1180 Phoenix St South Haven, MI 49090
- Lifestyle centers
- 41,715 SF
- 7.40 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1180 Phoenix St
- Year built
- 1975
- Lot size
- 7.40 lot acres
- Property size
- 41,715 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 41,715 square foot shopping center in South Haven, Michigan, presents a compelling investment opportunity. Boasting a 100% occupancy rate with four tenants, including Dollar Tree and Dunham's, the property generates a strong net operating income (NOI) of $277,192, yielding an 8.40% cap rate at an asking price of $3,300,000 ($79.11/SF). Situated on a 7.4-acre lot with ample parking, this well-positioned center benefits from its location across from a major regional grocer (Meijer) and near Interstate 196/Route 31, providing excellent visibility and accessibility. The property features a recently signed Verizon lease, representing a significant rent increase, and offers potential for further rent growth. Tenants have demonstrated long-term commitment, with many occupying the space for over 15 years. The property's proximity to Lake Michigan College (2,700 students) and a high average household income within a one-mile radius further enhance its appeal. Built in 1975, the center includes rent bumps in existing leases and lease options vary by tenant. This investment offers a stable income stream with significant upside potential in a thriving tourist destination.
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
- South Haven
- County
- Van Buren
- State
- Michigan
- Longitude
- -86.2562
- Latitude
- 42.4028
