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    Versatile Retail Space in Alma Title is generated by Realmo AI

    1420 Wright Avenue, Alma, MI 48801

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    For Sale
    $3,300,000

    Retail Store - Alma, MI

    Property size:
    14,820 SF
    Lot size:
    1.89 Acres
    Price / SF:
    $222/SF
    Added:
    May 24, 2024
    Days on Market:
    745
    Last Refresh:
    Jun 7 at 10:06 pm

    Property Features for 1420 Wright Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2
    Basement Y/N
    1
    Standard status
    Active
    Size
    14,820 SF
    Lot size
    1.89 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2005
    Building materials
    Block, Brick
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Micah Kemler

    Listing agent Micah Kemler

    Listing office 43 NORTH REALTY 202 E Superior Street, Alma, MI

    Listing date May 24, 2024

    MLS# 1922746 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location on one of the busiest corners in Gratiot County, ensuring high visibility and traffic.
    • Established, transferrable NNN lease with 8 years remaining on a 25‑year term, ending in 2032.
    • Expansive almost 15,000 square foot building offering a versatile space for various commercial uses.
    • Equipped with a convenient drive‑through, suitable for medical, retail, or service‑oriented businesses.
    • Located less than a block from the Masonic Home and MyMichigan Medical Center Alma Hospital.
    • Includes ADA compliant features and a Bosch commercial alarm/burglary protection system.

    Overview

    This commercial property, previously a national chain drug store, offers a versatile space for establishing a business. The building, totaling almost 15,000 square feet, is located on a busy corner in Gratiot County. The property has a transferrable NNN lease for the remaining 8 years of a 25-year term, ending in 2032. It is equipped with a drive-through area suitable for medical, retail, or service-oriented businesses. A fully installed fire suppression system ensures safety and compliance. The property includes ADA-compliant bathrooms, doors, and main-level entrances, ensuring accessibility. Roll-up outside doors provide easy access for receiving deliveries. A Bosch Commercial alarm/burglary protection system secures the property. Situated in Alma, the property is less than a block from the Masonic Home and the MyMichigan Medical Center Alma Hospital, providing high visibility and traffic. Its location on one of the county’s busiest corners offers excellent exposure to foot and vehicle traffic. The property is close to shopping centers, dining options, and other professional services. Potential uses include a retail store, medical facility, office space, supermarket, or fitness center. The property's adaptable layout and strategic location make it suitable for various commercial uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    LibertyX Bitcoin ATM Atm Redbox Cinema Western Union Bank COVID-19 Drive-Thru Testing ... Pharmacy FedEx OnSite Postal Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Rite Aid Pharmacy — 1341 Wright Ave, Alma, MI 48801
    • COVID-19 Drive-Thru Testing at Walgreens — 1420 Wright Ave, Alma, MI 48801
    • Genoa Healthcare — 608 Wright Ave Room 106, Alma, MI 48801
    • Cara Waite — 1341 Wright Ave, Alma, MI 488011134
    • Andrew Johnson — 1420 Wright Ave, Alma, MI 488011018

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.665897
    Latitude
    43.392059

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    FAQs

    What type of property is this?
    Drug store - Adaptable commercial property with drive-through, ideal for various businesses.
    Where is this drug store located?
    The property is located at 1420 Wright Avenue Alma, MI.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: Prime location on one of the busiest corners in Gratiot County, ensuring high visibility and traffic.; Established, transferrable NNN lease with 8 years remaining on a 25‑year term, ending in 2032.; Expansive almost 15,000 square foot building offering a versatile space for various commercial uses.
    (989) 330-4037
    We can help!
    Listing Contact
    Micah Kemler
    Real Estate License ID: 6502426111
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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