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    424 Cloverland Dr Ironwood, MI 49938

    Sponsored
    For Sale
    $169,000

    Prime Commercial Restaurant, 5,576 SF

    Property size:
    5,576 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional commercial property, located at 424 W Cloverland Dr, Ironwood, MI 49938, presents a unique investment opportunity. The 5,576 square foot building, constructed in 1954, sits on a half-acre lot (23,522 square feet) and is zoned for commercial use. Previously operating as a hotel, the property features twelve rooms and a separate office building with attached living quarters. Significant renovations have already been completed, including extensive electrical rewiring in both the hotel and the brick home. The office/living quarters boast a new roof and numerous new windows. Additional features include a laundry/workshop area within the office, and the living quarters offer a spacious kitchen, open-concept living/dining area, a main floor bathroom, and three bedrooms (two on the main floor and one upstairs). The foundation of both buildings is reported to be in excellent condition. The property's prime location on US Highway 2 ensures high visibility and accessibility, making it ideal for a variety of commercial ventures. The ample parking on the half-acre lot further enhances its appeal. This property is priced at $169,000 ($35 per square foot) and presents a compelling opportunity for a savvy investor or entrepreneur. The APN is 52-16-482-040.

    Property Features for 424 Cloverland Dr

    General Information

    Property type
    Restaurants
    Square Feet
    5,576 SF
    Lot Size
    23,522 SF

    Building Details

    Year Built
    1954

    HighLights

    • $169,000 asking price for a 5,576 SF retail restaurant property.
    • Located on US Hwy 2 in Ironwood, MI.
    • Extensive electrical work completed in both the hotel and attached home.
    • New roof and windows on the office/living quarters.
    • Office includes laundry/workshop area and attached living quarters with a kitchen, open living/dining area, bathroom, and three bedrooms.
    • Solid foundation on both buildings, situated on a 0.54‑acre lot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Crestview Motel Motel

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.1784344
    Latitude
    46.463605

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    FAQs

    What type of property is this?
    Restaurant - Prime Commercial Restaurant, 5,576 SF
    Where is this restaurant located?
    The property is located at 424 Cloverland Dr Ironwood, MI.
    What is the asking price?
    The asking price for this property is $169,000.
    What are key features of this property?
    This property features: $169,000 asking price for a 5,576 SF retail restaurant property.; Located on US Hwy 2 in Ironwood, MI.; Extensive electrical work completed in both the hotel and attached home.
    Request Owner's contact information
    424 Cloverland Dr 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
    424 Cloverland Dr Ironwood, MI 49938
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