Office Building with Creek
For Sale
$950,000
440 W Centre Avenue, Portage, MI 49024
Fully occupied professional office property with elevator access and a lower-level walk-out.
Property Size7,690 SF
Price / SF$123.54
Days on Market71
Property Features for 440 W Centre Avenue
General Information
Standard status
Active
Size
7,690 SF
Class
Class A
Elevators
Yes
Property subtype
Industrial
Occupancy
100%
Amenities
3
Composition
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
(269) 349-1000
Listed By:
Callander Commercial
Source:
Xome
Added: Jun 11
Changed: Aug 17
Last Checked: Aug 20 at 4:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Callander Commercial
Investment Insights
Based on property information with market context.
This office building was completed in 2005 and is fully occupied by a mix of historical and professional tenants. The property includes a lower-level walk-out, stairs, and an elevator, providing multiple points of access within the building.
Located at 440 W Centre Avenue in Portage, the property occupies a wooded setting with views toward Portage Creek. Its established occupancy, accessible interior circulation, and professional office configuration support continued use as an operating office asset.
Located at 440 W Centre Avenue in Portage, the property occupies a wooded setting with views toward Portage Creek. Its established occupancy, accessible interior circulation, and professional office configuration support continued use as an operating office asset.
Key Highlights
- 100% occupied office building
- Wooded setting with views of Portage Creek
- Lower‑level walk‑out configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,072
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,541,440
$1.5M
Cap Rate 7%
$1,101,029
$1.1M
Cap Rate 9%
$856,356
$856.4K
Market Conditions
NOI Build-Up for 7,690 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.7K $14.40/SF
− Vacancy
−$8.0K −$1.04/SF
EGI
$102.8K $13.36/SF
− OpEx
−$25.7K −$3.34/SF
NOI
$77.1K $10.02/SF
Area
Kalamazoo County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,541,440
Cap Rate 7%
$1,101,029
Cap Rate 9%
$856,356
Alternative Uses
Best Use
Office B
$1.10M
$963.4K – $1.28M
NOI $77,072 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.35M
NOI $140,862 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 49024, MI
30,332
Population
13,232
Households
2.3
Avg Household Size
39
Median Age
51%
College-Educated
97%
High-School Grad
17.2 sq mi
ZIP Area
1,763
Density / Sq Mi
$86,427
Median Household Income
$49,914
Median Earnings
$1,208
Median Rent
$248,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied professional office property with elevator access and a lower-level walk-out.
Where is this office building located?
The property is located at 440 W Centre Avenue Portage, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 100% occupied office building; Wooded setting with views of Portage Creek; Lower‑level walk‑out configuration
