677 Romence Rd Portage, MI 49024
- Lifestyle centers
- 62,079 SF
- 8.90 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 677 Romence Rd
- Lot size
- 8.90 lot acres
- Property size
- 62,079 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Shoppes at Romence Village, a 62,079 square foot shopping center in Portage, Michigan, is offered for sale at $8,325,000. This represents a strong 8.75% capitalization rate and a Net Operating Income (NOI) of $728,090, based on a 90% occupancy rate. The property sits on 8.9 acres and boasts a desirable location near the highly trafficked Westnedge Avenue, benefiting from proximity to The Crossroads mall and other major retailers like Target, Lowe's, and Meijer. The tenant roster includes several long-term occupants, such as Great Clips, Jet's Pizza, and AAA, demonstrating stable cash flow. Recent leasing activity has added three new tenants in the past two years. The property is situated in a strong demographic area with an average household income of $101,000 within a 5-mile radius and a projected population growth of 1.9% over the next five years. The Kalamazoo-Portage MSA is home to Western Michigan University and Kalamazoo College, as well as major employers like Stryker Corporation and Pfizer, contributing to a robust daytime population increase. A significant value-add opportunity exists with two vacant suites totaling 6,405 square feet, offering potential for substantial NOI growth. Furthermore, a separate 0.36-acre vacant land pad provides potential for future development. The property's strong historical occupancy, recent leasing velocity, and prime location make it an attractive investment opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portage
- County
- Kalamazoo
- State
- Michigan
- Longitude
- -85.5961
- Latitude
- 42.2152
