Former Walgreens Available for
For Sale
Contact for pricing
918 Riverview Dr, Kalamazoo, MI
Freestanding retail property with NN lease in place until 2025.
Property Size14,378 SF
Lot Size1.29 Acres
Price / SF$103.55
Days on Market560
Property Features for 918 Riverview Dr
General Information
Standard status
Active
Size
14,378 SF
Lot size
1.29 Acres
Property subtype
RETAIL
Listing Agency:
Greysteel
(703) 402-6292
Listed By:
Lance Ahmadian · License #DC#SP200205686
(703) 402-6292
Source:
Moodyscre
Added: Jan 29, 2025
Changed: Jul 6
Last Checked: Aug 11 at 1:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greysteel
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire a freestanding former Walgreens. The property is located on a 1.44-acre lot at a signalized corner, benefiting from approximately 15,500 vehicles per day, which provides visibility and accessibility. Walgreens vacated the premises in March 2024, but their NN lease remains in effect until March 31, 2025, allowing a prospective buyer time to identify a new tenant. The property is suitable for retail use.
Key Highlights
- NN Lease in place until March 31, 2025, providing income.
- Priced at $1,992,360 ($151/SF) with an 8% cap rate on in‑place income.
- Located on a 1.44‑acre lot at a signalized corner.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$134,894
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,697,880
$2.7M
Cap Rate 7%
$1,927,057
$1.9M
Cap Rate 9%
$1,498,822
$1.5M
Market Conditions
NOI Build-Up for 14,378 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$188.9K $13.14/SF
− Vacancy
−$9.1K −$0.63/SF
EGI
$179.9K $12.51/SF
− OpEx
−$45.0K −$3.13/SF
NOI
$134.9K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,697,880
Cap Rate 7%
$1,927,057
Cap Rate 9%
$1,498,822
Alternative Uses
Best Use
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $134,894 @ 7.0% cap · market cap 9.06%
Second Best
Retail
$1.42M
$1.24M – $1.65M
NOI $99,156 @ 7.0% cap · market cap 6.66%
Theoretical Best
Warehouse
$3.76M
$3.29M – $4.39M
NOI $263,370 @ 7.0% cap · market cap 17.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
21k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 39%
Home Improvements & Furnishings 6%
Checkers
Dining
6,149 visits/mo
0.3 miles
Lee's Famous Recipe Chicken
Dining
5,202 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
3,619 visits/mo
0.5 miles
AutoZone
Shops & Services
2,468 visits/mo
0.2 miles
Monro Auto Service and Tire Centers
Shops & Services
1,131 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Borgess Outpatient Pharmacy — 1521 Gull Rd, Kalamazoo, MI 49048
- Ascension Rx - Kalamazoo Pharmacy — 1521 Gull Rd, Kalamazoo, MI 49048
- COVID-19 Drive-thru Testing at Walgreens — 918 Riverview Dr, Kalamazoo, MI 49048
- TruAura Beauty with Sue — 1312 Wayside Rd, Kalamazoo, MI 49048
- Richard Corstange — 918 Riverview Dr, Kalamazoo, MI 490481752
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding retail property with NN lease in place until 2025.
Where is this drug store located?
The property is located at 918 Riverview Dr Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,488,888.
What are key features of this property?
This property features: NN Lease in place until March 31, 2025, providing income.; Priced at $1,992,360 ($151/SF) with an **8% cap rate** on in‑place income.; Located on a 1.44‑acre lot at a **signalized corner**.
