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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Turn key restaurants
1111 Cloverland Dr, Ironwood, MI 49938-1601
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US43-3947565
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1977
Total area
4,188 SF
Lot
1.61 ac (70,132 SF)
Zoning code
C-3
APN
52-23-101-200
UPID
US43-3947565
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Breakwater Restaurant Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$385k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$648k
Blend (final)
Blend
$515k
Owner & transaction history
Breakwater Ironwood LLC · 9 yrs held
Breakwater Ironwood LLC
since 2017
4 recorded transactions
Zoning & alternative use
C-3 · Ironwood, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$575,000
+29.1%
Office building
$485,000
+9.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ironwood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ironwood submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$385,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$445,000
Current use
COMMERCIAL (GENERAL)
$575,000
Change: +29% · Conversion: Easy
OFFICE BUILDING
$485,000
Change: +9% · Conversion: Moderate
Blend value · Realmo final
$515k
Range $464k – $567k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$123 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$16,308
Tax year 2023
Assessed value
$226,262
Assessed 2023
Previous assessed
$226,158
+0.0% YoY
Effective rate
7.21%
On assessed value
Assessed land
$72,999
Assessed improvement
$153,263
Land market value
$145,998
Improvement market value
$306,526
Total market value
$452,524
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1977
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
4,188 SF
Lot
1.61 ac (70,132 SF)
Zoning code
C-3
APN
52-23-101-200
UPID
US43-3947565
Jurisdiction
GOGEBIC
Zoning & alternative use
C-3 · Ironwood, MI
Zoning C-3 · permitted uses
C-3 · Ironwood, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ironwood. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$445,000
COMMERCIAL (GENERAL)
Est. value
$575,000
OFFICE BUILDING
Est. value
$485,000
RESTAURANT Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1977
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1.61 ac
Current owner
From public records · entity-resolved
Breakwater Ironwood LLC
Entity
Mailing address
1808 LK SHR DR E, ASHLAND, WI 54806-2268
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 17, 2017
—
Breakwater Ironwood LLC
—
Deed
related
$179,000 · Wbd INC
Aug 28, 2017
—
Breakwater Ironwood LLC
—
Deed
related
$172,200 · Chippewa Vallley Bank
Apr 3, 2017
—
Breakwater Ironwood LLC
Breakwater INC
Warranty Deed
$246,000 · Chippewa Valley Bank
May 12, 2009
$400,000
Breakwater INC
Dennis Jon Mack
Warranty Deed
$235,000 · Gogebic Range Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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