Shopping Center With Expansion
For Sale
$2,500,000
629 Cloverland Dr, Ironwood, MI 49938
Multi-tenant commercial property with adaptable suites, extensive parking, service buildings, and access to city utilities.
Property Size20,263 SF
Lot Size4.30 Acres
Days on Market126
Property Features for 629 Cloverland Dr
General Information
Standard status
Active
Size
20,263 SF
Total Parking Spaces
85
Lot size
4.30 Acres
Property subtype
Commercial
Lease Term
12 Months
Site & Location
Road Access
Yes
Utilities to Site
Yes
Amenities
security cameras
3-phase power
city sewer and water
ADA compliance
sidewalks
forced air and central air
front display windows
attached garage
additional access from back city street
detached garage
additional storage building
Building Details
Building Size
20,263 SF
Year Built
2006
Construction
half log & stone
Tenancy
Multi
Listing Agency:
Redman Realty Group, LLC
(715) 891-6686
Listed By:
Rachel Martin · License #60346 - 90
(715) 891-6686
Source:
Northwoodswi
Added: Apr 8
Changed: Aug 10
Last Checked: Aug 11 at 2:37PM
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 Redman Realty Group, LLC
Investment Insights
Based on property information with market context.
Sunnyside Plaza is a multi-tenant shopping center completed in 2006, featuring a 19,500-square-foot main building with seven tenants and a separate 800-square-foot building occupied by an eighth tenant. Suite sizes vary, allowing the interior arrangement to be adjusted for different commercial configurations. The property includes front display windows, ADA-compliant access, half-log and stone exterior finishes, forced-air and central air units serving all units, security cameras, and 3-phase power.
The 4.3-acre property consists of two parcels along US 2 in Ironwood, MI. Blacktop parking is provided at the front and rear for up to 85 vehicles. Additional improvements include a 38-by-28-foot detached garage, an attached garage with an overhead door, and a separate storage building. A rear access point connects to a city street, while city sewer and water serve the property. The site can continue operating with its existing tenant arrangement or accommodate revised layouts and uses.
The 4.3-acre property consists of two parcels along US 2 in Ironwood, MI. Blacktop parking is provided at the front and rear for up to 85 vehicles. Additional improvements include a 38-by-28-foot detached garage, an attached garage with an overhead door, and a separate storage building. A rear access point connects to a city street, while city sewer and water serve the property. The site can continue operating with its existing tenant arrangement or accommodate revised layouts and uses.
Key Highlights
- 19,500‑square‑foot main plaza with 7 tenants
- Separate 800‑square‑foot building with an 8th tenant
- 4.3 acres across 2 parcels along US 2
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
$210,348
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
8.41%
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%
$4,206,960
$4.2M
Cap Rate 7%
$3,004,971
$3.0M
Cap Rate 9%
$2,337,200
$2.3M
Market Conditions
NOI Build-Up for 20,263 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
$313.7K $15.48/SF
− Vacancy
−$13.2K −$0.65/SF
EGI
$300.5K $14.83/SF
− OpEx
−$90.1K −$4.45/SF
NOI
$210.3K $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%
$4,206,960
Cap Rate 7%
$3,004,971
Cap Rate 9%
$2,337,200
Alternative Uses
Best Use
Retail
$3.00M
$2.63M – $3.51M
NOI $210,348 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.77M – $5.02M
NOI $301,241 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 82%
Hotels & Casinos 18%
Pat's Foods
Groceries
6,798 visits/mo
0.5 miles
Days Inn Hurley
Hotels & Casinos
1,508 visits/mo
0.4 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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Similar Off Market Nearby
- Hobby Wheel Plaza — 1431-1541 E Cloverland Dr, Ironwood, MI 49938
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant commercial property with adaptable suites, extensive parking, service buildings, and access to city utilities.
Where is this shopping center located?
The property is located at 629 Cloverland Dr Ironwood, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 19,500‑square‑foot main plaza with 7 tenants; Separate 800‑square‑foot building with an 8th tenant; 4.3 acres across 2 parcels along US 2
