Drive-Through Drug
New
For Sale
$795,000
5866 Harvey St, Muskegon, MI 49444
Former pharmacy property with a drive-thru, on-site parking, signage, and PUD zoning along Harvey Street.
Property Size4,480 SF
Price / SF$177.46
Days on Market7
Property Features for 5866 Harvey St
General Information
Standard status
Active
Size
4,480 SF
Property subtype
Retail
Zoning
PUD
Amenities
Power
Water
Sewer
Natural Gas
Drive-Thru
Vacant
Building Details
Year Built
2015
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Cody Smith · License #6501443789
(248) 892-2634
Source:
Carwm.resimplifi
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 14 at 2:38PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This 4,480-square-foot former pharmacy property was built in 2015 on approximately 0.73 acres. The building includes a drive-thru, on-site parking, and both pylon and building signage. PUD zoning supports the property’s established commercial setting, while the existing configuration may accommodate retail, medical, financial, or service-oriented uses as permitted.
Located at 5866 Harvey St in Muskegon, the property sits near national retailers and The Lakes Mall, with convenient access to US-31. Its position along Harvey Street provides exposure within an established commercial corridor and access for customers and employees.
Located at 5866 Harvey St in Muskegon, the property sits near national retailers and The Lakes Mall, with convenient access to US-31. Its position along Harvey Street provides exposure within an established commercial corridor and access for customers and employees.
Key Highlights
- 4,480 SF building constructed in 2015
- Approximately 0.73 acres along Harvey Street
- Drive‑thru configuration with on‑site parking
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
$57,913
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
7.28%
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%
$1,158,260
$1.2M
Cap Rate 7%
$827,329
$827.3K
Cap Rate 9%
$643,478
$643.5K
Market Conditions
NOI Build-Up for 4,480 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
$84.9K $18.96/SF
− Vacancy
−$2.2K −$0.49/SF
EGI
$82.7K $18.47/SF
− OpEx
−$24.8K −$5.54/SF
NOI
$57.9K $12.93/SF
Area
Muskegon County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,158,260
Cap Rate 7%
$827,329
Cap Rate 9%
$643,478
Alternative Uses
Best Use
Retail
$827.3K
$723.9K – $965.2K
NOI $57,913 @ 7.0% cap · market cap 7.28%
Second Best
Specialty Retail
$711.8K
$622.9K – $830.5K
NOI $49,828 @ 7.0% cap · market cap 6.27%
Theoretical Best
Hotel Hospitality
$42.07M
$36.81M – $49.08M
NOI $2,945,028 @ 7.0% cap · market cap 370.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
330k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 38%
Home Improvements & Furnishings 23%
Dining 17%
Shops & Services 13%
Menards
Home Improvements & Furnishings
56,555 visits/mo
0.4 miles
Kohl's
Apparel
55,213 visits/mo
0.3 miles
DICK'S Sporting Goods
Apparel
35,406 visits/mo
0.3 miles
Buffalo Wild Wings
Dining
27,632 visits/mo
0.3 miles
Best Buy
Electronics
25,615 visits/mo
0.5 miles
Demographics for 49444, MI
26,281
Population
11,635
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
1,064
Density / Sq Mi
$52,143
Median Household Income
$34,423
Median Earnings
$941
Median Rent
$159,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Trinity Health Pharmacy - Lakes Village — 6401 Prairie St Ste 1100, Norton Shores, MI 49444
- Emily Thompson — 6425 Harvey St, Norton Shores, MI 494449739
- HomeTown Pharmacy - Muskegon — 5866 Harvey St, Muskegon, MI 49444
- GNC — 5339 Harvey St, Norton Shores, MI 49444
- Lisa Hackbarth — 5300 Harvey St, Muskegon, MI 494446716
Frequently Asked Questions
What type of property is this?
Drug store - Former pharmacy property with a drive-thru, on-site parking, signage, and PUD zoning along Harvey Street.
Where is this drug store located?
The property is located at 5866 Harvey St Muskegon, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4,480 SF building constructed in 2015; Approximately 0.73 acres along Harvey Street; Drive‑thru configuration with on‑site parking
