Retail Property in Prime
For Sale
$349,000
Pending
8139 Portage Rd, Portage, MI 49002
Versatile retail property with expansion potential in Portage, Michigan.
Property Size2,508 SF
Lot Size3.85 Acres
Days on Market102
Property Features for 8139 Portage Rd
General Information
Standard status
Pending
Size
2,508 SF
Lot size
3.85 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,525
Building Details
Year Built
1935
Units
1
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 888-2755
Listed By:
Andrew J Gyorkos · License #6502406462
(269) 888-2755
Source:
Elliman
Added: May 20
Changed: Aug 17
Last Checked: Aug 29 at 11:44AM
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 Kalamazoo Commercial Real Estate
Investment Insights
Based on property information with market context.
This retail property is situated in a prime location on a major retail corridor within Portage. The property, set on 3.85 acres, offers room for various business types and potential expansion. The main retail area measures 2,508 square feet and includes a classroom, an office space, and two restrooms. Additionally, there is a 960-square-foot workshop/garage located behind the main building, featuring two overhead doors. The property includes 9,000 square feet of parking. The location has a bike score of 61, indicating it is bikeable, and a walk score of 35, suggesting car dependence.
Key Highlights
- Prime location on a major retail corridor in Portage.
- Large 3.85‑acre lot offering room for business expansion.
- 2,508 SF main retail area** with classroom, office, and restrooms.
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
$17,296
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
4.96%
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%
$345,920
$345.9K
Cap Rate 7%
$247,086
$247.1K
Cap Rate 9%
$192,178
$192.2K
Market Conditions
NOI Build-Up for 2,508 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
$30.1K $12.00/SF
− Vacancy
−$5.4K −$2.15/SF
EGI
$24.7K $9.85/SF
− OpEx
−$7.4K −$2.96/SF
NOI
$17.3K $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%
$345,920
Cap Rate 7%
$247,086
Cap Rate 9%
$192,178
Alternative Uses
Best Use
Retail
$247.1K
$216.2K – $288.3K
NOI $17,296 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$656.3K
$574.3K – $765.7K
NOI $45,940 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
20,003 visits/mo
0.3 miles
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 - Versatile retail property with expansion potential in Portage, Michigan.
Where is this retail space located?
The property is located at 8139 Portage Rd Portage, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Prime location on a major retail corridor in Portage.; Large 3.85‑acre lot offering room for business expansion.; 2,508 SF main retail area** with classroom, office, and restrooms.
