Commercial Real Estate Market in Caspian, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
6 active listings and 42 off-market properties in Caspian, MI. Commercial property asks $98/SF to buy and $5.07/SF/Yr to lease.
Market Trends
Caspian, MI spans 1.2 square miles in Iron County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Caspian, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Caspian, MI asks $35/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Caspian, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Caspian, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Industrial 46.1%
- Residential 33.6%
- Agricultural 8.1%
- Commercial 6.6%
Largest Zones share of zoned land by district
Industrial
Multifamily Residential
Agriculture
Single Family Residential
Single Family Residential
Caspian, MI zones 927 acres across 7 districts. Commercial zoning covers 6.6% of zoned land, residential 33.6% and industrial 46.1%. The largest single district is Industrial at 46.1%. For commercial buyers the practical constraint is that only 52.7% of land carries a commercial or industrial designation.
Industrial (C)
This zone is intended to promote industrial district uses
Market overview
Demographics & Economy
Caspian, MI has 789 residents in 335 households. Density runs 656 people per square mile. Median household income here is $41,786 and median gross rent $772 a month.
789
Population
335
Households
2.4
Avg Household Size
51
Median Age
16%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
656
Density / Sq Mi
$41,786
Median Household Income
$29,297
Median Earnings
$772
Median Rent
$69,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Gaastra | — | — |
| Iron River | — | — |
| Tipler | — | — |
| Alpha | — | — |
Commercial property in Caspian, MI asks $98/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Caspian?
Commercial property in Caspian, MI asks an average of $98 per square foot. Retail carries the highest asking price at $35/SF.
How much does it cost to lease commercial space in Caspian?
Asking lease rates in Caspian, MI average $5.07 per square foot per year.
What zoning applies to commercial property in Caspian?
Caspian, MI zones 927 acres across 7 districts, of which 6.6% is commercial and 46.1% industrial. The largest single district is Industrial at 46.1% of zoned land. This zone is intended to promote industrial district uses Residential zoning covers 33.6% and open space 0%.
Where does Realmo's Caspian market data come from?
Realmo compiles Caspian, MI figures from 5 active sale listings, 1 active lease listings, 42 tracked off-market properties, the current Caspian zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 5 active for-sale and 1 active for-lease listings in Caspian, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 927 zoned acres across 7 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
