Property profile

232 Aurora St 19 Ironwood, MI 49938

OFF-MARKET
Office buildings
Property ID
US43-3368386
4,128 SF 0.13 ac lot Built 1955
Entity Owned 1-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional commercial building, located at 232 E Aurora St in Ironwood, Michigan, presents a compelling investment opportunity. Boasting 5,160 square feet, this 1955-built traditional office building enjoys a prime downtown location directly across from the Ironwood Carnegie Library. The property features two established front tenants, each occupying well-appointed spaces complete with reception areas, private offices, conference rooms, bathrooms, and basement storage. Significant potential exists for additional tenants or owner-occupied space in the rear and basement areas. The rear section includes two separate two-room units, each with a half-bath, plus a large open space with an overhead door, ideal for various uses. The basement offers a drive-in area, mechanical room, and two sizable bonus rooms for storage, along with two additional offices, a half-bath, and a shower room. Previously home to Captain Jack's Pasties, this building has been under the same family ownership since the early 1970s, offering a history of stability and potential for continued success. The property's central location and versatile layout make it an attractive prospect for a variety of commercial ventures. The asking price is $103,000. The property is situated in Gogebic County, Michigan, zip code 49938.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1955
Total area 4,128 SF
Lot 0.13 ac (5,663 SF)
Zoning code C-2
APN 52-22-329-140
UPID US43-3368386

Cap rate & NOI

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

Current use

Occupant on record · Public records
  • Financial Advisor

Location

232 Aurora St, Unit 19 Ironwood, MI 49938-2112
Ironwood metro Census 950600
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$305k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$305k

Owner & transaction history

since 2024
2 recorded transactions
2024
$96,000
2019
Price N/A

Zoning & alternative use

C-2 · 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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