200 Ludington St Iron Mountain, MI 49801-2856

Property Details for 200 Ludington St

Year built

1936

Lot size

0.24 lot acres

Property size

4,180 SF

Property type

Commercial real estate

APN

051-104-493-00

APU

5110449300

Description

This exceptional investment opportunity presents the fee simple interest in the Iron Mountain Executive Plaza, a 4,180 square foot storefront located at 200 W Ludington St, Iron Mountain, MI 49801. The property boasts a 100% occupancy rate with a single master tenant under an absolute NNN lease expiring July 31, 2033, providing a remaining lease term of approximately 8.7 years. The lease generates a substantial net operating income (NOI) of $135,300, resulting in a compelling 12% cap rate. Built in 1936, this single-building property sits on a 0.24-acre lot and is zoned for commercial use. The property's prime downtown location offers high visibility and foot traffic, benefiting from recent community revitalization efforts including a new downtown retail complex, expanded medical facilities, and new manufacturing plants. Its strategic location is kitty-corner to the US Post Office and one block from a new Marriott TownePlace Suites. The property's strong financial performance, long-term lease, and location within a growing community make it an attractive investment opportunity. The asking price is $1,127,500. The property's APN is 051-104-493-00. This investment offers a secure, passive income stream with significant long-term growth potential.