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    820 Jordan Lake Ave Lake Odessa, MI 48849

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    For Sale
    Contact for pricing

    High-yield grocery & convenience store

    Property size:
    13,200 SF

    Property Features for 820 Jordan Lake Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    13,200 SF

    Building Details

    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    David Rapp
    David Rapp

    Listing Agency: Advantage Commercial Real Estate Listing Agent: David Rapp

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

    Learn more

    Property Insight Report

    Overview

    This exceptional retail investment opportunity in Lake Odessa, MI, presents a 13,200 square foot building situated on Jordan Lake Ave, the main thoroughfare. The property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $88,541. Currently housing two established tenants, Family Dollar and Marco's Pizza, the property offers excellent long-term stability. Family Dollar, occupying 9,600 square feet, has a lease extending to June 30th, 2027, with five 5-year renewal options. They've significantly upgraded their space since their 2002 occupancy. Marco's Pizza, in a 2,100 square foot space since 2007, is currently negotiating a lease extension. The asking price is $1,265,000, translating to $95.83 per square foot. This single-story building presents a compelling owner-user or investment opportunity with significant upside potential due to its prime location and established tenant base. The property is offered as a triple-net (NNN) lease, minimizing landlord responsibilities. This is a rare chance to acquire a well-positioned, income-generating retail property in a thriving Michigan community. The property is for sale by owner.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marco's Pizza Restaurant Redbox Cinema Family Dollar Discount Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Odessa
    County
    Ionia
    State
    Michigan
    Longitude
    -85.133234904408
    Latitude
    42.780491954193

    Nearby Similar for Sale

    • $160,000
      900 SF

      Lake Odessa Commercial Opportunity

      0.42 acres with a 900 sqft building for sale.
      7225 Saddlebag Lake Rd, Lake Odessa, MI 48849
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    • $300,000
      900 SF

      Lake Odessa Commercial Opportunity

      1.42 acres with 900 sqft building near I-96.
      7225 Saddlebag Lake Rd, Lake Odessa, MI 48849
      View Details

    FAQs

    What type of property is this?
    Individual retail property - High-yield grocery & convenience store
    Where is this individual retail property located?
    The property is located at 820 Jordan Lake Ave Lake Odessa, MI.
    What is the asking price?
    The asking price for this property is $1,265,000.
    What are key features of this property?
    This property features: $1,265,000 asking price for a 13,200 SF retail property in Lake Odessa, MI.; 7.00% cap rate with a $88,541 NOI.; NNN lease, owner-user investment opportunity.
    (616) 327-2614 Call to check price and availability
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    Lake Odessa, MI 48849
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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.

    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
    820 Jordan Lake Ave Lake Odessa, MI 48849
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing David Rapp
    David Rapp
    Real Estate License ID: 6501294153
    (616) 327-2614
    Learn more
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