Shopping Center with On-Site
For Sale
$2,500,000
629 W Cloverland Drive, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property Size20,975 SF
Lot Size4.30 Acres
Price / SF$119.19
Days on Market124
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
sidewalks
multiple front display windows
forced air & central air units
attached garage with overhead door
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) 891-6686
Added: Apr 8
Changed: Aug 4
Last Checked: Aug 9 at 6:06PM
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.
Sunnyside Plaza is a shopping center property offering multiple tenant spaces within a main 19,500 SF plaza built in 2006, plus a second 800 SF building with an eighth tenant. The property sits on 4.3 acres across 2 parcels and includes ADA-compliant access with sidewalks and an accessible ramp.
The site is positioned for visibility off US 2 and features black-topped parking at the front and back for up to 85 vehicles. On-site improvements include a detached 38x28 garage, additional storage, and security cameras. Utilities are supported by city sewer and water, with forced-air heating and central air/ humidity control for the units.
With multiple front display windows and additional access from a back city street, the layouts vary by unit space and may be adaptable for different uses, while the current configuration includes long-term tenants in place.
The site is positioned for visibility off US 2 and features black-topped parking at the front and back for up to 85 vehicles. On-site improvements include a detached 38x28 garage, additional storage, and security cameras. Utilities are supported by city sewer and water, with forced-air heating and central air/ humidity control for the units.
With multiple front display windows and additional access from a back city street, the layouts vary by unit space and may be adaptable for different uses, while the current configuration includes long-term tenants in place.
Key Highlights
- 4.3 acres on 2 parcels, Sunnyside Plaza shopping center off US 2
- Main 19,500 SF plaza built in 2006 plus second 800 SF building
- 7 tenants in the plaza plus an 8th tenant in the second building
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
Multi-tenant
Tenancy
Yes
Highway access
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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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant shopping center with black-topped front and rear parking and ADA-compliant site features.
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 on 2 parcels, Sunnyside Plaza shopping center off US 2; Main 19,500 SF plaza built in 2006 plus second 800 SF building; 7 tenants in the plaza plus an 8th tenant in the second building
