Updated Commercial Kitchen
For Sale
$189,000
230 E Aurora Street, Ironwood, MI 49938
Brick commercial building with bakery equipment, customer seating, delivery access, and flexible food-production space.
Property Size1,600 SF
Price / SF$118.13
Days on Market10
Property Features for 230 E Aurora Street
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Utilities to Site
Yes
Amenities
bistro-style seating
back loading area
mural
Central Air
3
Laminate
Rubber
40140
Building Details
Year Built
1953
Buildings
1
Construction
brick
Tenancy
Single
Listing Agency:
PINE ROAD REALTY, LLC
(906) 285-9868
Listed By:
HELENA LONGHINI · License #6501449634
(906) 285-9868
Source:
Xome
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 9 at 1:39PM
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 PINE ROAD REALTY, LLC
Investment Insights
Based on property information with market context.
This 1953 brick commercial kitchen property combines an operating bakery setup with customer-facing retail space. The sale includes bakery equipment, fixtures, and existing inventory, along with two prep stations, an 8x10 ft walk-in cooler, central air conditioning, a three-compartment sink, hand sinks, and bistro-style seating. Large front windows provide visibility into the production area, while the basement adds storage, a private office, and work areas. The building has been updated with a new three-phase electrical system and a Pavailler steam injection oven.
Located in Downtown Ironwood at 230 E Aurora Street, the property offers street parking and a rear loading area to support customer access and deliveries. A mural created during Ironwood's first Mural Fest adds a distinctive exterior feature. The existing bakery operation, equipment package, and retail layout provide a foundation for continued food production or a different commercial concept.
Located in Downtown Ironwood at 230 E Aurora Street, the property offers street parking and a rear loading area to support customer access and deliveries. A mural created during Ironwood's first Mural Fest adds a distinctive exterior feature. The existing bakery operation, equipment package, and retail layout provide a foundation for continued food production or a different commercial concept.
Key Highlights
- Bakery equipment, fixtures, and existing inventory included
- New three‑phase electrical system and Pavailler steam injection oven
- Main floor includes two prep stations and an 8x10 ft walk‑in cooler
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
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
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 - Brick commercial building with bakery equipment, customer seating, delivery access, and flexible food-production space.
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: Bakery equipment, fixtures, and existing inventory included; New three‑phase electrical system and Pavailler steam injection oven; Main floor includes two prep stations and an 8x10 ft walk‑in cooler
