Freestanding NNN Property with
For Sale
Contact for pricing
1290 W Main St, Gaylord, MI 49735
Pharmacy facility leased under an absolute NNN structure.
Property Size14,490 SF
Price / SF$246.38
Days on Market138
Property Features for 1290 W Main St
General Information
Standard status
Active
Size
14,490 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$348,000
Building Details
Year Built
2006
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Matthews
(872) 256-1031
Listed By:
Patrick Forkin · License #475118789
Source:
Crexi
Added: Apr 16
Changed: Aug 30
Last Checked: Apr 24 at 10:12PM
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 Matthews
Investment Insights
Based on property information with market context.
Freestanding Walgreens pharmacy building comprising ±14,490 square feet, with an operating drive-thru and an absolute NNN lease structure. The property is located at 1290 W Main St in Gaylord, Michigan 49735.
Key Highlights
- ±14,490 SF freestanding Walgreens pharmacy
- Operating drive‑thru
- Absolute NNN lease structure
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
$161,163
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
4.51%
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%
$3,223,260
$3.2M
Cap Rate 7%
$2,302,329
$2.3M
Cap Rate 9%
$1,790,700
$1.8M
Market Conditions
NOI Build-Up for 14,490 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
$224.3K $15.48/SF
− Vacancy
−$9.4K −$0.65/SF
EGI
$214.9K $14.83/SF
− OpEx
−$53.7K −$3.71/SF
NOI
$161.2K $11.12/SF
Area
Otsego County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$3,223,260
Cap Rate 7%
$2,302,329
Cap Rate 9%
$1,790,700
Alternative Uses
Best Use
Specialty Retail
$2.30M
$2.01M – $2.69M
NOI $161,163 @ 7.0% cap · market cap 4.51%
Second Best
Retail
$2.15M
$1.88M – $2.51M
NOI $150,419 @ 7.0% cap · market cap 4.21%
Theoretical Best
Warehouse
$19.85M
$17.37M – $23.16M
NOI $1,389,301 @ 7.0% cap · market cap 38.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
383k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 30%
Dining 29%
Home Improvements & Furnishings 14%
Apparel 8%
Hobby Lobby
Shops & Services
28,816 visits/mo
0.3 miles
Culver's
Dining
28,535 visits/mo
0.2 miles
Taco Bell
Dining
24,180 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
23,006 visits/mo
0.2 miles
Aldi
Groceries
17,276 visits/mo
0.0 miles
Demographics for 49735, MI
20,568
Population
11,551
Households
1.8
Avg Household Size
44
Median Age
27%
College-Educated
94%
High-School Grad
248.6 sq mi
ZIP Area
83
Density / Sq Mi
$69,050
Median Household Income
$39,813
Median Earnings
$876
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Pharmacy facility leased under an absolute NNN structure.
Where is this nnn property located?
The property is located at 1290 W Main St Gaylord, MI.
What is the asking price?
The asking price for this property is $3,570,000.
What are key features of this property?
This property features: ±14,490 SF freestanding Walgreens pharmacy; Operating drive‑thru; Absolute NNN lease structure
