1366 Main St Adrian, MI 49221
- Lifestyle centers
- 202,228 SF
- 27.21 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1366 Main St
- Year built
- 1980
- Lot size
- 27.21 lot acres
- Property size
- 202,228 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 202,228 square foot shopping center in Adrian, Michigan presents a compelling investment opportunity. Located at 1366 S Main St, 49221, this multi-tenant property boasts a strong lineup of national brands including Planet Fitness, Harbor Freight, Staples, Family Farm & Home, Ivy Rehab for Kids, and Sherwin Williams. Built between 1980 and 1993, the center sits on a substantial 27.21-acre lot and is zoned for commercial use. Currently operating at 74.35% occupancy, the property offers significant upside potential for increased revenue. The asking price is $11,832,125, representing a price per square foot of $58.51 and an attractive 8.00% cap rate. The Net Operating Income (NOI) is $946,570. This dominant market center presents a rare chance to acquire a well-positioned asset priced below replacement cost, with strong tenant interest and opportunities to reduce the project basis and further enhance profitability. The property's lease type is NNN, offering a passive income stream. This is a value-add opportunity with considerable potential for long-term growth and return on investment.
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
- Adrian
- County
- Lenawee
- State
- Michigan
- Longitude
- -84.0455
- Latitude
- 41.8793
