Freestanding Drug Store
For Sale
Contact for pricing
7358 Secor Rd, Lambertville, MI 48144
Former retail pharmacy building with multiple access points, on-site parking, signage, and drive-through or pickup-window potential.
Property Size10,942 SF
Price / SF$182.78
Days on Market10
Property Features for 7358 Secor Rd
General Information
Standard status
Active
Size
10,942 SF
Property subtype
RETAIL
Site & Location
Traffic Count
14,921 vehicles/day
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
Reichle | Klein Group
(419) 346-5826
Listed By:
Duke Wheeler · License #2002018621
(419) 346-5826
Source:
Moodyscre
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 2:29PM
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 Reichle | Klein Group
Investment Insights
Based on property information with market context.
The property is a 10,942-square-foot former drug store building suited to single-tenant or multi-tenant retail redevelopment. Existing features include monument signage, building signage, ample parking, and multiple points of access. The site also has potential for a drive-through or pickup window.
Access includes Sterns Rd., while Secor Rd. carries 14,921 vehicles per day and Sterns Rd. carries 9,046 vehicles per day. The building and site configuration provide a retail-oriented setting with established vehicular access and exposure along both roads.
Access includes Sterns Rd., while Secor Rd. carries 14,921 vehicles per day and Sterns Rd. carries 9,046 vehicles per day. The building and site configuration provide a retail-oriented setting with established vehicular access and exposure along both roads.
Key Highlights
- 10,942‑square‑foot former drug store building
- Multiple access points, including Sterns Rd.
- Potential for drive‑through or pickup window
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
$106,578
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
5.33%
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%
$2,131,560
$2.1M
Cap Rate 7%
$1,522,543
$1.5M
Cap Rate 9%
$1,184,200
$1.2M
Market Conditions
NOI Build-Up for 10,942 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
$153.6K $14.04/SF
− Vacancy
−$11.5K −$1.05/SF
EGI
$142.1K $12.99/SF
− OpEx
−$35.5K −$3.25/SF
NOI
$106.6K $9.74/SF
Area
Monroe County, MI
Vacancy
7.50%
Lease Rate
$14.04 /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%
$2,131,560
Cap Rate 7%
$1,522,543
Cap Rate 9%
$1,184,200
Alternative Uses
Best Use
Specialty Retail
$1.52M
$1.33M – $1.78M
NOI $106,578 @ 7.0% cap · market cap 5.33%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $105,125 @ 7.0% cap · market cap 5.26%
Theoretical Best
Warehouse
$11.29M
$9.87M – $13.17M
NOI $789,970 @ 7.0% cap · market cap 39.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,921 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
237k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Groceries 26%
Shops & Services 24%
Home Improvements & Furnishings 5%
Kroger
Groceries
62,720 visits/mo
0.1 miles
McDonald's
Dining
27,277 visits/mo
0.1 miles
Dollar Tree
Shops & Services
21,586 visits/mo
0.2 miles
Kroger Fuel Center
Shops & Services
20,765 visits/mo
0.1 miles
Taco Bell
Dining
13,677 visits/mo
0.1 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rite Aid Pharmacy — 7358 Secor Rd, Lambertville, MI 48144
- Lindsay LeBlanc, PharmD — 7420 Secor Rd, Lambertville, MI 48144
- COVID-19 Drive-Thru Testing at Walgreens — 7420 Secor Rd, Lambertville, MI 48144
- Jennifer Koskie — 7420 Secor Rd, Lambertville, MI 481449607
- Dalal Nassif — 7358 Secor Rd, Lambertville, MI 48144
Frequently Asked Questions
What type of property is this?
Drug store - Former retail pharmacy building with multiple access points, on-site parking, signage, and drive-through or pickup-window potential.
Where is this drug store located?
The property is located at 7358 Secor Rd Lambertville, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 10,942‑square‑foot former drug store building; Multiple access points, including Sterns Rd.; Potential for drive‑through or pickup window
