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    Property profile & analytics

    507 Lk St Ironwood, MI 49938-1511

    • Auto shops
    • 5,697 SF
    • 0.73 lot acres
    OFF-MARKET
    Value Estimation
    $375,000
    Last Sale
    Apr 24, 2024
    $370,000
    Location Intelligence
    Property ID
    US43-4023019
    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

    • The Fire Station Cannabis Co. Ironwood (Recreational Cannabis) / Cannabis Store

    Property Details for 507 Lk St

    Year built
    1980
    Lot size
    0.73 lot acres
    Property size
    5,697 SF
    Zone code
    C-3
    Property type
    Auto shops
    APN
    52-22-226-200
    APU
    5222226200

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $370,000

    • CAP approach

      CAP return
      Estimation
      6%
      $405,000
      6.5%
      $385,000
      7%
      $410,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $355,000
      Geo Method
      $365,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $375,000
      Retail
      $425,000
      Mixed-Use
      $460,000
      Hospitality
      $340,000
      Educational
      $345,000
      Residential Income
      $425,000
      Energy
      $455,000
      Income-Based Land
      $430,000
      Food Service
      $410,000

    Location Insight

    • Map
    • Local Demand
    City
    Ironwood
    County
    Gogebic
    State
    Michigan
    Longitude
    -90.157
    Latitude
    46.4628

    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
    2023
    $10,047
    $34,412
    $104,979
    $139,391
    -
    $68,824
    $209,958
    $278,782

    Comparable in this City

    • Value Estimation by Request
      1,804 SF

      337 Ayer St

      AUTO REPAIR, GARAGE • 1,804 SF
      337 Ayer St, Ironwood, MI 49938-2011
      View Details
    • Value Estimation
      $355,000
      8,320 SF

      Oak St

      AUTO REPAIR, GARAGE • 8,320 SF
      Oak St, Ironwood, MI 49938
      View Details
    • Value Estimation
      $355,000
      1,296 SF

      202 Cloverland Dr

      AUTO REPAIR, GARAGE • 1,296 SF
      202 Cloverland Dr, Ironwood, MI 49938-1306
      View Details
    • Value Estimation
      $140,000
      720 SF

      Florence St

      AUTO REPAIR, GARAGE • 720 SF
      Florence St, Ironwood, MI 49938
      View Details
    • Value Estimation
      $365,000
      2,400 SF

      1780 Liberty St

      AUTO REPAIR, GARAGE • 2,400 SF
      1780 Liberty St, Ironwood, MI 49938-1768
      View Details
    • Value Estimation
      $390,000
      3,360 SF

      301 Mcleod Ave

      AUTO REPAIR, GARAGE • 3,360 SF
      301 Mcleod Ave, Ironwood, MI 49938-2530
      View Details

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    Property Visit Statistics

    • Visits by month
      3.7k
    • Visitors by month
      3.3k
    • Avg Time on site
      9 min
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    507 Lk St
    Ironwood, MI 49938-1511
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    Realmo Value Estimation

    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.

    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.

    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
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