Leased Single-Story Office
For Sale
Contact for pricing
6588 SECOR RD, Lambertville, MI 48144
C-1 Commercial property with private offices, dedicated parking, and active full-service gross leases.
Property Size5,040 SF
Price / SF$121.03
Days on Market31
Property Features for 6588 SECOR RD
General Information
Standard status
Active
Size
5,040 SF
Net Rentable
4,631 SF
Total Parking Spaces
37
Property subtype
Office
Zoning
C-1 Commercial
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$46,124
Additional Details
Utilities to Site
Yes
Office Units
10
Building Details
Year Built
1981
Year Renovated
2021
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Construction
brick masonry
Listing Agency:
Wiens & Roth Real Estate
Listed By:
Wiens & Roth · License #6504386409
Source:
Crexi
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 29 at 8:28PM
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 Wiens & Roth Real Estate
Investment Insights
Based on property information with market context.
This single-story brick office property was built in 1981 and includes one larger front suite alongside nine smaller professional office units. The building has undergone updates over time, including a roof replacement in 2021, renovation of the anchor suite in 2023, and improvements to the accessible entrance ramp and deck. Water, sewer, electric, and gas service are in place, and 37 surface parking spaces support the 10-unit configuration.
The property is fully leased under a full-service gross structure and is zoned C-1 Commercial. Exterior features include a newer brown shingle roof, green architectural trim, and landscaped areas along the building frontage.
The property is fully leased under a full-service gross structure and is zoned C-1 Commercial. Exterior features include a newer brown shingle roof, green architectural trim, and landscaped areas along the building frontage.
Key Highlights
- 100% leased office property with full‑service gross lease structure
- 10‑unit layout with one larger front suite and nine private offices
- 37 surface parking spaces serve the building
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
$56,011
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
9.18%
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%
$1,120,220
$1.1M
Cap Rate 7%
$800,157
$800.2K
Cap Rate 9%
$622,344
$622.3K
Market Conditions
NOI Build-Up for 5,040 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
$88.9K $17.64/SF
− Vacancy
−$14.2K −$2.82/SF
EGI
$74.7K $14.82/SF
− OpEx
−$18.7K −$3.70/SF
NOI
$56.0K $11.11/SF
Area
Monroe County, MI
Vacancy
16.00%
Lease Rate
$17.64 /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%
$1,120,220
Cap Rate 7%
$800,157
Cap Rate 9%
$622,344
Alternative Uses
Best Use
Office B
$800.2K
$700.1K – $933.5K
NOI $56,011 @ 7.0% cap · market cap 9.18%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.20M
$4.55M – $6.06M
NOI $363,868 @ 7.0% cap · market cap 59.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 48144, MI
10,331
Population
4,179
Households
2.5
Avg Household Size
46
Median Age
31%
College-Educated
95%
High-School Grad
7.9 sq mi
ZIP Area
1,308
Density / Sq Mi
$97,371
Median Household Income
$48,077
Median Earnings
$1,116
Median Rent
$241,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - C-1 Commercial property with private offices, dedicated parking, and active full-service gross leases.
Where is this office building located?
The property is located at 6588 SECOR RD Lambertville, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: 100% leased office property with full‑service gross lease structure; 10‑unit layout with one larger front suite and nine private offices; 37 surface parking spaces serve the building
