 45.8203891
Nearby Similar for Sale
FAQs
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.
