Commercial Land with Existing
For Sale
$250,000
909 S Stephenson Avenue, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size2,335 SF
Lot Size0.20 Acres
Price / SF$107.07
Days on Market425
Property Features for 909 S Stephenson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Lot features
Corner Lot, Main Street
Subdivision
Iron Mountain (22007)
Standard status
Active
Size
2,335 SF
Lot size
0.20 Acres
Utilities
Water source
Public
Building Details
Year built
1920
Roof type
Shingle
Listing Agency:
STEPHENS REAL ESTATE
(906) 774-8570
Listed By:
RYAN GORDON · License #6502420131
(906) 282-1644
Added: Jun 23, 2025
Changed: Aug 19
Last Checked: Aug 21 at 11:06AM
MLS# 50179448
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.
This commercial land offering includes an existing 2,335-square-foot building constructed in 1920. The structure has a shingle roof, and public water serves the property. The parcel measures 72 x 120 feet and encompasses 0.2 acres, providing an established site with both land and an existing improvement.
The property is located at a signalized intersection along S Stephenson Avenue in Iron Mountain, directly across from the mall and beside Dunkin' Donuts. Its position on the town's main thoroughfare places the site within a prominent commercial setting. Zoning is Commercial, and the existing building may be retained or removed according to the purchaser's plans.
The property is located at a signalized intersection along S Stephenson Avenue in Iron Mountain, directly across from the mall and beside Dunkin' Donuts. Its position on the town's main thoroughfare places the site within a prominent commercial setting. Zoning is Commercial, and the existing building may be retained or removed according to the purchaser's plans.
Key Highlights
- 0.2‑acre commercial parcel measuring 72 x 120 feet
- Existing 2,335‑square‑foot building constructed in 1920
- Commercial zoning
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
$21,065
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
8.43%
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%
$421,300
$421.3K
Cap Rate 7%
$300,929
$300.9K
Cap Rate 9%
$234,056
$234.1K
Market Conditions
NOI Build-Up for 2,335 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
$33.6K $14.40/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$30.1K $12.89/SF
− OpEx
−$9.0K −$3.87/SF
NOI
$21.1K $9.02/SF
Area
Dickinson County, MI
Vacancy
10.50%
Lease Rate
$14.40 /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%
$421,300
Cap Rate 7%
$300,929
Cap Rate 9%
$234,056
Alternative Uses
Best Use
Specialty Retail
$371.0K
$324.6K – $432.9K
NOI $25,971 @ 7.0% cap · market cap 10.39%
Second Best
Retail
$300.9K
$263.3K – $351.1K
NOI $21,065 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
82k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Groceries 31%
Shops & Services 3%
Home Improvements & Furnishings 2%
Super One Foods
Groceries
25,772 visits/mo
0.2 miles
McDonald's
Dining
20,955 visits/mo
0.2 miles
Wendy's
Dining
12,898 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,147 visits/mo
0.1 miles
Little Caesars Pizza
Dining
3,696 visits/mo
0.5 miles
Demographics for 49801, MI
11,479
Population
5,927
Households
1.9
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
123.9 sq mi
ZIP Area
93
Density / Sq Mi
$62,461
Median Household Income
$41,468
Median Earnings
$667
Median Rent
$157,800
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?
Commercial land - Commercial zoning and a shingle-roof building are present on the parcel.
Where is this commercial land located?
The property is located at 909 S Stephenson Avenue Iron Mountain, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 0.2‑acre commercial parcel measuring 72 x 120 feet; Existing 2,335‑square‑foot building constructed in 1920; Commercial zoning
