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    1366 Main St Adrian, MI 49221

    For Sale
    $11,832,125

    High-yield retail center, strong tenants.

    Property size:
    202,228 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 202,228 square foot shopping center in Adrian, Michigan presents a compelling investment opportunity. Located at 1366 S Main St, 49221, this multi-tenant property boasts a strong lineup of national brands including Planet Fitness, Harbor Freight, Staples, Family Farm & Home, Ivy Rehab for Kids, and Sherwin Williams. Built between 1980 and 1993, the center sits on a substantial 27.21-acre lot and is zoned for commercial use. Currently operating at 74.35% occupancy, the property offers significant upside potential for increased revenue. The asking price is $11,832,125, representing a price per square foot of $58.51 and an attractive 8.00% cap rate. The Net Operating Income (NOI) is $946,570. This dominant market center presents a rare chance to acquire a well-positioned asset priced below replacement cost, with strong tenant interest and opportunities to reduce the project basis and further enhance profitability. The property's lease type is NNN, offering a passive income stream. This is a value-add opportunity with considerable potential for long-term growth and return on investment.

    Property Features for 1366 Main St

    General Information

    Property type
    Lifestyle centers
    Square Feet
    202,228 SF
    Lot Size
    1,185,268 SF

    Building Details

    Year Built
    1980

    HighLights

    • Strong tenant interest and occupancy at 74.35%.
    • Significant upside potential for increased revenue.
    • Opportunity to reduce project basis and enhance profitability.
    • National tenants (Planet Fitness, Harbor Freight, Staples, Family Farm & Home, Ivy Rehab for Kids, Sherwin Williams) with low rent per square foot.
    • Priced below replacement cost at $11,832,125 ($58.51/SF) with an 8.00% cap rate and $946,570 NOI.
    • Dominant market center in Adrian, Michigan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Adrian
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.0455382
    Latitude
    41.8793413

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    FAQs

    What type of property is this?
    Lifestyle center - High-yield retail center, strong tenants.
    Where is this lifestyle center located?
    The property is located at 1366 Main St Adrian, MI.
    What is the asking price?
    The asking price for this property is $11,832,125.
    What are key features of this property?
    This property features: Strong tenant interest and occupancy at 74.35%.; Significant upside potential for increased revenue.; Opportunity to reduce project basis and enhance profitability.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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
    1366 Main St Adrian, MI 49221
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