Two-Unit Multifamily
New
For Sale
$519,000
203 Schuring Road, Portage, MI 49024
Commercial Sale, Portage, MI
Property Size2,840 SF
Lot Size4.07 Acres
Price / SF$182.75
Days on Market3
Property Features for 203 Schuring Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I-1
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Elementary school
Woodland Elementary School
Middle school
Portage Central Middle School
High school
Portage Central High School
Elementary school district
Portage
Middle school district
Portage
High school district
Portage
Directions
Head toward Brown Ave Turn right onto Shaver Rd/S Westnedge Ave Continue to follow S Westnedge Ave Turn left onto Schuring Rd Destination will be on the left
Standard status
Active
APN
10-00016-530-O
Size
2,840 SF
Lot size
4.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
SEC 16-3-11 BEG AT PT 330 FT W OF E 1/4 POST SEC 16 TH S 742.5 FT TH W 143.02 FT TH N 464 FT TH E 54.39 FT TH N 278.5 FT
Tax Annual Amount
7407
Legal Description
SEC 16-3-11 BEG AT PT 330 FT W OF E 1/4 POST SEC 16 TH S 742.5 FT TH W 143.02 FT TH N 464 FT TH E 54.39 FT TH N 278.5 FT
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1965
Floors in Building
2
Number of units
3
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Five Star Real Estate
(269) 998-4062
Listed By:
Kerry L Keefer Fischer · License #6501367416
(269) 633-9243
Added: Sep 16
Last Checked: Sep 18 at 11:06AM
MLS# 26049389
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.
Investment Insights
Based on property information with market context.
This multifamily property includes a two-unit building with separate electric metering, independent two-zone heating and cooling, and approximately 2,840 square feet of total property size. Recent improvements include a 2024 roof, siding, and gutter replacement, along with a newer water heater and a furnace and central air system approximately five years old.
The 4.07-acre parcel also contains a remodeled ranch building with 1,272 square feet, hardwood flooring, and updated roofing, siding, and windows completed within the last 15 years. Additional improvements include a detached four-car garage measuring approximately 36x22 and a pole barn measuring approximately 24x35. The property is within Portage city limits, uses well water, has natural gas available, and is zoned I-1. It is located in the Portage school district near the Portage Road corridor.
The 4.07-acre parcel also contains a remodeled ranch building with 1,272 square feet, hardwood flooring, and updated roofing, siding, and windows completed within the last 15 years. Additional improvements include a detached four-car garage measuring approximately 36x22 and a pole barn measuring approximately 24x35. The property is within Portage city limits, uses well water, has natural gas available, and is zoned I-1. It is located in the Portage school district near the Portage Road corridor.
Key Highlights
- 4.07‑acre parcel within Portage city limits
- I‑1 zoning with two‑unit multifamily building
- Two individually metered units with two‑zone heating and cooling
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
$15,340
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
2.96%
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%
$306,800
$306.8K
Cap Rate 7%
$219,143
$219.1K
Cap Rate 9%
$170,444
$170.4K
Market Conditions
NOI Build-Up for 2,840 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
$30.0K $10.56/SF
− Vacancy
−$2.1K −$0.74/SF
EGI
$27.9K $9.82/SF
− OpEx
−$12.6K −$4.42/SF
NOI
$15.3K $5.40/SF
Area
Kalamazoo County, MI
Vacancy
7.00%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$306,800
Cap Rate 7%
$219,143
Cap Rate 9%
$170,444
Alternative Uses
Best Use
Apartment 5plus
$219.1K
$191.8K – $255.7K
NOI $15,340 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$743.2K
$650.3K – $867.0K
NOI $52,022 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
668
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with separate garage, pole barn, and I-1 zoning in Portage.
Where is this multifamily property located?
The property is located at 203 Schuring Road Portage, MI.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: 4.07‑acre parcel within Portage city limits; I‑1 zoning with two‑unit multifamily building; Two individually metered units with two‑zone heating and cooling
