Bright Office Condominium
For Sale
Contact for pricing
5084 Lovers Lane, Portage, MI 49002
Well-maintained office condominium with abundant windows, offering a naturally lit professional workspace in an established office park.
Property Size1,936 SF
Price / SF$111.05
Days on Market52
Property Features for 5084 Lovers Lane
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Office
Zoning
B-2
Building Details
Year Built
1982
Buildings
1
Listing Agency:
Callander Commercial
(269) 349-1000
Listed By:
Thomas Keyte · License #6501468352
Source:
Crexi
Added: Jul 1
Changed: Aug 14
Last Checked: Aug 20 at 4:30AM
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 well-maintained 1,936 SF office condominium is located within the Trestlewood Office Park. The space is bright and professional, with an abundance of windows that provide natural light throughout the suite.
The property is situated in an established office park setting, offering an office-focused environment for companies and professionals. It is available for sale, with select office suites also offered for lease, giving flexibility to different ownership and occupancy goals.
With its window-filled layout and turnkey office condominium configuration, the property can work well for owner-users looking for a dedicated professional workspace or investors seeking an office asset in a maintained office park. The option for sale, and the availability of select suites for lease, may also appeal to businesses that want flexibility in how they occupy or evaluate space within the park.
The property is situated in an established office park setting, offering an office-focused environment for companies and professionals. It is available for sale, with select office suites also offered for lease, giving flexibility to different ownership and occupancy goals.
With its window-filled layout and turnkey office condominium configuration, the property can work well for owner-users looking for a dedicated professional workspace or investors seeking an office asset in a maintained office park. The option for sale, and the availability of select suites for lease, may also appeal to businesses that want flexibility in how they occupy or evaluate space within the park.
Key Highlights
- Well‑maintained 1,936 SF office condominium
- Year built: 1982
- Abundance of windows for natural light throughout
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
$19,403
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
9.02%
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%
$388,060
$388.1K
Cap Rate 7%
$277,186
$277.2K
Cap Rate 9%
$215,589
$215.6K
Market Conditions
NOI Build-Up for 1,936 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
$27.9K $14.40/SF
− Vacancy
−$2.0K −$1.04/SF
EGI
$25.9K $13.36/SF
− OpEx
−$6.5K −$3.34/SF
NOI
$19.4K $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%
$388,060
Cap Rate 7%
$277,186
Cap Rate 9%
$215,589
Alternative Uses
Best Use
Office B
$277.2K
$242.5K – $323.4K
NOI $19,403 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$506.6K
$443.3K – $591.1K
NOI $35,463 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
261
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office condominium with abundant windows, offering a naturally lit professional workspace in an established office park.
Where is this office units located?
The property is located at 5084 Lovers Lane Portage, MI.
What is the asking price?
The asking price for this property is $214,999.
What are key features of this property?
This property features: Well‑maintained 1,936 SF office condominium; Year built: 1982; Abundance of windows for natural light throughout
