High-Visibility Retail Space For
For Sale
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w8145 US-2, Iron Mountain, MI 49801
6,300+ sq ft retail space on 1.15 acres.
Property Size6,328 SF
Lot Size1.15 Acres
Price / SF$109.83
Days on Market186
Property Features for w8145 US-2
General Information
Standard status
Active
Size
6,328 SF
Class
A
Total Parking Spaces
40
Lot size
1.15 Acres
Property subtype
Retail
Zoning
Comm
Investment Type
Owner/User
Building Details
Year Built
2003
Buildings
1
Stories
1
Units
1
Listing Agency:
Stephens Real Estate
(906) 774-8570
Listed By:
Ryan Gordon · License #MI 6502420131
Source:
Crexi
Added: Feb 16
Changed: Aug 18
Last Checked: Aug 20 at 8:00AM
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 Stephens Real Estate
Investment Insights
Based on property information with market context.
This commercial retail space offers high visibility in a thriving location. The modern building encompasses over 6,300 square feet and is situated on 1.15 acres. The property features frontage and high traffic counts. The open-concept layout provides flexibility in design, complemented by display windows, a rear overhead door, and dedicated restrooms. Positioned as an outlot in front of major retailers, the property benefits from accessibility and ample parking. A dedicated pole sign enhances visibility. An adjacent one-acre lot is available for purchase, offering additional frontage.
Key Highlights
- High‑visibility location with exceptional frontage and high traffic counts.
- Expansive 6,300+ sq ft modern building on 1.15 acres.
- Flexible open‑concept layout for customizable space design.
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
$57,089
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
8.21%
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%
$1,141,780
$1.1M
Cap Rate 7%
$815,557
$815.6K
Cap Rate 9%
$634,322
$634.3K
Market Conditions
NOI Build-Up for 6,328 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
$91.1K $14.40/SF
− Vacancy
−$9.6K −$1.51/SF
EGI
$81.6K $12.89/SF
− OpEx
−$24.5K −$3.87/SF
NOI
$57.1K $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%
$1,141,780
Cap Rate 7%
$815,557
Cap Rate 9%
$634,322
Alternative Uses
Best Use
Retail
$815.6K
$713.6K – $951.5K
NOI $57,089 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,401 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
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?
Retail space - 6,300+ sq ft retail space on 1.15 acres.
Where is this retail space located?
The property is located at w8145 US-2 Iron Mountain, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: High‑visibility location with exceptional frontage and high traffic counts.; Expansive 6,300+ sq ft modern building on 1.15 acres.; Flexible open‑concept layout for customizable space design.
