Absolute Auction at High-Traffic Corner | 3403 E Genesee Ave
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Absolute Auction at High-Traffic Corner 3403 E Genesee Ave
11,096 SF Retail Building Online Auction Sale Saginaw, MI 48601
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Investment Highlights
- 3403 E Genesee Avenue is a freestanding 11,096 square-foot retail asset in the prominent community of Saginaw, Michigan.
- Value-add opportunity to acquire a flexible retail asset with immense optionality through lease-up or as an owner-use property.
- Offered to the market via an absolute auction. The first bid will meet the reserve.
- Rare location at the lighted intersection of Hess Avenue and Genesee Avenue, presenting a combined access to 13,000 vehicles per day.
- Access to a robust population of over 70,000 people who are expected to spend over $698 million across all economic sectors by the end of 2024.
Executive Summary
3403 E Genesee Avenue presents the market with a rare opportunity to acquire a sizable retail asset in Saginaw, Michigan, via absolute auction. The freestanding retail building totals 11,096 square feet and was formerly operated as a Rite Aid chain location. The building rests on a 1.28-acre outparcel that is part of a larger shopping center. The parcel is zoned B-1, which opens up a wide range of potential new uses. B-1 stands for local business, which permits uses such as residential, office, retail shops, barbers, beauty salons and service stations, or fast-food use with approval from the City Planning Commission. This building presents a new owner with an immense value-add opportunity by utilizing the business for a new retail concept or through a dynamic lease-up strategy to maximize the property's operational income output. As this asset is being offered to the market via an absolute auction, the first bid will meet the reserve.
3403 E Genesee Avenue is in a prime location to capitalize on immense frontage, traffic, retail synergies, and surrounding demographics. The parcel is nestled between two prominent commercial routes, Hess Avenue and Genesee Avenue, at a lighted intersection. The parking lot is accessible from either route, accommodating customers coming from either direction. Genesee Avenue produces over 5,000 vehicles daily, while Hess Avenue provides an additional 7,000 cars daily. This creates a massive advertisement opportunity via the asset's monument signage at the intersection. This robust traffic has led to a cluster of daily needs tenants surrounding the property, creating immense synergies. Dollar Tree, Family Dollar, Dollar General, McDonald's, and KFC all surround the building, helping draw in daily consumers. Demographics in the area include a robust population of over 78,000 people within a 5-mile radius around the parcel. This demographic base typically spends big each year, netting an overall spend that is expected to be north of $698 million by the end of 2024. This figure will only likely grow over the next five years, setting the table for prolonged retail success in the Saginaw Market.
Property tours are available by appointment only. Please contact the broker to schedule.
3403 E Genesee Avenue is in a prime location to capitalize on immense frontage, traffic, retail synergies, and surrounding demographics. The parcel is nestled between two prominent commercial routes, Hess Avenue and Genesee Avenue, at a lighted intersection. The parking lot is accessible from either route, accommodating customers coming from either direction. Genesee Avenue produces over 5,000 vehicles daily, while Hess Avenue provides an additional 7,000 cars daily. This creates a massive advertisement opportunity via the asset's monument signage at the intersection. This robust traffic has led to a cluster of daily needs tenants surrounding the property, creating immense synergies. Dollar Tree, Family Dollar, Dollar General, McDonald's, and KFC all surround the building, helping draw in daily consumers. Demographics in the area include a robust population of over 78,000 people within a 5-mile radius around the parcel. This demographic base typically spends big each year, netting an overall spend that is expected to be north of $698 million by the end of 2024. This figure will only likely grow over the next five years, setting the table for prolonged retail success in the Saginaw Market.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,096 SF
Building Class
C
Year Built
1999
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Land Acres
1.28 AC
Zoning
B-1
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
7,614
35,402
78,592
2020 Population
6,484
30,232
74,215
2029 Population
7,757
36,049
78,655
2024-2029 Projected Population Growth
1.9%
1.8%
0.1%
Daytime Employees
1,332
35,012
48,141
Total Businesses
168
2,668
4,172
Average Household Income
$29,646
$38,200
$47,958
Median Household Income
$21,202
$26,610
$33,151
Total Consumer Spending
$53.4M
$275.6M
$698.3M
Median Age
38.0
38.9
38.6
2024 Households
3,283
14,808
32,680
Percent College Degree or Above
2%
6%
9%
Average Home Value
$76,572
$83,353
$94,121
PROPERTY TAXES
| Parcel Number | 21 4453 00200 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $318,100 |
PROPERTY TAXES
Parcel Number
21 4453 00200
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$318,100
Sale Advisor
Sale Advisor
Deno Bistolarides, Managing Partner
(248) 702-0288
Contact
Deno Bistolarides is a founding member and Managing Partner of Encore Real Estate Investment Services. Along with his partners Brandon Hanna and Ryan Vinco, Deno oversees a team of seasoned investment professionals that focus on advising clients in the acquisition and disposition of net leased and multi-tenant retail assets throughout the United States. In his career, which has spanned over a decade, Deno has advised private clients, developers, institutions and has completed over 400 transactions in 40 states valued at over $1 Billion dollars. His expertise encompasses net leased retail across broad tenant types, sale-leaseback transactions and retail shopping centers.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Emily Walper
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 6505431586
-
Power Broker Deno Bistolarides -
Encore Real Estate Investment Services
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Absolute Auction at High-Traffic Corner | 3403 E Genesee Ave
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Absolute Auction at High-Traffic Corner | 3403 E Genesee Ave
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