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    Commercial Development Land with Drive-Thru Title is generated by Realmo AI

    1330 E Centre Avenue, Portage, MI 49002

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    Picture of Commercial land at 1330 E Centre Avenue, Portage, MI
    For Sale
    $475,000

    COMMERCIAL - Portage, MI

    Lot size:
    2.43 Acres
    Added:
    Dec 15, 2025
    Days on Market:
    172
    Last Refresh:
    Jun 5 at 1:06 am

    Property Features for 1330 E Centre Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    10-00022-030-O
    Lot size
    2.43 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    SEC 22-3-11 BEG AT PT ON N LI SEC 22 24 R E OF NW COR OF NE1/4 NE1/4 TH S 20 R TH W 8 R TH N 20 R TH E 8 R TO BEG
    Tax Annual Amount
    3754

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Chris P Khoury
    Chris P Khoury

    Listing agent Chris P Khoury License #6502400387

    Listing office Khoury Real Estate 6967 W Q Ave, Kalamazoo, MI

    Listing date Dec 15, 2025

    MLS# 25061943 Listing URL

    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.

    HighLights

    • Prime commercial development site at the corner of Lovers Lane & Centre St.
    • Total of 2.5 acres across 3 parcels.
    • Potential for a plaza or stand‑alone drive‑thru coffee shop.
    • Existing income of $2400 per month from two houses.
    • Public water source.
    • Public sewer.

    Overview

    This is a for-sale commercial development land offering consisting of three parcels totaling 2.43 acres. The site includes two existing houses, which are currently generating $2,400 per month in income. The property is presented as a workable assemblage for development, with the layout supporting a range of commercial approaches.

    The property is located on the southeast corner of Lovers Lane & Centre St. The address is 1330 E Centre Avenue, Portage, Michigan 49002, in Kalamazoo County. The seller’s remarks indicate the site sets up particularly well for a plaza or a standalone coffee shop configuration with drive-thru.

    For buyers looking to develop a hospitality or quick-service concept, this parcel combination provides the acreage and flexibility to plan around a drive-thru and commercial frontage. The presence of two rental homes offers near-term income while development plans are finalized. Prospective purchasers should confirm development feasibility, including any site planning and permitting requirements, for the intended commercial use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.573402
    Latitude
    42.200501

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    FAQs

    What type of property is this?
    Commercial land - Multi-parcel site well suited for a retail plaza or standalone coffee concept with drive-thru, plus existing rental income.
    Where is this commercial land located?
    The property is located at 1330 E Centre Avenue Portage, MI.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Prime commercial development site at the corner of Lovers Lane & Centre St.; Total of 2.5 acres across 3 parcels.; Potential for a plaza or stand‑alone drive‑thru coffee shop.
    (269) 352-4648
    We can help!
    Listing Contact
    Chris P Khoury
    Chris P Khoury
    Real Estate License ID: 6502400387
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    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
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