Retail Space with Open
For Sale
$695,000
W8145 US2 Highway, Iron Mountain, MI 49801
COM/IND/BUS OPP, Iron Mountain, MI
Property Size6,328 SF
Lot Size1.15 Acres
Price / SF$109.83
Days on Market191
Property Features for W8145 US2 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Main Street
Subdivision
Breitung Twp (22002)
Standard status
Active
Size
6,328 SF
Lot size
1.15 Acres
Taxes and HOA fees
Tax Annual Amount
15144
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Private
Amenities
display windows
rear overhead door
dedicated restrooms
Building Details
Year built
2003
Roof type
Rubber
Listing Agency:
STEPHENS REAL ESTATE
(906) 774-8570
Listed By:
RYAN GORDON · License #6502420131
(906) 282-1644
Added: Feb 11
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 50199440
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.
Located at W8145 US2 Highway in Iron Mountain, this 6,328-square-foot retail building occupies 1.15 acres and was built in 2003. The interior features an open-concept arrangement, prominent display windows, dedicated restrooms, and a rear overhead door. A pole sign provides property identification, while the parking lot supports on-site access. The building also includes wheelchair access, an accessible approach with ramp, forced-air heating, central air, a rubber roof, and private water service.
The property is positioned as an outlot in front of major retailers, with access from US2 Highway and frontage described as highly visible. Commercial zoning applies to the site. An adjacent one-acre parcel is also identified as available for purchase, offering an opportunity to expand the property footprint if acquired separately.
The property is positioned as an outlot in front of major retailers, with access from US2 Highway and frontage described as highly visible. Commercial zoning applies to the site. An adjacent one-acre parcel is also identified as available for purchase, offering an opportunity to expand the property footprint if acquired separately.
Key Highlights
- 6,328‑square‑foot retail building on 1.15 acres
- Open‑concept interior with prominent display windows
- Rear overhead door and dedicated restrooms
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
Current Use
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
142k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 40%
Shops & Services 23%
Home Improvements & Furnishings 14%
Dining 10%
Walmart
Superstores
57,268 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
19,613 visits/mo
0.1 miles
Culver's
Dining
14,645 visits/mo
0.1 miles
Dollar Tree
Shops & Services
14,139 visits/mo
0.1 miles
Aldi
Groceries
12,266 visits/mo
0.1 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?
Retail space - Commercial zoning, customer parking, display windows, and a rear overhead door support a flexible retail configuration.
Where is this retail space located?
The property is located at W8145 US2 Highway 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: 6,328‑square‑foot retail building on 1.15 acres; Open‑concept interior with prominent display windows; Rear overhead door and dedicated restrooms
