Retail Space Near WMU
1381 S Drake Rd, Kalamazoo, MI 49006
For Sale
$949,000
Retail space for lease near WMU campus at busy intersection.
Property Size3,936 SF
Lot Size0.62 Acres
Price / SF$241.11
Days on Market652
Property Features for 1381 S Drake Rd
General Information
Standard status
Size
Lot size
Taxes and HOA fees
Annual Taxes
Listing Agency:
Berner Real Estate
(269) 327-0993
Listed By:
Rick Berner
(269) 217-6568
Source:
Exprealty
Added: Feb 1, 2025
Changed: Aug 9
Last Checked: Aug 14 at 6:12AM
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
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Investment Insights
Based on property information with market context.
Available for lease are Units B, C, D, and E, comprising approximately 3936 square feet at a monthly rate of $4,400. This retail space is currently vacant. The property is a high-visibility retail strip center situated near the Western Michigan University (WMU) campus at a busy intersection. Its location benefits from strong traffic flow and stop lights to the north and south, enhancing business exposure. The property is located near a Speedway gas station, Walters Auto, and Costco.
Key Highlights
- High visibility retail/strip center location.
- Located near WMU campus.
- Strong traffic due to busy intersection.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,144
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,880
$542.9K
Cap Rate 7%
$387,771
$387.8K
Cap Rate 9%
$301,600
$301.6K
Market Conditions
NOI Build-Up for 3,936 SF
Gross rent
$47.2K $12.00/SF
− Vacancy
−$8.5K −$2.15/SF
EGI
$38.8K $9.85/SF
− OpEx
−$11.6K −$2.96/SF
NOI
$27.1K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,880
Cap Rate 7%
$387,771
Cap Rate 9%
$301,600
Alternative Uses
Best Use
Retail
$387.8K
$339.3K – $452.4K
NOI $27,144 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.03M
$901.2K – $1.20M
NOI $72,098 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
473k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 27%
Dining 26%
Superstores 25%
Groceries 10%
Costco Wholesale
Superstores
119,173 visits/mo
0.3 miles
Costco Gasoline
Shops & Services
61,668 visits/mo
0.4 miles
Trader Joe's
Groceries
46,082 visits/mo
0.4 miles
McDonald's
Dining
25,002 visits/mo
0.4 miles
Speedway
Shops & Services
24,068 visits/mo
0.1 miles
Demographics for 49006, MI
25,119
Population
12,093
Households
2.1
Avg Household Size
27
Median Age
44%
College-Educated
91%
High-School Grad
6.0 sq mi
ZIP Area
4,187
Density / Sq Mi
$45,617
Median Household Income
$18,710
Median Earnings
$991
Median Rent
$198,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Strip mall - Retail space for lease near WMU campus at busy intersection.
Where is this strip mall located?
The property is located at 1381 S Drake Rd 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: High visibility retail/strip center location.; Located near WMU campus.; Strong traffic due to busy intersection.
