Lincoln Bridge Plaza

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Lincoln Bridge Plaza

704 S Main St Cheboygan MI Cheboygan County

Sales Price: $1,700,000

Cap Rate: 9.65%

Contact Person(s): Max Lippitt
Daniel Kukes
Jason Greenspan

Description:

STRONG RETAIL/MEDICAL TENANT MIX:

  • National tenants include Ace Hardware and Little Caesars Pizza, both of which thrived during the COVID-19 Pandemic.
  • 35% of GLA is leased to medical tenants including W&W Wellness Center, Alcona Health, Alpine EyeCare, and ElowskyEye.
  • The shopping center is 100% occupied, giving the new ownership group stable cashflow moving forward.

STRATEGIC MEDICAL LOCATION – MCLAREN HEALTH CENTER:

  • The subject center is directly adjacent to the McLaren Health Center, one of the largest hospitals in Northeast Michigan, the only hospital in the Cheboygan area, and the only hospital within a 25-mile radius, making this a medical corridor destination.
  • McLaren is one of the state’s largest hospital systems with 14 hospitals and 3,000+ beds across Michigan.
  • McLaren Healthcare has an annual revenue exceeding $6 Billion.
  • The shopping center sits at a lighted intersection just north of the hospital, with over 13,000 cars per day on Main Street.

SUCCESSFUL RETAIL MARKET – CHEBOYGAN:

  • The subject property sits directly in the center of Cheboygan’s retail corridor, surrounded by national tenants such as Walmart, Family Fare, Dunham’s, Advance Auto Parts, Walgreens, McDonald’s, AutoZone, Burger King, etc.
  • Cheboygan’s retail corridor draws from a 25-mile radius, as Cheboygan is the largest commercial area in Northeast Michigan, and is the county seat of Cheboygan County.

RECENT BUILDING IMPROVEMENTS:

  • Ownership has owned and managed this property for several years and has kept the premises in impeccable condition.
  • Recent upgrades include new tenant facades, roof replacement and parking lot work.
  • No immediate deferred maintenance reserves are required.

Building Size: 29,586 SF

Lot Size: 2.23 AC

Zoning: B-3, General Business

Anchors: Ace Hardware & Little Caesars Pizza

Tenant Roster: Ace Hardware, Little Caesars Pizza, Wild Wild West Tobacco, Alpine Eye Care

Demographic Info:

Radius: 1 Mile 3 Mile 5 Mile
Population Density: 2,825 6,585 9,375
Avg. HH Income: $57,803 $56,915 $58,346

LANDMARK INVESTMENT SALES – Licensed Real Estate Brokers. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates are used for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction, the suitability of the property for your needs.