Multi-Unit Strip Retail
1381 S Drake Road Kalamazoo, MI 49006
For Sale
$949,000
Strip center with seven retail units, including three currently rented and two larger units vacant.
Property Size7,735 SF
Price / SF$122.69
Days on Market544
Property Features for 1381 S Drake Road
General Information
Standard status
Active
Size
7,735 SF
Property subtype
Business Opportunity
Lease Term
Conventional, Lease
Building Details
Year Built
1985
Listing Agency:
Berner Real Estate
(269) 217-6568
Listed By:
Rick Berner
(269) 217-6568
Source:
Sabudarealty
Added: Feb 1, 2025
Changed: Jul 26
Last Checked: Jul 29 at 1:16PM
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 Berner Real Estate
Investment Insights
Based on property information with market context.
This strip retail center/mall features a total of seven units, with three currently rented. Two of the units are described as approximately 1,900 square feet each and are currently vacant, while the remaining space includes a long-term tenant plus two additional occupants. The listed present tenants include Hungry Howes, along with a barber and a photographer.
The property is positioned on S Drake Road in Kalamazoo, MI, located north of Stadium Dr. The remarks describe the center as being on a high-visibility retail/service corridor with strong traffic and stop lights, and note nearby businesses including Costco, Walters Auto, and the Western University campus.
For buyers and tenants evaluating smaller retail centers, the current configuration provides a mix of income-producing space and available units within the same strip center footprint.
The property is positioned on S Drake Road in Kalamazoo, MI, located north of Stadium Dr. The remarks describe the center as being on a high-visibility retail/service corridor with strong traffic and stop lights, and note nearby businesses including Costco, Walters Auto, and the Western University campus.
For buyers and tenants evaluating smaller retail centers, the current configuration provides a mix of income-producing space and available units within the same strip center footprint.
Key Highlights
- Strip center/mall built in 1985 with 7 retail units total
- Currently 3 units rented, including Hungry Howes as a long‑term tenant
- Two larger 2‑unit spaces are listed as vacant, each at approximately 1,900 SF
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $92.8k | $12.00 |
| − Vacancy | −$16.6k | −$2.15 |
| EGI | $76.2k | $9.85 |
| − OpEx | −$22.9k | −$2.96 |
| NOI | $53.3k | $6.90 |
7,735 SF · lease $12.00/SF/yr · vacancy 17.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$762.1K
$666.8K – $889.1K
NOI $53,344 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.02M
$1.77M – $2.36M
NOI $141,686 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Strip mall - Strip center with seven retail units, including three currently rented and two larger units vacant.
Where is this strip mall located?
The property is located at 1381 S Drake Road Kalamazoo, MI.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Strip center/mall built in 1985 with 7 retail units total; Currently 3 units rented, including Hungry Howes as a long‑term tenant; Two larger 2‑unit spaces are listed as vacant, each at approximately 1,900 SF
