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    1643 M 21 Owosso, MI 48867

    Sponsored
    For Sale
    $6,019,256

    High-yield retail investment, strong tenants.

    Property size:
    50,508 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 50,508 square foot retail center in Owosso, Michigan, presents a compelling value-add investment opportunity. Located at 1643 E M 21, this single-story, 13-unit property boasts a prime location shadowing a busy Walmart Super Center, situated on Owosso's busiest retail corridor (M-21). The property features a mix of national, regional, and local tenants, including Dollar Tree (with a new 10-year lease starting in 2022), Harbor Freight (lease expiring 2028), and Jet's Pizza (lease expiring 2028). All tenants are on NNN leases, minimizing landlord responsibilities and maximizing potential returns. The property has undergone significant improvements, including exterior repainting in 2015 and parking lot repaving and restriping in 2019. Currently operating at 73% occupancy, there are vacant units ready for immediate lease-up, offering significant upside potential. The property sits on a 9.16-acre lot, zoned B-2, and features a monument sign. With a total asking price of $6,019,256, a 5.33% cap rate, and a price per square foot of $119.17, this property offers a strong return on investment. The property's high visibility, strong tenant base, and significant upside potential make it an ideal addition to any portfolio. The property's daily traffic volume exceeds 24,000 vehicles. Built in 1992 and renovated in 2015, this property is ready for a new owner to capitalize on its potential.

    Property Features for 1643 M 21

    General Information

    Property type
    Lifestyle centers
    Square Feet
    50,508 SF
    Lot Size
    399,010 SF

    Building Details

    Year Built/Renovated
    1992/2015
    Buildings
    1
    Stories
    1
    Units
    13

    HighLights

    • High‑traffic location, shared access with Walmart Supercenter.
    • Parking lot recently resurfaced (2019).
    • Fresh exterior paint (2015).
    • Available suites for immediate lease.
    • Prominent monument signage.
    • High visibility, over 24,000 vehicles per day.
    Property Profile Location Intelligence

    Current Use by Public Records

    Harbor Freight Tools Hardware Store Original Farmer's Market Grocery Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Owosso
    County
    Shiawassee
    State
    Michigan
    Longitude
    -84.1368171
    Latitude
    42.9997082

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    FAQs

    What type of property is this?
    Lifestyle center - High-yield retail investment, strong tenants.
    Where is this lifestyle center located?
    The property is located at 1643 M 21 Owosso, MI.
    What is the asking price?
    The asking price for this property is $6,019,256.
    What are key features of this property?
    This property features: High-traffic location, shared access with Walmart Supercenter.; Parking lot recently resurfaced (2019).; Fresh exterior paint (2015).
    Request Owner's contact information
    1643 M 21 Owosso, MI 48867
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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
    1643 M 21 Owosso, MI 48867
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