Shopping Center with Multiple
For Sale
Contact for pricing
629 W Cloverland Drive, Ironwood, MI 49938
Includes three-phase power, HVAC cooling, concrete floors, and security lighting.
Property Size20,975 SF
Lot Size4.30 Acres
Price / SF$119.19
Days on Market15
Property Features for 629 W Cloverland Drive
General Information
Standard status
Active
Size
20,975 SF
Class
A
Lot size
4.30 Acres
Property subtype
Retail
Additional Details
Utilities to Site
Yes
Amenities
3-phase power
HVAC cooling systems
metal roof construction
concrete floors
security lighting
basement
additional building structures
Building Details
Year Built
2006
Listing Agency:
Redman Realty Group LLC
(715) 891-6686
Listed By:
Rachel Martin · License #6502431648
Source:
Crexi
Added: Aug 18
Changed: Aug 31
Last Checked: Aug 31 at 8:44AM
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 20,975-square-foot shopping center property on 4.30 acres at 629 W Cloverland Drive in Ironwood, Michigan. Constructed in 2006, the property combines a metal roof, concrete floors, HVAC cooling systems, three-phase power, and security lighting. A basement and additional building structures expand the physical configuration beyond the primary commercial space.
The property is positioned within a shopping center setting and is offered as an active sale listing. Its combination of substantial building area, multiple structures, and established commercial improvements provides a defined physical platform for retail-oriented ownership or occupancy.
The property is positioned within a shopping center setting and is offered as an active sale listing. Its combination of substantial building area, multiple structures, and established commercial improvements provides a defined physical platform for retail-oriented ownership or occupancy.
Key Highlights
- 20,975‑square‑foot shopping center property on 4.30 acres
- Built in 2006 with metal roof construction and concrete floors
- Three‑phase power and HVAC cooling systems
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
$217,739
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
8.71%
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%
$4,354,780
$4.4M
Cap Rate 7%
$3,110,557
$3.1M
Cap Rate 9%
$2,419,322
$2.4M
Market Conditions
NOI Build-Up for 20,975 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
$324.7K $15.48/SF
− Vacancy
−$13.6K −$0.65/SF
EGI
$311.1K $14.83/SF
− OpEx
−$93.3K −$4.45/SF
NOI
$217.7K $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%
$4,354,780
Cap Rate 7%
$3,110,557
Cap Rate 9%
$2,419,322
Alternative Uses
Best Use
Retail
$3.11M
$2.72M – $3.63M
NOI $217,739 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.45M
$3.90M – $5.20M
NOI $311,826 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
62k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 33%
Hotels & Casinos 2%
Kwik Trip
Shops & Services
27,624 visits/mo
0.5 miles
McDonald's
Dining
17,177 visits/mo
0.3 miles
Holiday Station Store
Shops & Services
9,621 visits/mo
0.1 miles
Little Caesars Pizza
Dining
3,317 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
3,248 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 - Includes three-phase power, HVAC cooling, concrete floors, and security lighting.
Where is this shopping center located?
The property is located at 629 W Cloverland Drive 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: 20,975‑square‑foot shopping center property on 4.30 acres; Built in 2006 with metal roof construction and concrete floors; Three‑phase power and HVAC cooling systems
