Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Corunna, MI 48867
    Back to Search
    Property profile & analytics

    , Corunna, MI 48867

    View on Map
    • Retail properties & Spaces
    • 50,508 SF
    • 8.20 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details

    Year built
    1992
    Lot size
    8.20 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    Riverwood Crossing, located at E M 21 in Corunna, Michigan (zip code 48867), offers exceptional retail, restaurant, and office space opportunities. This single-story, 50,508 square foot shopping center, built in 1992 and renovated in 2015, sits on 8.2 acres of land and is zoned for commercial use. Currently, there are seven suites in total, with 15,025 square feet of vacant space available. Individual suite sizes range from 1,050 to 5,400 square feet, with a maximum contiguous space of 5,400 square feet. The center enjoys a high-traffic location next to a Super Walmart, drawing customers from a 30-mile radius, boasting a daily vehicle count of 24,000 and a trade area population exceeding 50,000. This vibrant shopping center is anchored by established businesses including Harbor Freight, Dollar Tree, ATI Physical Therapy, and Jet's Pizza, providing strong synergy and a built-in customer base. The property's versatile spaces are ideal for a variety of uses, including retail, restaurants, general office space, or medical offices. Located in Shiawassee County, this property presents a compelling investment opportunity in a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Corunna
    County
    Shiawassee
    State
    Michigan
    Longitude
    -84.1063
    Latitude
    42.9987

    Comparable in this City

    • Value Estimation by Request
      50,508 SF

      1643 M 21

      Lifestyle centers
      1643 M 21, Owosso, MI 48867
      View Details
    • Value Estimation by Request
      76,476 SF

      1560 Main St

      Lifestyle centers
      1560 Main St, Owosso, MI 48867
      View Details
    • Value Estimation by Request
      9,000 SF

      2150 Main St

      Restaurants
      2150 Main St, Owosso, MI 48867
      View Details
    • Value Estimation by Request
      1,622 SF

      2005 Main St

      Office Spaces
      2005 Main St, Owosso, MI 48867
      View Details
    • Value Estimation by Request
      4,368 SF

      2049 Corunna Ave

      RETAIL STORES (PERSONAL SERVICES)
      2049 Corunna Ave, Owosso, MI 48867-3952
      View Details
    • Value Estimation by Request
      1,118 SF

      1710 M 21

      RETAIL STORES (PERSONAL SERVICES)
      1710 M 21, Owosso, MI 48867-9054
      View Details

    Similar Nearby for Sale

    • $549,900

      Restored Building on M-21

      Commercial building on almost 5 acres, move-in ready.
      2250 E M 21, Owosso, MI 48867
      View Details
    • $549,900
      2,070 SF

      Restored Building on M-21

      Commercial building on 4.28 acres, move-in ready for business.
      2250 E Main, Owosso, MI 48867
      View Details
    • $439,000
      10,824 SF

      Downtown Owosso Mixed-Use Building

      10,824 SF Retail/Office, Vacant, $439K
      200 Main St, Owosso, MI 48867
      View Details
    • Contact for pricing

      Versatile Commercial Building with Drive-Through

      Commercial building suitable for office, retail, or medical use.
      1345 N Shiawassee St, Owosso, MI 48867
      View Details
    • Contact for pricing
      4,791 SF

      Downtown Owosso Mixed-Use Building

      Four-story building with redevelopment potential in Owosso's Opportunity Zone.
      100 N Washington St, Owosso, MI 48867
      View Details
    • $600,000
      6,256 SF

      Corunna Mixed-Use Storefront Opportunity

      6200+ sq ft storefront with two apartments and garages.
      2256 E Main St, Owosso, MI 48867
      View Details

    Similar Nearby for Lease

    • $120 SF/Yr
      1,622 SF

      Prime Owosso Office/Retail Space

      Newly renovated, high-traffic location.
      2005 Main St, Owosso, MI 48867
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space in Primary Corridor

      Retail space available in high-traffic Owosso location.
      1475-1501 E Main St, Owosso, MI 48867
      View Details
    • Contact for pricing
      1,050 SF

      Retail Space in Primary Corridor

      Retail space in a high-traffic area near Wal-Mart.
      1351-1361 E M 21, Owosso, MI 48867
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Corunna, MI 48867
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Corunna, MI, 48867
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!