507 N Lake St - Retail FOR SALE


Ironwood, MI 49938
$2,652,222 USD
201-919-6148
507 N Lake St, Ironwood, MI for Sale
$2,652,222 USD
Retail - FOR SALE
1/1
null | 9% Cap Rate

507 N Lake St
Ironwood, MI 49938


HIGHLIGHTS

  • Outstanding Annual Rent Growth
  • Established Cannabis Operator
  • Excellent Access & Visibility

OVERVIEW

Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase the fee simple interest in a new Fire Station ("Fire Station") dispensary located in Ironwood, MI (“The Property”). The Property consists of a 3,850-square-foot freestanding retail building on a 0.73 acre parcel of land. The Property was built in 2024 and features a drive-thru. Fire Station will operate under a brand new fifteen (15) year absolute NNN lease with zero landlord responsibilities and preferred 2.5% annual rental escalations during the base term. Fire Station Cannabis Co. was established in October of 2019 in Upper Michigan as the 2nd medical marijuana facility and 1st licensed Upper Peninsula recreational retailer. The Fire Station Cannabis Co. has quickly become a household name in Michigan's Upper Peninsula. Renowned for its quality products and exceptional customer service, they are a premier cannabis dispensary committed to professionalism and regulatory compliance.

FOR SALE DETAILS

PRICE

$2,652,222 USD

PRICE/SF

$689 USD /SF

CAP RATE

9%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Fire Station Cannabis Co.

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.73 AC

LAND SF

31,799 SF

ZONING

-

APN/PARCEL ID

52-22-226-200

ASK ABOUT THIS PROPERTY

Christian TremblayNorthmarqMore Info
201-919-6148

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Christian TremblayNorthmarqMore Info
201-919-6148

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.