Former Rite Aid Retail
For Sale
Contact for pricing
1707 McHenry Ave, Modesto, CA 95350
Commercial retail property with on-site parking and access at a signalized intersection on McHenry Avenue.
Property Size17,317 SF
Price / SF$254.09
Days on Market167
Property Features for 1707 McHenry Ave
General Information
Standard status
Active
Size
17,317 SF
Class
A
Property subtype
Retail
Zoning
Commercial
Additional Details
Traffic Count
37,060 vehicles/day
Building Details
Year Built
2009
Buildings
1
Listing Agency:
CoSol Commercial Real Estate
(209) 521-1591
Listed By:
Jake Maiorino · License #CA01453218
Source:
Crexi
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 31 at 6:04AM
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 CoSol Commercial Real Estate
Investment Insights
Based on property information with market context.
This 17,317-square-foot retail property in Modesto was built in 2009 and previously operated as a Rite Aid. The commercial-zoned building offers a substantial footprint for retail, grocery, medical, or specialty-service uses, with on-site parking supporting customer access.
Located at 1707 McHenry Ave, the property fronts a high-traffic commercial corridor near a signalized intersection. McHenry Avenue carries approximately 37,060 vehicles daily, while more than 275,000 people live within a 5-mile radius. The surrounding area has an average household income of $92,302.
Located at 1707 McHenry Ave, the property fronts a high-traffic commercial corridor near a signalized intersection. McHenry Avenue carries approximately 37,060 vehicles daily, while more than 275,000 people live within a 5-mile radius. The surrounding area has an average household income of $92,302.
Key Highlights
- 17,317‑square‑foot retail building constructed in 2009
- Former Rite Aid location at 1707 McHenry Ave, Modesto, CA 95350
- Approximately 37,060 vehicles travel the corridor daily
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
$268,571
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
6.10%
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%
$5,371,420
$5.4M
Cap Rate 7%
$3,836,729
$3.8M
Cap Rate 9%
$2,984,122
$3.0M
Market Conditions
NOI Build-Up for 17,317 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
$407.3K $23.52/SF
− Vacancy
−$23.6K −$1.36/SF
EGI
$383.7K $22.16/SF
− OpEx
−$115.1K −$6.65/SF
NOI
$268.6K $15.51/SF
Area
Modesto, CA
Vacancy
5.80%
Lease Rate
$23.52 /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%
$5,371,420
Cap Rate 7%
$3,836,729
Cap Rate 9%
$2,984,122
Alternative Uses
Best Use
Retail
$3.84M
$3.36M – $4.48M
NOI $268,571 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.82M
$5.09M – $6.79M
NOI $407,296 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
37,060 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,906
Businesses Nearby
441k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 22%
Shops & Services 15%
Apparel 12%
Safeway
Groceries
63,750 visits/mo
0.3 miles
Burlington
Apparel
50,818 visits/mo
0.4 miles
McDonald's
Dining
34,907 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
30,727 visits/mo
0.1 miles
Sprouts Farmers Market
Groceries
24,875 visits/mo
0.1 miles
Demographics for 95350, CA
55,344
Population
20,327
Households
2.7
Avg Household Size
37
Median Age
20%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
6,289
Density / Sq Mi
$73,611
Median Household Income
$43,428
Median Earnings
$1,483
Median Rent
$397,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial retail property with on-site parking and access at a signalized intersection on McHenry Avenue.
Where is this retail space located?
The property is located at 1707 McHenry Ave Modesto, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 17,317‑square‑foot retail building constructed in 2009; Former Rite Aid location at 1707 McHenry Ave, Modesto, CA 95350; Approximately 37,060 vehicles travel the corridor daily
