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    Corunna, MI 48867

    Sponsored
    For Lease
    $11 SF/Yr

    Prime Corunna retail space, multiple suites available.

    Lot size:
    50,508 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    Riverwood Crossing, located at E M 21 in Corunna, Michigan (zip code 48867), offers exceptional retail, restaurant, and office space opportunities. This single-story, 50,508 square foot shopping center, built in 1992 and renovated in 2015, sits on 8.2 acres of land and is zoned for commercial use. Currently, there are seven suites in total, with 15,025 square feet of vacant space available. Individual suite sizes range from 1,050 to 5,400 square feet, with a maximum contiguous space of 5,400 square feet. The center enjoys a high-traffic location next to a Super Walmart, drawing customers from a 30-mile radius, boasting a daily vehicle count of 24,000 and a trade area population exceeding 50,000. This vibrant shopping center is anchored by established businesses including Harbor Freight, Dollar Tree, ATI Physical Therapy, and Jet's Pizza, providing strong synergy and a built-in customer base. The property's versatile spaces are ideal for a variety of uses, including retail, restaurants, general office space, or medical offices. Located in Shiawassee County, this property presents a compelling investment opportunity in a thriving commercial area.

    Property Features for 0

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    50,508 SF
    Total Rate
    46299

    Building Details

    Year Built/Renovated
    1992/2015
    Stories
    1

    Unit(s) available at that property

    Space
    Suite 1649-1651
    Size
    5,400 SF
    Rate per SF
    $11
    Space
    Suite 1681
    Size
    1,360 SF
    Rate per SF
    $13
    Space
    Suite 1691
    Size
    1,700 SF
    Space
    Suite 1687
    Size
    1,050 SF
    Space
    Suite 1645
    Size
    1,500 SF
    Rate per SF
    $13
    Space
    Suite 1663
    Size
    1,700 SF
    Rate per SF
    $13

    HighLights

    • Ample, well‑maintained parking.
    • Monument signage available.
    • Energy Star certified building.
    • Excellent visibility; adjacent to a busy Super Walmart and across from an ALDI.
    • Convenient location: 20 minutes west of Flint and 30 minutes northeast of Lansing.
    • Various suite sizes available in shell condition.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Corunna
    County
    Shiawassee
    State
    Michigan
    Longitude
    -84.1062567
    Latitude
    42.9987366

    Nearby Comparable

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    Nearby Similar for Lease

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      Thriving Corunna, MI Retail Space
      317 Mcdonnell St, Corunna, MI 48817
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      River Rock Building: Corunna Office Space

      Downtown Corunna office, riverfront, high traffic.
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      Retail Center In-Line Suite

      16,025 SF retail suite in busy retail center.
      2500 E Main St, Corunna, MI
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      109,000 SF

      East Town Plaza Retail Center

      High-traffic retail space in Corunna, MI
      2500 M 21, Corunna, MI 48817
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      Meijer In-Store Retail Space

      Corunna, MI: 1,012 sq ft Retail Space
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      Office Space Available For Rent

      Office space available for rent at 115 N Shiawassee, Corunna.
      115 N Shiawassee St, Corunna, MI 48817
      View Details

    FAQs

    What type of property is this?
    Restaurant - Prime Corunna retail space, multiple suites available.
    Where is this restaurant located?
    The property is located at Corunna, MI.
    What is the lease rate?
    The lease rate is $0.00-$13 SF/Yr.
    What are key features of this property?
    This property features: Ample, well-maintained parking.; Monument signage available.; Energy Star certified building.
    Request Owner's contact information
    Corunna, MI 48867
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    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.

    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
    Corunna, MI 48867
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