Individually Owned 
For Sale
1 / 53
$199,000
400 Silver St, Ironwood, MI 49938
View Listing →
Property summary
AI-generated overview
A historic property built in 1886 located on Silver Street, previously used as a restaurant and bar and configured for short-term rental, business use, or residential use. The building is situated steps from local bars, restaurants, and the snowmobile/ATV trail. Interior features include 7 bedrooms (including one walk-through), 2 full bathrooms, 2 half bathrooms, 2 kitchens, and 3 distinct living room spaces. A spacious bar area includes original tin walls and ceiling. The property includes a fenced-in outdoor area for privacy. The building is zoned for commercial use and contains approximately 2,862 square feet on a 0.15-acre lot.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1890
Total area
2,862 SF
Lot
0.16 ac (6,970 SF)
Zoning code
C-2
APN
52-21-479-060
UPID
US43-3583104
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$105k
Owner & transaction history
since 2023
Last sale
$90,000
1 recorded transaction
Zoning & alternative use
C-2 · Ironwood, MI
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$105k
Value range
$95k – $116k
±10% around blend
Estimated value / SF
$37 / SF
Confidence
Property data
100
Comparable evidence
60
Income certainty
100
$95k
blend $105k
$116k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
2,862 SF
Lot area
0.16 ac
Year built
1890
Stories
2
APN
52-21-479-060
Zoning
C-2
Assessed value
$52,138
Annual tax
$635
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$635
Selected cap rate
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$105k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
5.12%
Selected cap rate for this turn key restaurants
Derived from the Ironwood market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.12%
9.0%
NOI (est.)
$10k *
Last sale · Oct 2023
$90k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$199k
Move the market yield to see immediate price impact.
Value / SF
$69
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.62%5.12%5.62%
$9k
$198k
$179k
$163k
$10k
$220k
$199k
$181k
$11k
$242k
$219k
$199k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$635
Tax year 2023
Assessed value
$52,138
Assessed 2023
Previous assessed
$36,595
+42.5% YoY
Effective rate
1.22%
On assessed value
Assessed land
$7,204
Assessed improvement
$44,934
Land market value
$14,408
Improvement market value
$89,868
Total market value
$104,276
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
For Sale
Year built
1890
Heating
FORCED AIR
Buildings
2
Stories
2
Total area
2,862 SF
Lot
0.16 ac (6,970 SF)
Zoning code
C-2
APN
52-21-479-060
UPID
US43-3583104
Jurisdiction
GOGEBIC
Zoning & alternative use
C-2 · Ironwood, MIZoning C-2 · permitted uses
C-2 · Ironwood, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Building & site characteristics
From public records
Year built
1890
Heating
FORCED AIR
Stories
2
Buildings
2
Lot
0.16 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C-2
Jurisdiction
Ironwood, MI
Recorded code
C-2
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for C-2 in Ironwood, MI.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Get access to Data & Analytics
Choose membership plan that suits your needs
Unlock Full Report
$9
one-time
Single Property Report
Full report includes
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
MOST POPULAR
Professional Plan
$99
/mo
30 property reports a month.
Cancel anytime.
Cancel anytime.
Your membership includes
- 30 reports a month
- Location Analytics
- Market Trends
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
Enterprise Plan
$299
/mo
300 property reports a month.
Cancel anytime.
Cancel anytime.
Your membership includes
- 300 reports a month
- Location Analytics
- Market Trends
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
Unlock Light Report
Free
Confirm your email
and get 1 Light Report
and get 1 Light Report
Light report includes
- Property Information
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Potential
- Location Insight
- Alternative use
- Local Zoning Insight
Confirm your e-mail to get the report
