Industrial Shop with Overhead
222 Merritt Avenue Unit SourceFi Iron Mountain, MI 49801
For Sale
$249,000
Industrial building with two semi-truck-height overhead doors, shop space, office, and bathroom for flexible commercial use.
Property Size2,400 SF
Price / SF$103.75
Days on Market24
Property Features for 222 Merritt Avenue Unit SourceFi
General Information
- Standard status
- Active
- Size
- 2,400 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1965
Listing Agency:
SELECT REALTY
(906) 282-8803
Listed By:
WILLIAM FAIRCHILD · License #6501449955
(906) 282-8803
Source:
Xome
Added: Jun 30
Changed: Jul 18
Last Checked: Jul 23 at 3:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SELECT REALTY
Investment Insights
Based on property information with market context.
This versatile industrial/commercial building offers approximately 2,400 square feet of usable space designed around a spacious shop area. The layout includes two oversized semi-truck-height overhead doors for loading and access, along with an office and a bathroom to support day-to-day operations.
Located in Iron Mountain at 222 Merritt Avenue, the property is positioned to serve a range of commercial and industrial needs where larger vehicle access is important.
The configuration—combining heavy-duty overhead access with dedicated office and restroom space—can support a variety of service, maintenance, construction, and storage uses based on a tenant’s operational requirements.
Located in Iron Mountain at 222 Merritt Avenue, the property is positioned to serve a range of commercial and industrial needs where larger vehicle access is important.
The configuration—combining heavy-duty overhead access with dedicated office and restroom space—can support a variety of service, maintenance, construction, and storage uses based on a tenant’s operational requirements.
Key Highlights
- 2,400‑SF commercial/industrial building with spacious shop area, office, and bathroom
- Two oversized semi‑truck‑height overhead doors for loading and heavy‑vehicle access
- Metal roof
Financial Insights For Warehouse
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 | $17.6k | $7.35 |
| − Vacancy | −$776 | −$0.32 |
| EGI | $16.9k | $7.03 |
| − OpEx | −$2.5k | −$1.05 |
| NOI | $14.3k | $5.97 |
2,400 SF · lease $7.35/SF/yr · vacancy 4.40% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$204.8K
$179.2K – $238.9K
NOI $14,334 @ 7.0% cap · market cap 5.76%
Second Best
Industrial
$169.9K
$148.6K – $198.2K
NOI $11,891 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$462.7K
$404.9K – $539.8K
NOI $32,390 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Manufacturing properties
Similar Off Market Nearby
- Talk 1450 WMIQ Talk 1450 WMIQ — 101 Kent St, Iron Mountain, MI 49801
FAQs
What type of property is this?
Warehouse - Industrial building with two semi-truck-height overhead doors, shop space, office, and bathroom for flexible commercial use.
Where is this warehouse located?
The property is located at 222 Merritt Avenue Unit SourceFi Iron Mountain, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 2,400‑SF commercial/industrial building with spacious shop area, office, and bathroom; Two oversized semi‑truck‑height overhead doors for loading and heavy‑vehicle access; Metal roof
