Listed by Advantage Commercial Real Estate
$3,220,000
301 U.S. Hwy 131 - Tractor Supply
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 44,800
Net Rentable (SqFt) 44,800
Cap Rate 6.50%
NOI $209,291
Tenancy Multi
Brand/Tenant Tractor Supply
Lease Expiration 07/31/2038
Rent Bumps Yes
Year Built 1981
Acreage 7.230
Zoning B-2
Tenant Credit Credit Rated
Lease Commencement 04/03/2003
Ground Lease No
About This Property
Marketing description
Advantage Commercial Real Estate is pleased to present the sale of 301 N US Hwy 131 in Three Rivers, Michigan. This property is a 44,800-square-foot, two-tenant retail center located along the primary commercial corridor of US-131 with strong visibility and access. The center is anchored by Tractor Supply, which recently extended its lease through July 2038 and received a $200,000 tenant improvement allowance as part of the extension, demonstrating a long-term commitment to the location. The asset offers stable occupancy and long-term tenancy within a well-positioned retail location serving the surrounding trade area.
Investment highlights
- Substantial near-term rent growth: 30% rent increase on the anchor effective 8/1/2028, followed by 7% bumps every 5 years through all option periods
- Tenant capital reinvestment: Recently executed amendment contemplates tenant-funded greenhouse and garden center, drive-thru feed center, 1,000-gallon propane dispensing, pet wash, veterinary clinic, and energy-efficiency upgrades
- Long renewal runway: Three additional 5-year options extending potential term through 2053
- Investment-grade-adjacent credit: Publicly traded parent (TSCO) with rural-lifestyle retail model
- Day-one stabilization: 100% leased, with Label Shopper occupying the balance under a 2024–2029 term and one 5-year option remaining
- Primary corridor visibility: 428’ of frontage on US-131, the main north-south artery connecting Three Rivers to Kalamazoo and the Indiana border
- Established retail node: Walmart, Meijer, Menards, Home Depot, Aldi, and Harbor Freight within the immediate trade area
Listing Contacts
Listed by Advantage Commercial Real Estate
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$209,291.00
$17,440.92/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Brokerage Phone
Title
Brokerage Address
Name
License
Brokerage Phone
Title
Brokerage Address
Is there information that looks off?
