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The Fire Station Cannabis Co. Dispensary

507 North Lake Street, Ironwood, MI 49938

$2,513,000

Cap Rate 9.50%

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DOM: 6 Updated: 01.22.26 Posted: 01.22.26 Status: Active 01.22.26

Summary

Price $2,513,000	Built/Renov 2024	Tenant The Fire Station Cannabis Co. Dispensary
Cap Rate 9.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,850	Lease Start 03-01-2026	#Units 10
Price/SF $652.73	Expiration 02-28-2041	Tenant Type General Retail
NOI $238,700	R. Term 15.1	Ownership Fee Simple
Rent/SF $62.00	Increases 2.5%/1/yrs	Pop 5Mi 10,556
Lot/AC 0.73	Options 2/5yrs/2%	AHHI 5Mi $72,194

Highlights

New 15-year absolute NNN lease with zero landlord responsibilities
Lease features 2.5% annual rental escalations during the base term
Multiple points of access along a primary retail corridor
Brand-new Fire Station dispensary built in 2024, featuring modern construction and minimal near-term capital expenditures
Freestanding 3,850-square-foot retail building on a 0.73-acre parcel with a drive-thru, including a corporate guaranty with an established operator and strong sales

Location Description

The Fire Station Cannabis Co. Dispensary is strategically located on North Lake Street, offering strong visibility and convenient access along a primary commercial corridor. The site is within the Ironwood Area Schools District, which includes Houghton Elementary School, Ironwood Middle School, and Luther L. Wright High School, supporting a stable local customer base. The five-mile trade area...

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Key Features

New construction
Near major nationals
Highway close
Brand new lease
Long 15+ yr lease
Store sales reported
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

The Fire Station Cannabis Co. Dispensary Wikipedia Ironwood, Michigan Zip Code 49938 Broker site page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: The Fire Station Cannabis Co. Dispensary
Guarantor:Corporate
Company:TFS Retail
# Units:10

About Tenant

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...

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Listing Broker

Christian Tremblay

Northmarq

Contact

48 Listings
15411 Views
5 Sold

Isaiah Harf

Northmarq

Contact

76 Listings
15736 Views
17 Sold

Christian Tremblay

Christian Tremblay is a vice president located in Northmarq’s Chicago office. Christian specializes in the disposition and acquisition of single-tenant net lease retail, cannabis and industrial properties throughout the United States. Christian has closed more than $500 million in total transaction volume. Before Northmarq, Christian served as a director in Stan Johnson Company’s Chicago office. Prior to Stan Johnson Company, Christian was a vice president with Mid-America Real Estate Corpo

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Isaiah Harf

Isaiah Harf is the Regional and Managing Director for Northmarq’s Chicago office and has been with the firm since October 2011. Focusing on the sale of net leased assets, Harf has closed more than $3 Billion in total transaction volume and has partnered with some of the nation’s most respected and trusted institutions, private equity managers and merchant developers. As one of the lead business development and execution specialists for the team, Harf provides extensive knowledge to buyers and s

...

Blaise Bennett

Northmarq

Contact

20 Listings
4236 Views
1 Sold

Blaise Bennett

Focusing primarily on advising clients on the disposition, acquisition, and capitalization of net leased properties throughout the United States, Blaise Bennett has become an integral member of the team led by Bradley Feller. Bennett delivers unmatched dedication to client service by providing thorough and reasoned market research, expert financial analysis, and detailed asset valuation. His extensive financial and legal background effectively adds value and produces results for his clients.

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The Fire Station Cannabis Co. Dispensary

507 North Lake Street, Ironwood, MI 49938