Commercial Real Estate Market in Iron Mountain, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
83 active listings and 1,246 off-market properties in Iron Mountain, MI. Commercial property asks $125/SF to buy and $16.79/SF/Yr to lease.
Market Trends
Iron Mountain, MI spans 265.6 square miles in Dickinson County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Iron Mountain, 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 Iron Mountain, MI asks $91/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 Iron Mountain, 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 space in Iron Mountain, MI asks $94/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Iron Mountain, MI has 18,389 residents in 9,196 households. Density runs 69 people per square mile. Median household income here is $62,419 and median gross rent $735 a month.
18,389
Population
9,196
Households
2
Avg Household Size
46
Median Age
25%
College-Educated
96%
High-School Grad
265.6 sq mi
ZIP Area
69
Density / Sq Mi
$62,419
Median Household Income
$40,038
Median Earnings
$735
Median Rent
$140,114
Median Home Value
Tools
Lease vs Buy Breakeven
At $16.79/SF/Yr lease vs $125/SF buy → buying wins if held > 0.8 years.
At a 13.4% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Kingsford | — | — |
| Quinnesec | — | — |
| Niagara | — | — |
| Norway | — | — |
Commercial property in Iron Mountain, MI asks $125/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Iron Mountain?
Commercial property in Iron Mountain, MI asks an average of $125 per square foot. Multifamily carries the highest asking price at $94/SF.
How much does it cost to lease commercial space in Iron Mountain?
Asking lease rates in Iron Mountain, MI average $16.79 per square foot per year.
Is it cheaper to lease or buy commercial space in Iron Mountain?
Buying beats leasing in Iron Mountain, MI if the property is held longer than 0.8 years, comparing $16.79/SF/Yr asking rent with $125/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Iron Mountain market data come from?
Realmo compiles Iron Mountain, MI figures from 64 active sale listings, 19 active lease listings, 1,246 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 64 active for-sale and 19 active for-lease listings in Iron Mountain, 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.
- 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
