Building Details

Year Built 1985

Tenancy Multi

Listing Agency: Berkshire Hathaway HomeServices MI

Listed By: Ryan Rider · License #6501273398 Show Phone

Source: Katie-k

Added: Jul 10 Changed: Oct 5 Last Checked: Oct 7 at 4:46PM

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Investment Insights

Based on property information with market context.

Built in 1985, this office property contains 8,400 square feet across five separate condominium units. The building is fully leased to a mix of professional occupants that includes two dental practices, an accounting office, a counseling practice, and a massage business. Several leases have shorter remaining terms, creating the possibility of future owner occupancy within part of the property.

The property is situated in a wooded setting overlooking a creek and trail in North Portage. B-2 zoning supports its office use, while the unitized layout provides distinct spaces within the building. The property reports a cap rate of over 9.5%.

Key Highlights

• 8,400‑square‑foot office property built in 1985
• Five separate condominium units within the building
• Fully leased to two dental offices, an accountant, counseling, and massage tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$75,524

Cap Rate

8.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,510,480 $1.5M

Cap Rate 7%

$1,078,914 $1.1M

Cap Rate 9%

$839,156 $839.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,400 SF

Gross rent

$136.1K $16.20/SF

− Vacancy

−$10.2K −$1.22/SF

EGI

$125.9K $14.99/SF

− OpEx

−$50.3K −$5.99/SF

NOI

$75.5K $8.99/SF

Area

Kalamazoo County, MI

Vacancy

7.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,510,480

Cap Rate 7%

$1,078,914

Cap Rate 9%

$839,156

Alternative Uses

Best Use

Office B

$1.20M

$1.05M – $1.40M (±1% cap)

NOI $84,188 @ 7.0% cap · market cap 9.36%

Second Best

Healthcare Medical

$1.08M

$944.1K – $1.26M (±1% cap)

NOI $75,524 @ 7.0% cap · market cap 8.39%

Theoretical Best

Warehouse

$2.20M

$1.92M – $2.56M (±1% cap)

NOI $153,868 @ 7.0% cap · market cap 17.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Parts Store HVAC Service Real Estate Agency Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Office units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

253

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Fully leased office property with separate condominium units, varied professional tenants, and B-2 zoning.

Where is this office building located?

The property is located at 5120 Lovers Ln Portage, MI.

What is the asking price?

The asking price for this property is $899,900.

What are key features of this property?

This property features: 8,400‑square‑foot office property built in 1985; Five separate condominium units within the building; Fully leased to two dental offices, an accountant, counseling, and massage tenants