Property profile

156 Cloverland Dr Ironwood, MI 49938

OFF-MARKET
Turn key restaurants
Property ID
US43-3274202
6,183 SF 0.73 ac lot Built 1939
Entity Owned ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional 6,300 square foot commercial property located at 156 E Cloverland Dr, Ironwood, MI, presents a compelling investment opportunity. Situated on a 0.73-acre lot with convenient access to US 2, this high-visibility location boasts a prime commercial setting. Previously operating as the popular Maplewood Steakhouse, the building is ideally suited for a variety of commercial ventures. The expansive layout includes a large wrap-around bar with seating for 25+, a spacious open dining and bar area, and a meticulously designed kitchen featuring ample prep space, a waitress station, and a dishwashing area. A private dining area adds to the versatility. The property also includes substantial storage, large walk-in coolers, separate men's and women's restrooms, and a dedicated blacktopped parking area. Recent upgrades include a new rubber roof (2023), new insulation (2023), an updated HVAC system, and a new water heater. A liquor license is available for transfer. This well-maintained building offers a rare chance to acquire a quality commercial property in a thriving Ironwood location. The property's size, location, and recent improvements make it an attractive investment with significant upside potential.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1939
Total area 6,183 SF
Lot 0.73 ac (31,799 SF)
Zoning code C-3
APN 52-15-382-060
UPID US43-3274202

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

156 Cloverland Dr Ironwood, MI 49938-1228
Ironwood metro Census 950600
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$340k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$340k

Owner & transaction history

since 2025
Last sale
$267,750
2 recorded transactions
2025
$267,750
2012
Price N/A

Zoning & alternative use

C-3 · Ironwood, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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