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

    1588 Wright Ave Alma, MI 48801

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $15 SF/Yr ($2,803 /Mo)

    Lease space in high-traffic plaza near major retailers.

    Property size:
    2,243 SF
    Lot size:
    2,243 SF

    Property Features for 1588 Wright Ave

    General Information

    Standard status
    Active
    Size
    2,243 SF

    Building Details

    Year built
    1964

    We can help!

    Listing Contact
    Bob Fall
    Bob Fall
    Source: Exitrealty

    Listing Agency: CENTURY 21 LEE-MAC REALTY Listing Agent: Bob Fall

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

    Learn more

    Overview

    North Town Plaza Lease Space

    Approximately 2,250 square feet of lease space is available in Alma's North Town Plaza. The space is built out with offices and workshop space, and includes an overhead door in the back providing outside access. The plaza is located on BUS-127, a high-traffic area, situated between Meijer and Walmart to the north, and the hospital and downtown area to the south. The plaza's occupants include the Secretary of State, restaurants, a community church, and various retail and service-based businesses. The lease is offered as a Triple Net plus CAM.
    Location Intelligence

    Current Use by Public Records

    Flex 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

    • $1,300 /Mo
      3,000 SF

      Downtown Alma Mixed-Use Building

      Versatile commercial space in downtown Alma suitable for various businesses.
      324 E Superior St, 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 Ave, 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 Ave, 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 Rd, 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 Dr, Alma, MI 48801
      View Details
    • $1,300 /Mo

      Downtown Alma Commercial Space Available

      Versatile commercial building in downtown Alma suitable for various businesses.
      324 E Superior St, Alma, MI 48801
      View Details
    • $2,419 /Mo
      1,935 SF

      Prime Retail Space Available

      1935 sq ft retail space in premier location.
      7338 N Alger Rd, Alma, MI 48801
      View Details
    • $15 SF/Yr
      5,500 SF

      Retail Space in North Town

      5500 sq ft retail space in high-traffic plaza.
      1636 Wright Ave, Alma, MI 48801
      View Details
    • $12 SF/Yr
      2,967 SF

      Downtown Alma Office Building

      Updated office building with two suites and ample parking.
      303 W Superior St, 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 Rd, Alma, MI 48801
      View Details
    • $5 SF/Yr
      7,022 SF

      Alma Creative Office Suite for Lease

      Spacious Creative Office, High Ceilings, Great Visibility
      2850 Cheesman Rd, Alma, MI 48801
      View Details
    • $14 SF/Yr

      Historic Retail Space in Alma

      Retail space in a modernized historic building with high visibility.
      101 E Superior St, Alma, MI 48801
      View Details

    FAQs

    What type of property is this?
    Flex space - Lease space in high-traffic plaza near major retailers.
    Where is this flex space located?
    The property is located at 1588 Wright Ave Alma, MI.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: - High-traffic location on BUS-127, situated between Meijer/Walmart and the Hospital/Downtown area.; - Approximately 2,250 sq ft of lease space with existing offices and workshop area.; - Includes an overhead door providing direct access to the outside.
    (989) 737-3927
    Request Owner's contact information
    1588 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.
    1588 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
    1588 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
    Bob Fall
    Bob Fall
    Real Estate License ID: 6501436188
    (989) 737-3927 (989) 463-6085
    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!