Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3232 W Frank Pipp Dr Iron Mountain, MI 49801

    • Commercial real estate
    • 15,616 SF
    • 4.00 lot acres
    For Sale
    View listing
    $1,800,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3868528
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Kodiak Storage / Storage Facility

    Property Details for 3232 W Frank Pipp Dr

    Lot size
    4.00 lot acres
    Property size
    15,616 SF
    Property type
    Commercial real estate
    APN
    051-700-200-00
    APU
    5170020000

    Description

    This exceptional self-storage investment opportunity in Iron Mountain, Michigan, presents two single-story buildings totaling 42,000 square feet of rentable space, encompassing 156 units. Built in 1987 and renovated in 2020, the property boasts a remarkable 95% occupancy rate as of January 18, 2024, generating significant income. Situated on a four-acre lot, the property offers ample space for future expansion. The facility includes 100 parking spaces and is conveniently located off US Highway 2, on the edge of town. The property's zoning is commercial, and the land value is $10.33 per square foot. The asking price is $1,800,000, translating to $42.86 per square foot and $11,538.46 per unit. This owner-user investment presents a compelling opportunity for substantial returns. The property's APN is 05170020000. This is a multi-tenant property with consistently high occupancy rates, making it an attractive investment for those seeking a stable and profitable venture.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Iron Mountain
    County
    Dickinson
    State
    Michigan
    Longitude
    -88.0548
    Latitude
    45.8459
    CBSA code
    27020
    CBSA name
    IRON MOUNTAIN, MI-WI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $0.00
    $0.00
    $425,600
    -
    $0.00
    $0.00
    $851,200

    Comparable in this City

    • Value Estimation by Request

      820 Iron Mtn St

      SHOW ROOM, WAREHOUSE
      820 Iron Mtn St, Iron Mountain, MI 49801-1354
      View Details
    • Value Estimation by Request

      208 Ludington St, Unit 201

      COMMERCIAL (GENERAL)
      208 Ludington St, Iron Mountain, MI 49801-2971
      View Details
    • Value Estimation by Request
      0.57 Acres

      Iron Mountain, MI 49801

      COMMERCIAL (GENERAL) • 0.57 Acres
      Iron Mountain, MI 49801
      View Details
    • Value Estimation by Request
      3.10 Acres

      7965 Us Hwy 2nd 2

      COMMERCIAL (GENERAL) • 3.10 Acres
      7965 Us Hwy 2nd 2, Iron Mountain, MI 49801
      View Details
    • Value Estimation by Request
      0.59 Acres

      101 Spg St

      COMMERCIAL (GENERAL) • 0.59 Acres
      101 Spg St, Iron Mountain, MI 49801-1412
      View Details
    • Value Estimation by Request

      200 Stephenson Ave

      COMMERCIAL (GENERAL)
      200 Stephenson Ave, Iron Mountain, MI 49801-2922
      View Details

    Similar Nearby for Sale

    • $390,000
      1.78 Acres

      Iron Mountain Commercial Land Parcel

      1.78 Acres, High Visibility, Ready to Build
      0 Us2/141, Iron Mountain, MI 49801
      View Details
    • $164,900
      1,320 SF

      Executive Office Building, Iron Mountain

      Prime location, 1320 sq ft, vacant.
      212 Margaret St, Iron Mountain, MI 49801
      View Details
    • $299,900
      2,895 SF

      High-Traffic Commercial Property For Sale

      Prime corner lot in Iron Mountain with income potential.
      1200 Carpenter Ave, Iron Mountain, MI 49801
      View Details
    • $416,900
      5,893 SF

      Downtown Iron Mountain Investment Opportunity

      Income-generating property in downtown Iron Mountain with long-term leaseholds.
      231 E A St, Iron Mountain, MI 49801
      View Details
    • $390,000
      1.78 Acres

      Commercial Land in Iron Mountain

      1.78 acre commercial lot with highway access and utilities.
      N Us2/141, Iron Mountain, MI 49801
      View Details
    • $495,000
      2,528 SF

      Commercial Building on US 2

      Commercial building and land for sale on busy US 2.
      1600 S Stephenson Ave, Iron Mountain, MI 49801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,000 SF

      Retail Space in Midtown Mall

      Retail space for lease in a high-traffic Iron Mountain mall.
      1108 S Stephenson Ave, Iron Mountain, MI 49801
      View Details
    • $700 /Mo
      400 SF

      Downtown Iron Mountain Office Space

      400 sq ft office space in downtown Iron Mountain.
      127 S Stephenson Ave, Iron Mountain, MI 49801
      View Details
    • $325 /Mo
      150 SF

      Downtown Iron Mountain Office Space

      Individual office suites available in downtown Iron Mountain.
      333 S Stephenson Ave, Iron Mountain, MI 49801
      View Details
    • $128 SF/Yr
      13,300 SF

      KeelRidge Retail Space - Iron Mountain

      13,300 SF Big Box Retail - Excellent Visibility
      W8159 Us Highway 2, Iron Mountain, MI 49801
      View Details
    • $14 SF/Yr
      176,352 SF

      Iron Mountain Retail Center Investment

      High-traffic retail space, multiple units available
      1860 Stephenson Ave, Iron Mountain, MI 49801
      View Details
    • $1,200 /Mo
      1,000 SF

      Downtown Iron Mountain Commercial Space

      Remodeled 1,000 sq ft unit in high-traffic downtown location.
      333 S Stephenson Ave, Iron Mountain, MI 49801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3232 W Frank Pipp Dr
    Iron Mountain, MI 49801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.