4025 24Th Ave Fort Gratiot Township, MI 48059
- Lifestyle centers
- 86,923 SF
- 8.08 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 4025 24Th Ave
- Year built
- 1980
- Lot size
- 8.08 lot acres
- Property size
- 86,923 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Fort Gratiot Plaza, located at 4025 24th Ave, Fort Gratiot Township, MI 48059, presents a compelling value-add opportunity in the retail sector. This 86,923 square foot shopping center sits on an 8.08-acre lot and comprises two single-story buildings. Currently boasting 91.03% occupancy, the property features a strong tenant lineup including Harbor Freight, CSL Plasma, and Salvation Army, among five total tenants. The Modified lease structure provides a stable income stream, with a current Net Operating Income (NOI) of $904,495 and an attractive 8.87% capitalization rate. The asking price is $10,200,000. Built in 1980, the property has undergone significant renovations in 1999, 2015, 2016, and 2017, reflecting a commitment to maintaining its appeal and functionality. Its location within a regional mall area creates significant barriers to entry for competitors. This property offers a unique blend of stable income and significant upside potential through lease-up opportunities and further value-add improvements. The below-market rents and pricing well below replacement cost present a compelling investment proposition for discerning buyers seeking strong returns in a stable market. The property's strong credit tenant lineup and history of capital expenditures (CAPEX) improvements further enhance its investment appeal.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fort Gratiot Township
- County
- St. Clair
- State
- Michigan
- Longitude
- -82.4572
- Latitude
- 43.0267
