4025 24Th AveFort Gratiot Township, MI 48059

Property Details for 4025 24Th Ave

Year built

1980

Lot size

8.08 AC

Property size (Sq ft)

86,923 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Fort Gratiot Plaza, located at 4025 24th Ave, Fort Gratiot Township, MI 48059, presents a compelling value-add opportunity in the retail sector. This 86,923 square foot shopping center sits on an 8.08-acre lot and comprises two single-story buildings. Currently boasting 91.03% occupancy, the property features a strong tenant lineup including Harbor Freight, CSL Plasma, and Salvation Army, among five total tenants. The Modified lease structure provides a stable income stream, with a current Net Operating Income (NOI) of $904,495 and an attractive 8.87% capitalization rate. The asking price is $10,200,000. Built in 1980, the property has undergone significant renovations in 1999, 2015, 2016, and 2017, reflecting a commitment to maintaining its appeal and functionality. Its location within a regional mall area creates significant barriers to entry for competitors. This property offers a unique blend of stable income and significant upside potential through lease-up opportunities and further value-add improvements. The below-market rents and pricing well below replacement cost present a compelling investment proposition for discerning buyers seeking strong returns in a stable market. The property's strong credit tenant lineup and history of capital expenditures (CAPEX) improvements further enhance its investment appeal.

Location Insight

City

Fort Gratiot Township

County

St. Clair

State

Michigan

Latitude

43.0267

Longitude

-82.4572

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