Commercial Kitchen with Bakery
For Sale
$189,000
230 E Aurora Street, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size1,600 SF
Lot Size0.13 Acres
Price / SF$118.13
Days on Market52
Property Features for 230 E Aurora Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Off Street
Subdivision
Downtown
Lot features
Downtown Dev Authority
Standard status
Active
Size
1,600 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
2118
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
bistro-style seating
large front windows
back loading area
private office
ample storage
three-phase electrical system
A/C unit
mural
Building Details
Year built
1953
Roof type
Rubber
Listing Agency:
PINE ROAD REALTY, LLC
(906) 675-8901
Listed By:
HELENA LONGHINI · License #6501449634
(906) 285-9868
Added: Aug 4
Changed: Sep 8
Last Checked: Sep 24 at 2:06AM
MLS# 50217293
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.
Investment Insights
Based on property information with market context.
This 1,600-square-foot commercial kitchen occupies a brick building constructed in 1953 and currently accommodates a bakery operation. The sale includes bakery equipment, fixtures, and existing inventory, including a Pavailler steam injection oven, two prep stations, an 8-by-10-foot walk-in cooler, three-compartment and hand sinks, air conditioning, and a customer-facing retail area with bistro seating. Large front windows provide visibility into the production area, while the basement adds storage, a private office, and additional workspace.
The property has a new three-phase electrical system, forced-air heat, central air, a rubber roof, and public water. Off-street parking, street parking, and a rear loading area support customer access and deliveries. Zoned Commercial, the building is positioned for continued food production or a new commercial kitchen concept, subject to applicable approvals.
The property has a new three-phase electrical system, forced-air heat, central air, a rubber roof, and public water. Off-street parking, street parking, and a rear loading area support customer access and deliveries. Zoned Commercial, the building is positioned for continued food production or a new commercial kitchen concept, subject to applicable approvals.
Key Highlights
- 1,600‑square‑foot commercial kitchen in a 1953 brick building
- Pavailler steam injection oven, bakery equipment, fixtures, and existing inventory included
- New three‑phase electrical system supports commercial kitchen operations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,609
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$332,180
$332.2K
Cap Rate 7%
$237,271
$237.3K
Cap Rate 9%
$184,544
$184.5K
Market Conditions
NOI Build-Up for 1,600 SF
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.
Gross rent
$24.8K $15.48/SF
− Vacancy
−$1.0K −$0.65/SF
EGI
$23.7K $14.83/SF
− OpEx
−$7.1K −$4.45/SF
NOI
$16.6K $10.38/SF
Area
Gogebic County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$332,180
Cap Rate 7%
$237,271
Cap Rate 9%
$184,544
Alternative Uses
Best Use
Industrial
$333.6K
$291.9K – $389.2K
NOI $23,349 @ 7.0% cap · market cap 12.35%
Second Best
Specialty Retail
$254.2K
$222.5K – $296.6K
NOI $17,796 @ 7.0% cap · market cap 9.42%
Theoretical Best
Office A
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Ben Franklin
Shops & Services
2,528 visits/mo
0.1 miles
Domino's Pizza
Dining
1,602 visits/mo
0.1 miles
Carquest Auto Parts
Shops & Services
450 visits/mo
0.2 miles
Demographics for 49938, MI
7,340
Population
4,728
Households
1.6
Avg Household Size
49
Median Age
23%
College-Educated
95%
High-School Grad
225.6 sq mi
ZIP Area
33
Density / Sq Mi
$44,379
Median Household Income
$34,553
Median Earnings
$590
Median Rent
$95,500
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Updated brick commercial kitchen with bakery equipment, prep areas, retail seating, storage, and delivery access.
Where is this commercial kitchen located?
The property is located at 230 E Aurora Street Ironwood, MI.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 1,600‑square‑foot commercial kitchen in a 1953 brick building; Pavailler steam injection oven, bakery equipment, fixtures, and existing inventory included; New three‑phase electrical system supports commercial kitchen operations
