For Sale
$8,325,000

677 Romence RdPortage, MI 49024

Kalamazoo retail center, high NOI

Overview

Added:
Dec 11, 2024
Days on market:
117
Shoppes at Romence Village, a 62,079 square foot shopping center in Portage, Michigan, is offered for sale at $8,325,000. This represents a strong 8.75% capitalization rate and a Net Operating Income (NOI) of $728,090, based on a 90% occupancy rate. The property sits on 8.9 acres and boasts a desirable location near the highly trafficked Westnedge Avenue, benefiting from proximity to The Crossroads mall and other major retailers like Target, Lowe's, and Meijer. The tenant roster includes several long-term occupants, such as Great Clips, Jet's Pizza, and AAA, demonstrating stable cash flow. Recent leasing activity has added three new tenants in the past two years. The property is situated in a strong demographic area with an average household income of $101,000 within a 5-mile radius and a projected population growth of 1.9% over the next five years. The Kalamazoo-Portage MSA is home to Western Michigan University and Kalamazoo College, as well as major employers like Stryker Corporation and Pfizer, contributing to a robust daytime population increase. A significant value-add opportunity exists with two vacant suites totaling 6,405 square feet, offering potential for substantial NOI growth. Furthermore, a separate 0.36-acre vacant land pad provides potential for future development. The property's strong historical occupancy, recent leasing velocity, and prime location make it an attractive investment opportunity.

Highlights

  • 62,079 SF shopping center in Portage, MI, offered at $8,325,000, yielding an 8.75% cap rate and $728,090 NOI (90% occupancy).
  • Strong historical occupancy; 65% of tenants have been in place for over 10 years, including Great Clips, Jet's Pizza, and AAA. Recent leasing activity added three new tenants.
  • Located in the Kalamazoo-Portage MSA, near Western Michigan University, Kalamazoo College, Stryker Corp., and Pfizer, creating a robust daytime population.
  • Prime location on Westnedge Ave., near The Crossroads mall and other major retailers like Target, Lowe's, and Meijer.
  • Affluent demographics: Average household income of $101,000 within a 5-mile radius, with projected 1.9% household growth over five years.
  • Significant value-add opportunity: Two vacant suites (6,405 SF) and a 0.36-acre vacant land pad for future development.

Property Details for 677 Romence Rd

Property type
Lifestyle centers, Power centers
Square Feet
62,079 SF
Lot Size (sq. ft)
387,684 SF

Location Insight

City
Portage
County
Kalamazoo
State
Michigan
Latitude
42.2151919
Longitude
-85.5961215
677 Romence Rd, Portage, Michigan

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677 Romence Rd
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