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    663 Cloverland Dr Ironwood, MI 49938

    Sponsored
    For Sale
    $419,000

    8-Room Motel, 3 Houses, High ROI

    Property size:
    8,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional investment opportunity in Ironwood, Michigan, presents a unique blend of hospitality and residential real estate. The property encompasses five buildings situated on a substantial 34,848 square foot lot. The main structure, an 8,000 square foot, single-story motel, boasts eight guest rooms, an office, and a full basement, offering significant potential for renovation or expansion. Built in 1960 and extensively renovated in 2019, the motel presents a blend of vintage charm and modern updates. Adding to its appeal are three separate houses located on the same property, providing additional income streams or versatile housing options for staff or owners. This turnkey operation is priced at $419,000, representing a compelling price per square foot of $52.38 and a price per bed of $52,375. The property's location in Gogebic County, Michigan, at 663 E. Cloverland Drive, zip code 49938, offers excellent access to local amenities and attractions. Seller financing is available with attractive terms, making this an even more accessible and lucrative investment. Don't miss this chance to acquire a well-established, income-generating property with substantial growth potential.

    Property Features for 663 Cloverland Dr

    General Information

    Property type
    Motels
    Square Feet
    8,000 SF

    Building Details

    Year Built/Renovated
    1960/2019
    Buildings
    5
    Stories
    1

    HighLights

    • Exceptional investment opportunity in Ironwood, MI, encompassing five buildings on a 34,848 sq ft lot.
    • Turnkey motel operation with eight guest rooms, office, and full basement; 8,000 sq ft, single‑story building, renovated in 2019.
    • Three additional houses on‑site provide extra income or housing.
    • Priced at $419,000 ($52.38/sq ft, $52,375/bed).
    • Seller financing available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Love Hotels Advance ... Motel

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.1580847
    Latitude
    46.4631273

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    FAQs

    What type of property is this?
    Motel - 8-Room Motel, 3 Houses, High ROI
    Where is this motel located?
    The property is located at 663 Cloverland Dr Ironwood, MI.
    What is the asking price?
    The asking price for this property is $419,000.
    What are key features of this property?
    This property features: Exceptional investment opportunity in Ironwood, MI, encompassing five buildings on a 34,848 sq ft lot.; Turnkey motel operation with eight guest rooms, office, and full basement; 8,000 sq ft, single-story building, renovated in 2019.; Three additional houses on-site provide extra income or housing.
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    663 Cloverland Dr Ironwood, MI 49938
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    Ironwood, MI 49938
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    663 Cloverland Dr Ironwood, MI 49938
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