Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1381 S Drake Road Kalamazoo, MI 49006

    View on Map
    Claim this Listing
    For Lease
    $1.00 SF/Yr $328/Mo (calc)

    COMMERCIAL - Kalamazoo, MI

    Type:Retail
    Property size:
    3,936 SF
    Lot size:
    0.62 Acres
    Added:
    Oct 19, 2025
    Days on Market:
    198
    Last Refresh:
    May 4 at 6:06 am

    Property Features for 1381 S Drake Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    390619365001
    Size
    3,936 SF
    Lot size
    0.62 Acres

    Taxes and HOA fees

    Tax Description
    See Attached

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1985

    We can help!

    Listing Contact
    Rick Berner

    Listing agent Rick Berner

    Listing office Berner Real Estate 4201 Romence Rd., Portage, MI

    Listing date Oct 19, 2025

    MLS# 25053849

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail Space Near WMU Campus

    This commercial space, comprising Units B, C, D, and E, is available for lease. The total area is approximately 3,936 square feet, with a monthly rate of $4,200. The property is currently vacant. Situated near the Western Michigan University (WMU) campus, this retail strip center benefits from high visibility at a busy intersection. The location features strong traffic flow and stop lights to the north and south, enhancing business exposure. Nearby businesses include Speedway, Walters Auto, and Costco. The property is located in Kalamazoo, Michigan, within the 49006 postal code and Kalamazoo County. The lot size is 0.62 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    GoGirl Fashion Company Clothing & Fashion Store Hungry Howie's Pizza Take-out & Catering UPS Access Point ... Courier Service Boost Mobile Mobile Phone Store Let's Play Kzoo, ... Training Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.647939
    Latitude
    42.276088

    Nearby Similar for Lease

    • $19 SF/Yr

      Renovated Office Space Available

      Multi-tenant office space, renovated in 2022, with easy highway access.
      4000 Portage Street, Kalamazoo, MI 49001
      View Details
    • $15 SF/Yr

      Downtown Kalamazoo Commercial Space Available

      Landmark property near upcoming event center, ideal for various businesses.
      308 W Michigan Avenue, Kalamazoo, MI 49007
      View Details
    • $18 SF/Yr

      Kalamazoo Avenue Office/Retail Space

      New office/retail space near the Event Center with parking.
      615 W Kalamazoo Avenue, Kalamazoo, MI 49007
      View Details
    • $20 SF/Yr

      Retail Storefront on Kalamazoo Mall

      Move-in ready retail space on the popular Kalamazoo Mall.
      166 S Kalamazoo Mall, Kalamazoo, MI 49007
      View Details
    • $5 SF/Yr

      Kalamazoo Industrial Building For Lease

      12,780 SF industrial building with office space for lease.
      1330 Healy Street, Kalamazoo, MI 49048
      View Details
    • $20 SF/Yr

      Retail Storefront on Kalamazoo Mall

      Move-in ready retail space on the popular Kalamazoo Mall.
      166 S Kalamazoo Mall, Kalamazoo, MI 49007
      View Details
    • $1,650/Mo

      Turnkey Office/Retail Space Near Universities

      1,191 SF office/retail space near Western Michigan University.
      1128 W Michigan Avenue, Kalamazoo, MI 49006
      View Details
    • $10 SF/Yr

      Kalamazoo Commercial Space For Rent

      Warehouse/office/retail space with high ceilings and natural light.
      1523 Riverview Drive, Kalamazoo, MI 49004
      View Details
    • $20 SF/Yr

      Kalamazoo Office Space For Rent

      First-floor office space near Kalamazoo Country Club and I-94.
      1803 Whites Road, Kalamazoo, MI 49008
      View Details
    • $20 SF/Yr

      Renovated Office Space in Kalamazoo

      Professional office building renovated in 2021, convenient location.
      1900 Whites Road, Kalamazoo, MI 49008
      View Details
    • $16 SF/Yr

      Restaurant/Bar Space on Stadium Drive

      Restaurant/bar location with high visibility on Stadium Drive.
      7000 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $15 SF/Yr

      Restored Retail Space in Kalamazoo

      Beautifully restored retail space near upcoming Event Center.
      131 W Kalamazoo Avenue, Kalamazoo, MI 49007
      View Details

    FAQs

    What type of property is this?
    Strip mall - Retail space for lease near Western Michigan University.
    Where is this strip mall located?
    The property is located at 1381 S Drake Road Kalamazoo, MI.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: High visibility retail space near WMU campus; Located at a busy intersection with strong traffic; $4,200/month for approximately 3936 sq ft (Units B, C, D, E included)
    (269) 217-6568
    We can help!
    Listing Contact
    Rick Berner
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    1381 S Drake Road, Kalamazoo, MI 49006

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!