Multifunctional Commercial Property in
629 W Cloverland Drive, Ironwood, MI 49938
COMMERCIAL - Ironwood, MI
Property size:
20,975 SFLot size:
4.30 AcresPrice / SF:
$119/SF- Added:
- Apr 8, 2026
- Days on Market:
- 44
- Last Refresh:
- May 21 at 9:06 pm
Property Features for 629 W Cloverland Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Parking features
- Parking Lot
- Security features
- Security Lighting
- Exterior features
- Security Lighting, Wheelchair Access
- Accessibility
- Accessible Approach with Ramp
- 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
Building Details
- Year built
- 2006
- Roof type
- Metal, Asphalt
- Additional Structures
- Second Garage
Listing agent RACHEL MARTIN License #6502431648 (715) 891-6686
Listing office REDMAN REALTY GROUP, LLC 488 W Hagerman Lake Road, Iron River, MI (715) 891-6686
Listing date Apr 8, 2026
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.
HighLights
- High‑visibility location on US 2 with 4.3 acres for future expansion
- 19,500 sq ft plaza built to high standards with 7 long‑term tenants and an additional 800 sq ft building with an 8th tenant
- Strong income potential with almost $30K in gross lease income
- Ample parking with blacktopped front and back lots for up to 85 vehicles
- Includes a 38x28 detached garage, additional storage building, and security cameras
- Features 3‑phase power, city sewer & water, ADA compliance, and flexible unit layouts
Overview
This commercial property, located in Ironwood, MI, offers opportunities for entrepreneurs and investors. Situated on 4.3 acres comprising two parcels, the property allows for future expansion. The 19,500 sq ft plaza, constructed with quality materials and standards, houses seven tenants, most of whom are long-term. An additional 800 sq ft building accommodates an eighth tenant. The property features black-topped parking in the front and back for up to 85 vehicles, a 38x28 detached garage, and an additional storage building. Security cameras are installed. The property is equipped with 3-phase power, city sewer and water, and is ADA compliant, featuring sidewalks. The exterior is finished with half log and stone. Each unit has forced air and central air units, along with multiple front display windows. An attached garage includes an overhead door and additional access from a back city street. Unit square footage varies, allowing for adaptation to various uses and layouts. The property currently generates almost $30,000 in gross lease income. The property's versatility offers opportunities for growth and success.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$2.42M
NOI $217,739 @ 9.00% cap · cautious / downside scenario
Moderate
$3.11M
NOI $217,739 @ 7.00% cap · market / base-case scenario
Aggressive
$4.35M
NOI $217,739 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $324.7k | $15.48 |
| − Vacancy | −$13.6k | −$0.65 |
| EGI | $311.1k | $14.83 |
| − OpEx | −$93.3k | −$4.45 |
| NOI | $217.7k | $10.38 |
20,975 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Edward Jones - Financial ...
Financial Advisor
Ironwood VA Clinic
Medical Clinic
Ewing Sheri L ...
Pediatrician
Curry Park Campground
Campground & RV Park
Expensify
Corporate Office
Location Insight
- Map
- Local Demand
- City
- Ironwood
- County
- Gogebic
- State
- Michigan
- Longitude
- -90.1839305
- Latitude
- 46.4630862
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - Highly visible commercial property with expansion potential and diverse tenant mix.
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: High‑visibility location on US 2 with 4.3 acres for future expansion; 19,500 sq ft plaza built to high standards with 7 long‑term tenants and an additional 800 sq ft building with an 8th tenant; Strong income potential with almost $30K in gross lease income
