1416-1424 S Main St | Adrian, MI 49221
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- LoopNet Team
1416-1424 S Main St
Adrian, MI 49221
Adrian Crossroads | Value-Add at 79% Occ · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- 79% Occupied, 202,228 SF Regional Shopping Center in Adrian, MI. Upside via Prime Junior Box Leasing Opp– 27,679 SF Adjacent to Planet Fitness
- Offered with Attractive, Assumable Non- Recourse Financing – 67.4% LTV, 4.6% IR, 6/2025 Maturity, 30-Yr AM
- Offers Year 1 Cash-on-Cash Return of 9.6% and 14.7% Total Return on Existing Assumable 67.4% LTV Non-Recourse Financing
- Anchored by Family Farm & Home, Staples, Planet Fitness & Harbor Freight Tools who Collectively Occupy 62% of the Leased GLA & Contribute 46.7% of EGI
- Priced Well-Below Replacement Cost at $63/SF with Cheap/Replaceable Rents Averaging $7.80/SF
- Potential to Execute Parcelization/Break- Up Strategy – Offering Includes Two Large Inline Strips, Two Outparcel Strips, & Two Single-Tenant Buildings
PROPERTY FACTS
Property Type
Retail
Property Subtype
Storefront
Building Size
202,228 SF
Building Class
B
Year Built
1980
Percent Leased
19%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.46
Lot Size
10.00 AC
Zoning
B-4 - 201 - Commercial
Parking
300 Spaces (1.48 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Air Conditioning
- Smoke Detector
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $2,464,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,464,000
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