Shopping Center with Expansion
For Sale
$2,500,000
629 W Cloverland Drive, Ironwood, MI 49938
COM/IND/BUS OPP, Ironwood, MI
Property Size20,975 SF
Lot Size4.30 Acres
Price / SF$119.19
Days on Market171
Property Features for 629 W Cloverland Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Other
Parking features
Parking Lot
Security features
Security Lighting
Exterior features
Security Lighting, Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Main Street, Mall, Shopping Center, Strip Center, Storm Drains, Brownfield Redev
Subdivision
Ironwood (27006)
Standard status
Active
Size
20,975 SF
Lot size
4.30 Acres
Utilities
Heating system
Forced Air
Cooling system
Humidity Control, Central Air
Water source
Public
Amenities
security cameras
3-phase power
city sewer & water
ADA compliance
sidewalks
forced air & central air units
multiple front display windows
attached garage with overhead door
additional access from a back city street
Building Details
Year built
2006
Roof type
Metal, Asphalt
Additional Structures
Second Garage
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 891-6686
Listed By:
RACHEL MARTIN · License #60346 - 90
(715) 358-0450
Added: Apr 8
Changed: Sep 17
Last Checked: Sep 25 at 3:06PM
MLS# 50203974
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.
Built in 2006, this shopping center includes a 19,500-square-foot plaza with seven tenant spaces and a separate 800-square-foot building occupied by an additional tenant. Individual suites offer varied layouts, front display windows, forced-air heating, central air, and accessible features. The property also includes a 38-by-28-foot detached garage, an additional storage building, security cameras, sidewalks, and paved parking serving up to 85 vehicles.
Set on 4.3 acres across two parcels in Ironwood, the property is positioned off US 2 and includes access from a rear city street. Public water and city sewer serve the site, which also has 3-phase power. A half-log-and-stone exterior, overhead garage door, and multiple access points complement the commercial improvements.
Set on 4.3 acres across two parcels in Ironwood, the property is positioned off US 2 and includes access from a rear city street. Public water and city sewer serve the site, which also has 3-phase power. A half-log-and-stone exterior, overhead garage door, and multiple access points complement the commercial improvements.
Key Highlights
- 4.3 acres across 2 parcels with room for future expansion
- 19,500‑square‑foot plaza with 7 tenants plus an additional 800‑square‑foot building and 8th tenant
- Paved parking front and rear for up to 85 vehicles
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
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Hotels & Casinos 38%
Cenex
Shops & Services
3,038 visits/mo
0.4 miles
Days Inn Hurley
Hotels & Casinos
1,508 visits/mo
0.5 miles
Budget Host Inn
Hotels & Casinos
343 visits/mo
0.3 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
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Frequently Asked Questions
What type of property is this?
Shopping center - Established commercial center with multiple suites, on-site parking, public utilities, and adaptable interior layouts.
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: 4.3 acres across 2 parcels with room for future expansion; 19,500‑square‑foot plaza with 7 tenants plus an additional 800‑square‑foot building and 8th tenant; Paved parking front and rear for up to 85 vehicles
