Riverwood Crossing Retail Investment
For Sale
Contact for pricing
1643 E M 21, Owosso, MI 48867
Fully leased retail center on a busy retail corridor.
Property Size50,508 SF
Price / SF$119.17
Days on Market1713
Property Features for 1643 E M 21
General Information
Standard status
Active
Size
50,508 SF
Property subtype
Retail
Zoning
B-2
Occupancy
100%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1992
Year Renovated
2015
Buildings
1
Stories
1
Units
13
Tenancy
Multi
Listing Agency:
Professional Property Advisors
Listed By:
Harry Lancz · License #LA Brok.995691162
Source:
Crexi
Added: Jan 27, 2022
Changed: Oct 3
Last Checked: Oct 5 at 6:39PM
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 Professional Property Advisors
Investment Insights
Based on property information with market context.
Riverwood Crossing is a fully leased retail property located on M-21, Owosso's busiest retail corridor. The property shadows a newly remodeled Walmart Super Center. The tenant mix includes national, regional, and local businesses such as Harbor Freight, Dollar Tree, ATI Physical Therapy, Magoo’s Pet Outlet, and Jet's Pizza. The property size is 50508 square feet. All tenants operate under NNN leases.
Key Highlights
- 100% Leased: Provides immediate income stream.
- NNN Leases: Minimizing landlord responsibilities.
- Strong Tenant Mix: Includes national (Harbor Freight, Dollar Tree, Jet's Pizza), regional, and local tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$524,318
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,486,360
$10.5M
Cap Rate 7%
$7,490,257
$7.5M
Cap Rate 9%
$5,825,756
$5.8M
Market Conditions
NOI Build-Up for 50,508 SF
Gross rent
$781.9K $15.48/SF
− Vacancy
−$32.8K −$0.65/SF
EGI
$749.0K $14.83/SF
− OpEx
−$224.7K −$4.45/SF
NOI
$524.3K $10.38/SF
Area
Shiawassee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,486,360
Cap Rate 7%
$7,490,257
Cap Rate 9%
$5,825,756
Alternative Uses
Best Use
Retail
$7.49M
$6.55M – $8.74M
NOI $524,318 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.63M
$8.43M – $11.23M
NOI $674,066 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
47k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Groceries 36%
Dining 15%
Home Improvements & Furnishings 4%
Aldi
Groceries
17,014 visits/mo
0.1 miles
Murphy USA
Shops & Services
9,621 visits/mo
0.1 miles
Shell
Shops & Services
8,668 visits/mo
0.3 miles
Los Tres Amigos
Dining
4,381 visits/mo
0.2 miles
Big Boy
Dining
2,786 visits/mo
0.2 miles
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail center on a busy retail corridor.
Where is this shopping center located?
The property is located at 1643 E M 21 Owosso, MI.
What is the asking price?
The asking price for this property is $6,019,256.
What are key features of this property?
This property features: 100% Leased: Provides immediate income stream.; NNN Leases: Minimizing landlord responsibilities.; Strong Tenant Mix: Includes national (Harbor Freight, Dollar Tree, Jet's Pizza), regional, and local tenants.
