Retail Space in Prime
For Sale
Contact for pricing
4220 24th Ave, Fort Gratiot Township, MI 48059
5,803 SF retail space in high-traffic retail corridor.
Property Size5,803 SF
Lot Size1.53 Acres
Price / SF$404.96
Days on Market811
Property Features for 4220 24th Ave
General Information
Standard status
Active
Size
5,803 SF
Lot size
1.53 Acres
Property subtype
Retail
Zoning
C-2*
Lease Type
NNN
Building Details
Year Built
2001
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Kramer Commercial Realty
(810) 531-4090
Listed By:
Korissa Kramer, CCIM · License #MI 6502386241
Source:
Crexi
Added: Jun 11, 2024
Changed: Aug 20
Last Checked: Aug 29 at 1:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kramer Commercial Realty
Investment Insights
Based on property information with market context.
This 5,803 square foot retail space is situated in a prime location within a well-established retail corridor. The property benefits from its position along 24th Avenue, which experiences traffic of over 25,000 vehicles per day. A large pylon sign enhances visibility for the location. The property is positioned as an outlot to Lowe’s and is surrounded by major retailers, including Target, Meijer, The Home Depot, and Walmart. The property is situated on a 1.53-acre parcel and features abundant parking.
Key Highlights
- Prime location in the heart of a retail corridor on 24th Ave (25,000+ VPD).
- Positioned as an outlot to Lowe's and surrounded by major big box retailers (Target, Meijer, Home Depot, Walmart).
- Large 1.53‑acre parcel with abundant parking.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,015
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,500,300
$1.5M
Cap Rate 7%
$1,071,643
$1.1M
Cap Rate 9%
$833,500
$833.5K
Market Conditions
NOI Build-Up for 5,803 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.0K $18.96/SF
− Vacancy
−$2.9K −$0.49/SF
EGI
$107.2K $18.47/SF
− OpEx
−$32.1K −$5.54/SF
NOI
$75.0K $12.93/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,500,300
Cap Rate 7%
$1,071,643
Cap Rate 9%
$833,500
Alternative Uses
Best Use
Retail
$1.07M
$937.7K – $1.25M
NOI $75,015 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.36M
$3.82M – $5.09M
NOI $305,375 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
495k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 25%
Dining 24%
Shops & Services 17%
Superstores 14%
Target
Superstores
67,758 visits/mo
0.2 miles
T.J. Maxx
Apparel
44,092 visits/mo
0.3 miles
Kohl's
Apparel
40,616 visits/mo
0.4 miles
Dunham's Sports
Apparel
32,311 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
26,196 visits/mo
0.2 miles
Demographics for 48059, MI
15,319
Population
7,324
Households
2.1
Avg Household Size
47
Median Age
30%
College-Educated
94%
High-School Grad
31.7 sq mi
ZIP Area
483
Density / Sq Mi
$78,841
Median Household Income
$44,716
Median Earnings
$956
Median Rent
$199,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 5,803 SF retail space in high-traffic retail corridor.
Where is this retail space located?
The property is located at 4220 24th Ave Fort Gratiot Township, MI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Prime location in the heart of a retail corridor on 24th Ave (25,000+ VPD).; Positioned as an outlot to Lowe's and surrounded by major big box retailers (Target, Meijer, Home Depot, Walmart).; Large 1.53‑acre parcel with abundant parking.
