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Property profile & analytics
OFF-MARKET
Estimated value
$1,460,000
Drug stores
802 Cloverland Dr, Ironwood, MI 49938-1502
Entity Owned
~
Est. High Equity
Property ID
US43-2745757
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
2008
Total area
13,650 SF
Lot
1.5 ac (65,340 SF)
Zoning code
C-3
APN
52-14-362-110
UPID
US43-2745757
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Walgreens Photo (Bike/Boat/Book/etc) Store
-
Walgreens Pharmacy Pharmacy
-
Walgreens Pharmacy
-
FedEx OnSite Postal Service Courier Service
-
LibertyX Bitcoin ATM Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.46M
Owner & transaction history
Retail Propco Borrower LLC
Retail Propco Borrower LLC
since 2025
3 recorded transactions
Zoning & alternative use
C-3 · Ironwood, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.9M
+85.5%
Office building
$1.6M
+56.7%
Restaurant
$1.5M
+43.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ironwood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ironwood submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,010,000
Current use
COMMERCIAL (GENERAL)
$1,875,000
Change: +85% · Conversion: Easy
OFFICE BUILDING
$1,585,000
Change: +57% · Conversion: Easy
RESTAURANT
$1,455,000
Change: +44% · Conversion: Easy
INDUSTRIAL (GENERAL)
$1,375,000
Change: +36% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,150,000
Change: +14% · Conversion: Difficult
Blend value · Realmo final
$1.46M
Range $1.31M – $1.61M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$107 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$57,332
Tax year 2023
Assessed value
$893,618
Assessed 2023
Previous assessed
$837,486
+6.7% YoY
Effective rate
6.42%
On assessed value
Assessed land
$186,277
Assessed improvement
$707,341
Land market value
$372,554
Improvement market value
$1,414,682
Total market value
$1,787,236
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
2008
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
13,650 SF
Lot
1.5 ac (65,340 SF)
Zoning code
C-3
APN
52-14-362-110
UPID
US43-2745757
Jurisdiction
GOGEBIC
Zoning & alternative use
C-3 · Ironwood, MI
Zoning C-3 · permitted uses
C-3 · Ironwood, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ironwood. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$1.9M
OFFICE BUILDING
Est. value
$1.6M
RESTAURANT
Est. value
$1.5M
INDUSTRIAL (GENERAL)
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RETAIL STORES Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
RESTAURANT
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1.5 ac
Current owner
From public records · entity-resolved
Retail Propco Borrower LLC
Entity
Mailing address
PO BOX 1159, DEERFIELD, IL 60015-6002
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 7, 2025
—
Retail Propco Borrower LLC
—
Deed
related
$490,000,000 · Wells Fargo Bank NA
Sep 9, 2025
—
Retail Propco Borrower LLC
Waltrust Properties INC
Warranty Deed
$545,000,000 · Wells Fargo Bank NA
Aug 5, 2008
—
Waltrust Properties INC
Walgreen Co
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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