Retail Space in Prime
For Sale
$2,350,000
4220 24th Ave, Fort Gratiot, MI 48059
5,803 SF retail space in high-traffic retail corridor.
Property Size5,803 SF
Lot Size1.53 Acres
Price / SF$404.96
Days on Market218
Property Features for 4220 24th Ave
General Information
Standard status
Active
Size
5,803 SF
Lot size
1.53 Acres
Property subtype
Retail - Restaurant
Building Details
Building Size
5,803 SF
Listing Agency:
Kramer Commercial Realty
Listed By:
Korissa S. Kramer · License #6502386241
(810) 531-4090
Source:
Commercialcafe
Added: Mar 26
Changed: Oct 25
Last Checked: Oct 28 at 4:58AM
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 Kramer Commercial Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 5,803 square foot retail space is situated in a prime location within a well-established retail corridor. The property benefits from its position along 24th Avenue, which experiences traffic of over 25,000 vehicles per day. A large pylon sign enhances visibility for the location. The property is positioned as an outlot to Lowe’s and is surrounded by major retailers, including Target, Meijer, The Home Depot, and Walmart. The property is situated on a 1.53-acre parcel and features abundant parking.
Key Highlights
- Prime location in the heart of a retail corridor on 24th Ave (25,000+ VPD).
- Positioned as an outlot to Lowe's and surrounded by major big box retailers (Target, Meijer, Home Depot, Walmart).
- Large 1.53‑acre parcel with abundant parking.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,015
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,500,300
$1.5M
Cap Rate 7%
$1,071,643
$1.1M
Cap Rate 9%
$833,500
$833.5K
Market Conditions
NOI Build-Up for 5,803 SF
Gross rent
$110.0K $18.96/SF
− Vacancy
−$2.9K −$0.49/SF
EGI
$107.2K $18.47/SF
− OpEx
−$32.1K −$5.54/SF
NOI
$75.0K $12.93/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,500,300
Cap Rate 7%
$1,071,643
Cap Rate 9%
$833,500
Alternative Uses
Best Use
Retail
$1.07M
$937.7K – $1.25M
NOI $75,015 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.36M
$3.82M – $5.09M
NOI $305,375 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
495k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 25%
Dining 24%
Shops & Services 17%
Superstores 14%
Target
Superstores
67,758 visits/mo
0.2 miles
T.J. Maxx
Apparel
44,092 visits/mo
0.3 miles
Kohl's
Apparel
40,616 visits/mo
0.4 miles
Dunham's Sports
Apparel
32,311 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
26,196 visits/mo
0.2 miles
Demographics for 48059, MI
15,319
Population
7,324
Households
2.1
Avg Household Size
47
Median Age
30%
College-Educated
94%
High-School Grad
31.7 sq mi
ZIP Area
483
Density / Sq Mi
$78,841
Median Household Income
$44,716
Median Earnings
$956
Median Rent
$199,200
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
Frequently Asked Questions
What type of property is this?
Retail space - 5,803 SF retail space in high-traffic retail corridor.
Where is this retail space located?
The property is located at 4220 24th Ave Fort Gratiot, MI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Prime location in the heart of a retail corridor on 24th Ave (25,000+ VPD).; Positioned as an outlot to Lowe's and surrounded by major big box retailers (Target, Meijer, Home Depot, Walmart).; Large 1.53‑acre parcel with abundant parking.
