Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1420 Wright Ave Alma, MI 48801

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,300,000

    Versatile 14,820 sqft commercial space in a high-traffic location.

    Property size:
    14,820 SF
    Lot size:
    1.89 Acres

    Property Features for 1420 Wright Ave

    General Information

    Standard status
    Active
    Size
    14,820 SF
    Lot size
    1.89 Acres

    Building Details

    Year built
    2005

    We can help!

    Listing Contact
    Micah Kemler
    Source: Exitrealty

    Listing Agency: 43 NORTH REALTY Listing Agent: Micah Kemler

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

    Learn more

    Overview

    Adaptable Commercial Property in Alma

    This commercial property, previously a national chain drug store, offers a versatile space for various business ventures. The building provides approximately 14,820 square feet of space and is situated on a prominent corner in Gratiot County. The property includes a drive-through area, suitable for medical, retail, or service-oriented businesses. A fully installed fire suppression system and a Bosch commercial alarm/burglary protection system are in place. The property is ADA compliant, featuring accessible bathrooms, doors, and main level entrances. A receiving area with roll-up outside doors facilitates deliveries. The property has a transferrable NNN lease for the remaining 8 years of a 25 year term, ending in 2032. Located in Alma, the property is near the Masonic Home and MyMichigan Medical Center Alma Hospital, ensuring high visibility and traffic. Its location provides convenient access to shopping centers, dining options, and professional services. The property is suitable for a retail store, medical facility, office space, supermarket, or fitness center.
    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, COVID-19 Drive-Thru Testing at Walgreens, Genoa Healthcare, Cara Waite, Andrew Johnson

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.665533
    Latitude
    43.392502

    Nearby Similar for Sale

    • $549,900
      22,218 SF

      Downtown Alma Office Building

      Class A office building with parking in downtown Alma.
      311 Woodworth Ave, Alma, MI 48801
      View Details
    • $99,900
      3,458 SF

      Downtown Alma Commercial Building

      Commercial building in downtown Alma with multiple potential uses.
      414 N State St, Alma, MI 48801
      View Details
    • $225,000
      2,358 SF

      Iconic Retail Store in Alma

      Long-established retail store with high visibility and drive-thru.
      316 W Superior St, Alma, MI 48801
      View Details
    • $110,000
      6,951 SF

      Versatile Commercial Building in Alma

      6951 sq ft building suitable for retail, warehouse, or manufacturing.
      311 Prospect St, Alma, MI 48801
      View Details
    • $475,000
      8,665 SF

      Prime Retail Space on M-46

      Expansive retail property on M-46 with high visibility.
      2324 W Monroe Rd, Alma, MI 48801
      View Details
    • New
      $165,000
      Pending

      Remodeled Duplex Near Holiday Park

      Updated duplex with modern amenities and investment potential near park.
      303 Elizabeth St, Alma, MI 48801
      View Details
    • $3,300,000
      14,820 SF

      Versatile Retail Space in Alma

      Adaptable commercial property with drive-through, ideal for various businesses.
      1420 Wright Ave, Alma, MI 48801
      View Details
    • $169,900
      Pending

      Three-Unit Multifamily Property Near College

      Three-unit property near Alma College, generating rental income.
      421 Prospect Ave, Alma, MI 48801
      View Details
    • $159,000
      2,800 SF

      Multi-Family Property Near Downtown Alma

      Fully rented 5-unit property in the heart of Alma.
      426 N State St, Alma, MI 48801
      View Details
    • $200,000
      1,220 SF

      Established Bar in Alma, MI

      Turn-key bar with loyal customer base in Alma, Michigan.
      308 N State St, Alma, MI 48801
      View Details
    • $475,000

      Prime Retail Space on M-46

      Versatile commercial property with high visibility and traffic.
      2324 W Monroe Rd, Alma, MI 48801
      View Details
    • $499,000
      2,579 SF

      Mixed-Use Property with Income Potential

      3.45-acre mixed-use property with residential and commercial income.
      5705 N State Rd, Alma, MI 48801
      View Details

    FAQs

    What type of property is this?
    Drug store - Versatile 14,820 sqft commercial space in a high-traffic location.
    Where is this drug store located?
    The property is located at 1420 Wright Ave 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 a high-traffic corner near the Masonic Home and MyMichigan Medical Center Alma Hospital.; - Existing transferrable NNN lease with 8 years remaining (ending in 2032) of a 25 year term.; - Expansive almost 15,000 sq ft building suitable for diverse commercial uses (retail, medical, office, etc.).
    (989) 330-4037
    Request Owner's contact information
    1420 Wright Ave Alma, MI 48801
    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.
    1420 Wright Ave
    Alma, MI 48801
    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
    1420 Wright Ave Alma, MI 48801
    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

    We can help!
    Listing Contact
    Micah Kemler
    Real Estate License ID: 6502426111
    (989) 330-4037 (989) 463-1219
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!