Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space in North Town Title is generated by Realmo AI

    1636 Wright Avenue, Alma, MI 48801

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $15 SF/Yr $6,875/Mo (calc)

    5500 sq ft retail space in high-traffic plaza.

    Type:Rental
    Property size:
    5,500 SF
    Added:
    Oct 13, 2023
    Days on Market:
    953
    Last Refresh:
    May 19 at 10:02 pm

    Property Features for 1636 Wright Avenue

    General Information

    Standard status
    Active
    Size
    5,500 SF
    Property subtype
    Rental

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    Bob Fall
    Bob Fall

    Listing agent Bob Fall License #6501436188

    Listing office CENTURY 21 LEE-MAC REALTY

    Listing date Oct 13, 2023

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 LEE-MAC REALTY

    HighLights

    • 5500 sq ft of lease space available.
    • Located on BUS‑127 with high traffic counts.
    • Positioned between Meijer/Walmart and the Hospital/Downtown

    Overview

    Located in Alma's North Town Plaza, this 5500 sq ft lease space is available for rent. The plaza is positioned on BUS-127, benefiting from high traffic counts. Situated between major retailers like Meijer and Walmart to the north, and the hospital and downtown area to the south, the plaza is home to a variety of businesses. Previous uses for the available space include a clothing store and a fitness center. The plaza currently hosts several food options, the Secretary of State office, multiple restaurants, a future large community church, and various other retail and service-based businesses. The lease is offered as a Triple Net plus CAM.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.665253
    Latitude
    43.39424

    Nearby Similar for Lease

    • $2,275/Mo
      2,100 SF

      Prime Retail Space in Alma

      2,100 SF commercial space in high-traffic Alma location.
      7328 N Alger Road, Alma, MI 48801
      View Details
    • $13,800/Mo
      2,000 SF

      Downtown Alma Commercial Space Available

      Flexible 2,000 SF commercial space in downtown Alma.
      127 E Superior Street, Alma, MI 48801
      View Details
    • $1,100/Mo
      3,000 SF

      Downtown Alma Commercial Space Available

      Versatile commercial building in downtown Alma, suitable for various uses.
      324 E Superior Street, Alma, MI 48801
      View Details
    • $1.00 SF/Yr
      30,000 SF

      Industrial Build-to-Suit Opportunity, Alma

      Industrial space for lease in Alma's industrial corridor.
      6525 N Jerome Road, Alma, MI 48801
      View Details
    • $2,419/Mo
      1,935 SF

      Prime Retail Space in Alma

      1935 sq ft retail space in a sought-after location.
      7338 N Alger Road, Alma, MI 48801
      View Details
    • $15 SF/Yr
      5,500 SF

      Retail Space in North Town Plaza

      5500 sq ft retail space in high-traffic Alma plaza.
      1636 Wright Avenue, Alma, MI 48801
      View Details
    • $15 SF/Yr
      2,243 SF

      Retail Space in North Town

      2,250 sq ft retail space in high-traffic North Town Plaza.
      1588 Wright Avenue, Alma, MI 48801
      View Details
    • $14 SF/Yr
      3,185 SF

      Historic Space in Downtown Alma

      3,200 SF retail/office space in modernized historic Opera House.
      101 E Superior Drive, Alma, MI 48801
      View Details
    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity with high visibility and customer traffic.
      2805 W Cheesman Rd, Alma, MI 48801
      View Details
    • Contact for pricing
      27,889 SF

      Former JC Penny Box Available

      Retail space available in Alma, Michigan near Alma College.
      1680 WRIGHT AVE, Alma, MI
      View Details
    • $8 SF/Yr
      29,104 SF

      Retail Space Available for Lease

      Former KMart building with space available for lease.
      1755 Wright Ave, Alma, MI 48801
      View Details

    FAQs

    What type of property is this?
    Retail space - 5500 sq ft retail space in high-traffic plaza.
    Where is this retail space located?
    The property is located at 1636 Wright Avenue Alma, MI.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 5500 sq ft of lease space available.; Located on BUS‑127 with high traffic counts.; Positioned between Meijer/Walmart and the Hospital/Downtown
    (989) 737-3927
    We can help!
    Listing Contact
    Bob Fall
    Bob Fall
    Real Estate License ID: 6501436188
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1636 Wright Avenue, Alma, MI 48801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!