1508-1574 N Mitchell St
Cadillac, MI 49601
Mitchell Road Mall · Retail Property For Sale

Mitchell Road Mall is a JCPenney anchored neighborhood retail strip center located 1508-1574 N. Mitchell Road in Cadillac, MI, 49601. With an inplace income-stream, Mitchell Road Mall presents investors with an excellent opportunity to acquire a retail property that is both generating income and offers tremendous upside through lease-up of the available units and future lease-renewal strategies or repositioning. Built in 1988, and positioned on ±1.81 AC, Mitchell Road Mall features a diverse local tenant mix with staggered lease expirations. The Property contains 10 retail units and is ±52% occupied with JCPenney occupying ±47% of GLA. The Property contains 10 retail units and there are 7 spaces currently available totaling ±22,910 SF that are available for immediate lease-up and value add. The NOI currently sits at $58,659 at 52% occupancy leaving extraordinary room for upside. The current NOI is a good starting point for a buyer to work with during the repositioning of the property. Once stabilization occurs in Year 2 at ±90%, the NOI has the potential of reaching ±$257,552. The available spaces range from ±1,200 to ±22,635 SF all with large display windows looking out to the shared parking lot and N Mitchell Street. Mitchell Road Mall is shadow anchored by Gordon Food Service, adjacent to Fox Toyota, Fox Ford/Lincoln/Cadillac, behind Wendy's and Burger King and features excellent visibility and egress/ingress. The Cadillac community is a recreation wonderland, offering a myriad of activities to appease nearly every interest, including fishing, boating, hiking, skiing, snowmobiling, hunting, and golfing to name a few. It is estimated that over 1,000,000 tourists visit the Cadillac area each year. The Property is positioned on a main area thoroughfare within an established residential area that has approximately ±17,004 individuals residing within a five-mile radius of the property and an average household income of ±$55,209. The Property provides a collection of complementary retailers and POI located along an arterial retail route. In 2019, the total specified consumer spending within a 5-mile radius of the Property accounts for ±$146,828,000 and there are ±1,282 businesses and ±15,438 employees. Mitchell Road Mall is positioned near a number of nationally recognized retailers nearby including Fox Toyota/Ford/Lincoln/Cadillac, Wendy's, Burger King, Arby’s, Walmart Supercenter, Walgreens, O’Reilly Auto Parts, Autozone, Subway, Anytime Fitness, Meijer, Home Depot, TJMaxx, Tractor Supply, and McDonalds to name a few. Mitchell Road Mall offers in-place income and upside potential through long term lease-up strategies and/or repositioning.