Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2351 W Centre Ave Portage, MI 49024

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $549,000

    Shovel-ready 1.21-acre parcel in Portage's financial corridor.

    Lot size:
    1.21 Acres

    Property Features for 2351 W Centre Ave

    General Information

    Lot size
    1.21 Acres

    We can help!

    Listing Contact
    Source: Elliman

    Listing Agency: NAI Wisinski of West Michigan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Commercial Land in Portage

    This 1.21-acre parcel is strategically located in Portage's financial and professional services corridor. The site offers a shovel-ready opportunity in a market with limited developable land. Featuring 167 feet of frontage on Centre Avenue, the property benefits from utilities at the site, completed site grading, and road infrastructure, potentially accelerating construction and reducing initial costs. The surrounding area includes a mix of banks, medical and professional offices, and retail amenities, creating synergy for professional office, medical, or financial services uses. Located minutes from the US-131 interchange, the site provides regional connectivity and visibility along a busy thoroughfare.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.56217
    Latitude
    42.201385

    Nearby Similar for Sale

    • $4,495,000
      9.84 Acres

      Lakewood Apartments Investment Opportunity

      Well-maintained apartment complex with renovation and development potential.
      1525 Bacon Ave, Portage, MI 49002
      View Details
    • $350,000
      2,048 SF

      Shaver Road Retail Opportunity

      High-visibility retail space on busy Shaver Road in Portage.
      8720 Shaver Rd, Portage, MI 49024
      View Details
    • $1,650,000
      7,428 SF

      Remodeled Restaurant Building Near Airport

      Remodeled 7,428 SF restaurant with high capacity and ample parking.
      5402 Portage Rd, Portage, MI 49002
      View Details
    • $225,000
      1,936 SF

      Office Space Near Portage Creek

      Office space with creek views and bike trail access.
      Portage, MI 49002
      View Details
    • $399,000
      Pending

      Income-Producing Duplex on 3.4 Acres

      Portage duplex on 3.4 acres, steps from park and trails.
      10011 Lloy St, Portage, MI 49024
      View Details
    • New
      $1,048,000
      7,668 SF

      Restaurant Buildings Near Crossroads Mall

      Two restaurant buildings on 1.5 acres near retail corridor.
      6905 Sears Dr, Portage, MI 49024
      View Details
    • $159,900
      1,439 SF

      Move-in Ready Portage Office Space

      Efficient 1,439 SF office suite in Portage, Michigan.
      5094 Lovers Ln, Portage, MI 49002
      View Details
    • $139,900
      1,439 SF

      Move-in Ready Portage Office Space

      Efficient 1,439 SF office suite in Portage, Michigan.
      5096 Lovers Ln, Portage, MI 49002
      View Details
    • New
      $749,000
      5,637 SF

      Turnkey Restaurant Opportunity in Portage

      Former restaurant with furniture, fixtures, and equipment included.
      6905 Sears Dr, Portage, MI 49024
      View Details
    • $695,000
      10,520 SF

      Portage Industrial Building For Sale

      10,520 SF industrial building on 0.89 acres in Portage.
      9702 Portage Rd, Portage, MI 49002
      View Details
    • $349,900
      5,349 SF

      Commercial Lots in Portage Center

      Commercial lots with buildings in Portage Lake Center district.
      8324/8328 Portage Rd, Portage, MI 49002
      View Details
    • $549,000
      2,118 SF

      Portage Commercial Building For Sale

      2,118 SF building in excellent condition, ready for occupancy.
      7940 S Sprinkle Rd, Portage, MI 49002
      View Details

    FAQs

    What type of property is this?
    Commercial land - Shovel-ready 1.21-acre parcel in Portage's financial corridor.
    Where is this commercial land located?
    The property is located at 2351 W Centre Ave Portage, MI.
    What is the asking price?
    The asking price for this property is $549,000.
    What are key features of this property?
    This property features: - Shovel-ready 1.21-acre parcel in Portage's prime financial/professional corridor.; - Utilities on site, grading and road infrastructure complete for fast-track construction.; - 167ft of prominent Centre Avenue frontage.
    (269) 353-0311
    Request Owner's contact information
    2351 W Centre Ave Portage, MI 49024
    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.
    2351 W Centre Ave
    Portage, MI 49024
    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
    2351 W Centre Ave Portage, MI 49024
    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

    We can help!
    Listing Contact
    (269) 353-0311
    Learn more
    Google sign-in failed. Please try again or use another login method.