7470 Secor Rd

Highlights:

• Prime location
• Great use
• Multiple location tenant

Description:

This investment property offers a hassle-free opportunity for investors, as the tenant, MyEyeDr, covers rent, CAM, and real estate taxes. Located at 7470 Secor Rd, Lambertville, MI, the property was built in 2006 and spans approximately 2,500 square feet, making it suitable for retail use. The monthly rent of $5,000 ensures a steady income stream. Tenant is in negotiations to renew lease for three years.

Secured by MyEyeDr. Optometry of Michigan LLC. MyEyeDr, the tenant, is a well-established national optometry chain with over 800 offices across 28 states, indicating a robust credit profile. Their financial stability is supported by private equity backing from multiple firms, including Monitor Clipper Partners, which invested in 2012, followed by Altas Partners and Caisse de dépôt et placement du Québec (CDPQ) in 2015, and later a $2.7 billion deal with a division of Goldman Sachs in 2019, as reported in New York Business Journal. Their recognition in Newsweek’s "America's Best Customer Service 2024" Awards adds to their credibility.

Situated in Lambertville, a thriving suburb with a population of about 10,000 and a median household income of $100,000, the property benefits from a stable and affluent demographic. The area, with a significant portion of middle-aged and older adults, is ideal for optometry services due to their increased need for eye care. Secor Rd, a major road, ensures high visibility and traffic, surrounded by complementary businesses, enhancing its retail appeal. Kroger is across the street.