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    2950-2992 Center Ave Essexville, MI 48732

    For Sale
    Contact for pricing

    Essexville, MI storefront opportunity. High-growth potential.

    Property size:
    64,957 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    Majestic Square, a 64,957 square foot multi-tenant retail center located at 2950-2992 Center Ave, Essexville, MI 48732, presents a compelling investment opportunity. This property, built in 1996 and renovated in 2019, boasts a prime location directly adjacent to a high-performing Kroger supermarket, which has operated at this location for over 25 years and experienced a 30% increase in same-store sales since 2020. A significant anchor tenant, JOANN Fabrics, occupies 22% of the gross leasable area (GLA) under a long-term lease expiring January 31, 2029. JOANN, a national leader in fabric and craft retail, has been a tenant since 1996. Currently, the center has 29.98% occupancy, offering substantial value-add potential through the lease-up of vacant, move-in ready suites. The building's exterior has recently undergone updates. The property's Net Operating Income (NOI) is $40,677, and the remaining lease term is approximately 4.2 years. This presents a unique chance to capitalize on a strong location, established anchor tenants, and a significant opportunity for increased occupancy and revenue. The property's location in Bay County, Michigan, provides excellent access to a thriving consumer base.

    Property Features for 2950-2992 Center Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    64,957 SF

    Building Details

    Year Built/Renovated
    1996/2019

    HighLights

    • High‑performing Kroger grocery store immediately adjacent, operating successfully for over 25 years with 30% same‑store sales growth since 2020.
    • Strong anchor tenant JOANN Fabrics, occupying 22% of gross leasable area (GLA), under long‑term lease expiring 1/31/2029, operating at this location since 1996.
    • Significant value‑add opportunity: 29.98% occupancy allows for lease‑up of vacant, move‑in ready suites; building facades recently updated.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Essexville
    County
    Bay
    State
    Michigan
    Longitude
    -83.8455616
    Latitude
    43.5930591

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    FAQs

    What type of property is this?
    Individual retail property - Essexville, MI storefront opportunity. High-growth potential.
    Where is this individual retail property located?
    The property is located at 2950-2992 Center Ave Essexville, MI.
    What are key features of this property?
    This property features: High-performing Kroger grocery store immediately adjacent, operating successfully for over 25 years with 30% same-store sales growth since 2020.; Strong anchor tenant JOANN Fabrics, occupying 22% of gross leasable area (GLA), under long-term lease expiring 1/31/2029, operating at this location since 1996.; Significant value-add opportunity: 29.98% occupancy allows for lease-up of vacant, move-in ready suites; building facades recently updated.
    Request Owner's contact information
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    Essexville, MI 48732
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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
    2950-2992 Center Ave Essexville, MI 48732
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