7342 Alger Rd Alma, MI 48801
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High-yield retail center, prime location.
Property size:
15,480 SFProperty Features for 7342 Alger Rd
General Information
- Property type
- Land
- Square Feet
- 15,480 SF
Building Details
- Year Renovated
- 2018
- Buildings
- 3
- Stories
- 1
- Units
- 11
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.
Overview
This exceptional investment opportunity, located at 7342 N Alger Road in Alma, Michigan, presents a compelling case for astute investors. The property, known as SCA Plaza, comprises three single-story buildings totaling 15,480 square feet of net rentable space across eleven units. Currently, the occupancy rate stands at 75%, with eight tenants including AT&T and Wild Bills Tobacco, under a modified lease structure. The remaining lease term averages two years. The property sits on an 82,764 square foot lot and benefits from a highly visible location directly in front of a Meijer department store, ensuring significant foot traffic. The property's strong performance is reflected in its current NOI of $175,169 and a current cap rate of 8.34%. However, a pro-forma analysis projects a substantial increase in NOI to $232,200 and a pro-forma cap rate of 11.06%. Renovated in 2018, the property is zoned for commercial use and offers a diverse range of unit sizes suitable for various retail businesses and service providers. The property's strategic location, coupled with its strong tenant base and significant upside potential, makes it an attractive investment opportunity in the thriving Alma, Michigan market. The asking price is $2,100,000.
Property Profile
Location Intelligence
Current Use by Public Records
AT&T Store
Mobile Phone Store
Location Insight
- Map
- Local Demand
- City
- Alma
- County
- Gratiot
- State
- Michigan
- Longitude
- -84.6661868
- Latitude
- 43.3979235
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FAQs
What type of property is this?
Land - High-yield retail center, prime location.
Where is this land located?
The property is located at 7342 Alger Rd Alma, MI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 15,480 SF of net rentable space in three single-story buildings.; Located in Alma, MI, with high visibility adjacent to a Meijer.; Currently 75% occupied with eight tenants, including AT&T and Wild Bills Tobacco, on modified leases averaging two years remaining.