7342 Alger Rd Alma, MI 48801
- Retail properties
- 15,480 SF
Current Use by Public Records
- AT&T Store / Cell Phone Store / Cell Phone Accessory Store
Property Details for 7342 Alger Rd
- Property size
- 15,480 SF
- Property type
- Retail properties
- Property subtype
- Land
Description
This exceptional investment opportunity, located at 7342 N Alger Road in Alma, Michigan, presents a compelling case for astute investors. The property, known as SCA Plaza, comprises three single-story buildings totaling 15,480 square feet of net rentable space across eleven units. Currently, the occupancy rate stands at 75%, with eight tenants including AT&T and Wild Bills Tobacco, under a modified lease structure. The remaining lease term averages two years. The property sits on an 82,764 square foot lot and benefits from a highly visible location directly in front of a Meijer department store, ensuring significant foot traffic. The property's strong performance is reflected in its current NOI of $175,169 and a current cap rate of 8.34%. However, a pro-forma analysis projects a substantial increase in NOI to $232,200 and a pro-forma cap rate of 11.06%. Renovated in 2018, the property is zoned for commercial use and offers a diverse range of unit sizes suitable for various retail businesses and service providers. The property's strategic location, coupled with its strong tenant base and significant upside potential, makes it an attractive investment opportunity in the thriving Alma, Michigan market. The asking price is $2,100,000.
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
- Alma
- County
- Gratiot
- State
- Michigan
- Longitude
- -84.6662
- Latitude
- 43.3979
