Current Use by Public Records
- Harbor Freight Tools / Building Supply / Hardware & Home Improvement
- Original Farmer's Market / Grocery & Convenience Store / Food Market
Property Details for 1643 M 21
- Year built
- 1992
- Lot size
- 9.16 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Owosso
- County
- Shiawassee
- State
- Michigan
- Longitude
- -84.1368
- Latitude
- 42.9997
