Retail Building with
For Sale
Contact for pricing
7940 South Sprinkle Road, Portage, MI 49002
Vacant retail property with a flexible interior, overhead doors, and B-3 zoning for multiple commercial uses.
Property Size2,118 SF
Price / SF$211.99
Days on Market10
Property Features for 7940 South Sprinkle Road
General Information
Standard status
Active
Size
2,118 SF
Total Parking Spaces
40
Property subtype
Retail
Zoning
B-3
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Pylon Signage
Yes
Building Details
Year Built
1968
Year Renovated
1999
Buildings
1
Units
1
Listing Agency:
Callander Commercial
(269) 349-1000
Listed By:
Sandy Edwards, CCIM · License #MI
Source:
Crexi
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 6 at 6:09AM
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 2,118-square-foot retail building offers a wide-open floor plan and two 10-foot overhead doors serving a drive-through bay. The property is vacant and ready for occupancy, with both a pylon sign and building signage in place. Constructed in 1968, the building is described as being in excellent condition.
The property occupies the northwest corner of Centre and Sprinkle Road at a signalized intersection in Portage, Michigan. Its B-3 zoning supports a range of commercial applications, including restaurant, insurance, and car sales uses. The combination of an adaptable interior, drive-through functionality, and existing signage creates a practical setup for a variety of retail-oriented operations.
The property occupies the northwest corner of Centre and Sprinkle Road at a signalized intersection in Portage, Michigan. Its B-3 zoning supports a range of commercial applications, including restaurant, insurance, and car sales uses. The combination of an adaptable interior, drive-through functionality, and existing signage creates a practical setup for a variety of retail-oriented operations.
Key Highlights
- 2,118 SF retail building with a wide‑open floor plan
- Two 10' overhead doors serving a drive‑through bay
- B‑3 zoning supports restaurant, insurance, and car sales uses
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
$14,607
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
3.25%
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%
$292,140
$292.1K
Cap Rate 7%
$208,671
$208.7K
Cap Rate 9%
$162,300
$162.3K
Market Conditions
NOI Build-Up for 2,118 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
$25.4K $12.00/SF
− Vacancy
−$4.5K −$2.15/SF
EGI
$20.9K $9.85/SF
− OpEx
−$6.3K −$2.96/SF
NOI
$14.6K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$292,140
Cap Rate 7%
$208,671
Cap Rate 9%
$162,300
Alternative Uses
Best Use
Retail
$208.7K
$182.6K – $243.5K
NOI $14,607 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$554.2K
$485.0K – $646.6K
NOI $38,797 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 49002, MI
19,553
Population
8,975
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
96%
High-School Grad
17.3 sq mi
ZIP Area
1,130
Density / Sq Mi
$71,621
Median Household Income
$45,938
Median Earnings
$910
Median Rent
$223,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Vacant retail property with a flexible interior, overhead doors, and B-3 zoning for multiple commercial uses.
Where is this retail space located?
The property is located at 7940 South Sprinkle Road Portage, MI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,118 SF retail building with a wide‑open floor plan; Two 10' overhead doors serving a drive‑through bay; B‑3 zoning supports restaurant, insurance, and car sales uses
