Building Details

Year Built 2003

Buildings 1

Stories 1

Units 1

Listed By: Ryan Gordon Show Phone

Added: Jun 10

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,089

Cap Rate

8.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,141,780 $1.1M

Cap Rate 7%

$815,557 $815.6K

Cap Rate 9%

$634,322 $634.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,328 SF

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 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 (±1% cap)

NOI $57,089 @ 7.0% cap · market cap 8.78%

Second Best

Industrial

$447.9K

$391.9K – $522.6K (±1% cap)

NOI $31,353 @ 7.0% cap · market cap 4.82%

Theoretical Best

Office A

$1.22M

$1.07M – $1.42M (±1% cap)

NOI $85,401 @ 7.0% cap · market cap 13.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Under-served

Demand for This Use

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Automotive property - High-visibility commercial/retail space with seller financing available.

Where is this automotive property located?

The property is located at W8145 Us2 Hwy Iron Mountain, MI.

What is the asking price?

The asking price for this property is $649,900.