Industrial Property with Leased
5000 N Stephenson Avenue Iron Mountain, MI 49801
For Sale
$425,000
Flex-industrial complex on a fully cleared two-acre lot with living quarters, workshops, and leased shop space.
Property Size8,852 SF
Lot Size2.00 Acres
Price / SF$48.01
Days on Market366
Property Features for 5000 N Stephenson Avenue
General Information
- Standard status
- Active
- Size
- 8,852 SF
- Lot size
- 2.00 Acres
Listing Agency:
LEEDS REAL ESTATE
(906) 282-4906
Listed By:
KELLY CHALLANCIN · License #6501420449
(906) 282-4906
Source:
Exprealty
Added: Jul 23, 2025
Changed: Jul 22
Last Checked: Jul 23 at 5:30PM
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 LEEDS REAL ESTATE
Investment Insights
Based on property information with market context.
This versatile industrial property on a fully cleared and professionally graded two-acre lot combines multiple structures and functional spaces. It includes 2-bedroom, 1-bath living quarters that could also be used as office space or a conference room/break room. There is an approximately 1,400+ sq ft workshop area and a 2,400+ sq ft shop building with overhead doors. A renovated 2,700+ sq ft retail space is also on site, with a 1/2 bath and an upper-level open area that can be adapted for additional office space. The property is equipped with newer forced NFA heating systems (two total). Since 2023, improvements include new septic, a well pressure tank, a water heater, and concrete work, along with major excavation, new retaining walls, and professional landscaping.
The property is located just minutes from the WI border and the local airport, supporting a variety of business and development plans.
The workshop and the 2,400 sq ft shop building are currently leased, with terms noted as negotiable, providing flexibility for an owner-occupant or investor.
The property is located just minutes from the WI border and the local airport, supporting a variety of business and development plans.
The workshop and the 2,400 sq ft shop building are currently leased, with terms noted as negotiable, providing flexibility for an owner-occupant or investor.
Key Highlights
- 9,000+ SF flex‑industrial/commercial complex on a fully cleared, professionally graded 2‑acre lot
- Includes 2‑bedroom, 1‑bath living quarters that could also be used as office or conference/break‑room space
- 1,400+ SF workshop area plus a 2,400+ SF shop building with overhead doors
Financial Insights For Flex RnD
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 | $64.8k | $7.32 |
| − Vacancy | −$6.5k | −$0.74 |
| EGI | $58.3k | $6.58 |
| − OpEx | −$20.4k | −$2.30 |
| NOI | $37.9k | $4.28 |
8,852 SF · lease $7.32/SF/yr · vacancy 10.10% · expense 35.00%
Alternative Uses
Best Use
Retail
$1.14M
$998.2K – $1.33M
NOI $79,859 @ 7.0% cap · market cap 18.79%
Second Best
Warehouse
$755.3K
$660.9K – $881.2K
NOI $52,870 @ 7.0% cap · market cap 12.44%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,464 @ 7.0% cap · market cap 28.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
FAQs
What type of property is this?
Flex space - Flex-industrial complex on a fully cleared two-acre lot with living quarters, workshops, and leased shop space.
Where is this flex space located?
The property is located at 5000 N Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 9,000+ SF flex‑industrial/commercial complex on a fully cleared, professionally graded 2‑acre lot; Includes 2‑bedroom, 1‑bath living quarters that could also be used as office or conference/break‑room space; 1,400+ SF workshop area plus a 2,400+ SF shop building with overhead doors
