663 E Cloverland Dr, Ironwood, MI 49938
Investment opportunity: motel with houses in Ironwood, Michigan.
- Added:
- Jul 9, 2024
- Days on Market:
- 728
- Last Refresh:
- Jun 23 at 3:03 am
Property Features for 663 E Cloverland Dr
General Information
- Standard status
- Active
- Size
- 8,000 SF
- Property subtype
- Hospitality
Building Details
- Year Built
- 1960
Listing office Coldwell Banker Commercial AMH
Listing date Jul 9, 2024
Source Crexi
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 Coldwell Banker Commercial AMH
HighLights
- Income‑generating property with immense growth possibilities.
- Large lot size: 34,848 sq. ft.
- Five buildings including three houses on the property.
- Motel with 8 rooms, office, and basement.
- Seller financing with favorable rates available.
- Vintage appeal (built in 1960).
Overview
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $120.0k | $15.00 |
| − Vacancy | −$30.0k | −$3.75 |
| EGI | $90.0k | $11.25 |
| − OpEx | −$47.3k | −$5.91 |
| NOI | $42.8k | $5.34 |
Alternative Uses
Current Use by Public Records
Similar Places Nearby
- Classic Motor Inn — 1200 E Cloverland Dr, Ironwood, MI 49938
- Your North Vacation Rentals — 919 E Cloverland Dr, Ironwood, MI 49938
- AmericInn by Wyndham Ironwood — 1117 E Cloverland Dr, Ironwood, MI 49938
- Love Hotels Advance Extended Stay at Lake Superior MI — 663 E Cloverland Dr, Ironwood, MI 49938
- Indianhead Ironwood — 823 E Cloverland Dr, Ironwood, MI 49938
Location Insight
- Map
- Local Demand
- City
- Ironwood
- County
- Gogebic
- State
- Michigan
- Longitude
- -90.158954
- Latitude
- 46.463397
