677 Romence RdPortage, MI 49024

Property Details for 677 Romence Rd

Lot size

8.90 AC

Property size (Sq ft)

62,079 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Portage

County

Kalamazoo

State

Michigan

Latitude

42.2152

Longitude

-85.5961

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