$1 Auction - REIT Sale | Former Rite Aid 117 N Mission St 11,095 SF Retail Building Mount Pleasant, MI 48858 $75,000 ($6.76/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail building located at 117 N Mission Street in Mount Pleasant, MI 48858 (the “Property”). Formerly occupied by Rite Aid, the Property is being offered significantly below replacement cost, providing an attractive opportunity for owner-users or investors to acquire a highly visible, strategically positioned asset at a compelling basis. FIRST BID MEETS RESERVE!
The Property consists of a one-story, free-standing retail building totaling approximately ±11,095 square feet on a ±1.17-acre parcel. The site features a drive-thru, pylon signage, three curb cuts for convenient ingress and egress, and 79 surface parking spaces. Situated at a signalized hard corner, the Property benefits from exceptional visibility and frontage along three roadways, including North Mission Street with ±15,582 VPD, East Broadway Street with ±9,219 VPD, and Mosher Street, which provides access to an established residential neighborhood. Previously leased to Rite Aid on a NNN basis, the Property offers a value-add opportunity through re-tenanting at prevailing market lease rates (CoStar-estimated retail rents of $12–$15/SF Retail). Zoned Commercial C-3, the site allows for a wide range of retail and commercial uses.
Mount Pleasant, Michigan is the county seat of Isabella County in central Michigan and serves as a regional hub for the surrounding trade area. Demand is anchored by Central Michigan University’s main campus (a major year-round population driver) and the nearby Soaring Eagle Casino & Resort, which supports hospitality, entertainment, and employment activity. For developers, the market typically underwrites well for workforce and student-adjacent multifamily, neighborhood retail/services, and light industrial/flex tied to local employers and regional distribution. With convenient regional access, about 70 miles to Lansing, Mount Pleasant can function as a cost-effective infill and redevelopment market with steady, institutional demand generators. The Property is located less than a mile from Central Michigan University, the main economic engine for the submarket. The immediate vicinity features a mix of national and local retailers including Meijer, Walmart, Kohl’s, Target, Starbucks, Walgreen’s, CVS, Dick’s, Hobby Lobby, McDonald’s, Harbor Freight, Wendy’s, Popeyes, Napa, Subway, KFC, and more. The surrounding ±5-milei trade area is home to 38,448 residents with an average household income of $63,208.