512 Mission St Mount Pleasant, MI 48858
- Retail space
- 18,104 SF
Current Use by Public Records
- MP Fit Club / Fitness Center
- Noble Appliance / Appliance Store
Property Details for 512 Mission St
- Year built
- 1960
- Property size
- 18,104 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional 18,104-square-foot retail storefront at 512 S Mission St, Mt Pleasant, MI 48858, presents a compelling investment opportunity. Boasting a 7.65% cap rate and a strong net operating income (NOI) of $107,000, this property offers significant potential for return. The asking price is $1,399,000, translating to $77.28 per square foot. The building, completely renovated in 2022, features two tenants. A substantial 9,000 square feet is available for lease at $6.00 per square foot, triple net (NNN). The seller is offering a sale-leaseback arrangement, including a 7-year lease with a 7-year option and a 10% rent increase. The existing upstairs tenant is secured with a 3-year lease and two 3-year options. This property is situated in Isabella County and benefits from its prime location and strong tenant occupancy. The building was originally constructed in 1960. This is a rare opportunity to acquire a high-performing retail property with a secure leaseback arrangement and significant upside potential.
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
- Mount Pleasant
- County
- Isabella
- State
- Michigan
- Longitude
- -84.7681937
- Latitude
- 43.5997964
