Building Details

Year Built 2006

Buildings 1

Stories 1

Tenancy Single

Listing Agency: Wiens & Roth Real Estate a***@wiensandroth.com Show Phone

Listed By: Wiens & Roth · License #6504386409

Source: Crexi

Added: Mar 30, 2025 Changed: Aug 14 Last Checked: Aug 20 at 8:09PM

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Investment Insights

Based on property information with market context.

This net investment property, located at 7470 Secor Rd, Lambertville, MI, presents an opportunity for investors. Constructed in 2006, the property spans approximately 2,500 square feet and is suitable for retail use. The tenant, MyEyeDr, covers rent, CAM, and real estate taxes. The monthly rent is $5,000. MyEyeDr is a national optometry chain with over 800 offices across 28 states. The company has private equity backing from multiple firms, including Monitor Clipper Partners, Altas Partners, and Caisse de dépôt et placement du Québec (CDPQ), and a deal with a division of Goldman Sachs. MyEyeDr was also recognized in Newsweek’s "America's Best Customer Service 2024" Awards. Situated in Lambertville, the property benefits from a stable and affluent demographic. The area is ideal for optometry services due to the needs of middle-aged and older adults. Secor Rd is a major road, ensuring high visibility and traffic, and the property is surrounded by complementary businesses. Kroger is located across the street. The property is available as a package with 229 Tecumseh St, Dundee MI, also leased by MyEyeDr.

Key Highlights

• Net investment property: Tenant (MyEyeDr) covers rent, CAM, and real estate taxes.
• Strong tenant: MyEyeDr, a national optometry chain with over 800 locations.
• Stable income stream: Generating $5,000 monthly rent.

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

$24,019

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

3.56%

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%

$480,380 $480.4K

Cap Rate 7%

$343,129 $343.1K

Cap Rate 9%

$266,878 $266.9K

Market Conditions

NOI Build-Up for 2,500 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

$37.5K $15.00/SF

− Vacancy

−$3.2K −$1.28/SF

EGI

$34.3K $13.73/SF

− OpEx

−$10.3K −$4.12/SF

NOI

$24.0K $9.61/SF

Area

Monroe County, MI

Vacancy

8.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

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%

$480,380

Cap Rate 7%

$343,129

Cap Rate 9%

$266,878

Alternative Uses

Best Use

Retail

$343.1K

$300.2K – $400.3K (±1% cap)

NOI $24,019 @ 7.0% cap · market cap 3.56%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$2.58M

$2.26M – $3.01M (±1% cap)

NOI $180,490 @ 7.0% cap · market cap 26.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Dr. Jeffrey T. ... Physician MyEyeDr. Eye Care Center Mercy Memorial Family ... Pediatrician Dr. Megan Brooks Physician Chelsie Crawford Physician

Suggested Use

Top Pick Auto Repair Shop Building Supply Auto Parts Store Law Firm HVAC Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

323

Businesses Nearby

237k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 42% Groceries 26% Shops & Services 24% Home Improvements & Furnishings 5%

Kroger Groceries

62,720 visits/mo 0.1 miles

McDonald's Dining

27,277 visits/mo 0.1 miles

Dollar Tree Shops & Services

21,586 visits/mo 0.2 miles

Kroger Fuel Center Shops & Services

20,765 visits/mo 0.1 miles

Taco Bell Dining

13,677 visits/mo 0.1 miles

Demographics for 48144, MI

10,331

Population

4,179

Households

2.5

Avg Household Size

46

Median Age

31%

College-Educated

95%

High-School Grad

7.9 sq mi

ZIP Area

1,308

Density / Sq Mi

$97,371

Median Household Income

$48,077

Median Earnings

$1,116

Median Rent

$241,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - NNN leased retail property with stable tenant, MyEyeDr.

Where is this retail space located?

The property is located at 7470 Secor Rd Lambertville, MI.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: Net investment property: Tenant (MyEyeDr) covers rent, CAM, and real estate taxes.; Strong tenant: MyEyeDr, a national optometry chain with over 800 locations.; Stable income stream: Generating $5,000 monthly rent.