Multi-Unit Medical Office
For Sale
$899,900
5120 Lovers Lane, Portage, MI 49002
COMMERCIAL - Portage, MI
Property Size8,400 SF
Price / SF$107.13
Days on Market230
Property Features for 5120 Lovers Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B-2
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 4
Parking
35
Interior features
Broadband
Elementary school district
Portage
Middle school district
Portage
High school district
Portage
Directions
From E Kilgore Rd head South on Lovers Lane to property.
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
3900003049C
Size
8,400 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Trestlewood office condo unit 11
Tax Annual Amount
21215
Legal Description
Trestlewood office condo unit 11
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1985
Floors in Building
1
Number of units
5
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 344-8599
Listed By:
Ryan Rider · License #6501273398
(269) 344-8599
Added: Jan 2
Changed: Aug 4
Last Checked: Aug 20 at 5:06AM
MLS# 26000359
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 fully leased property consists of five separate office condo units. The tenant mix includes two dentist offices, an accountant, counseling services, and massage. The building is set in a quiet, wooded location overlooking a creek and trail.
Situated at 5120 Lovers Lane in Portage, Michigan, the property offers multiple distinct units within one ownership, supporting a diversified occupancy profile under existing leases.
Overall, the configuration is well suited for investors seeking a stabilized multi-unit office setup within a small condo portfolio.
Situated at 5120 Lovers Lane in Portage, Michigan, the property offers multiple distinct units within one ownership, supporting a diversified occupancy profile under existing leases.
Overall, the configuration is well suited for investors seeking a stabilized multi-unit office setup within a small condo portfolio.
Key Highlights
- Fully leased property with five separate condo units
- Tenant mix includes two dentist offices, an accountant, counseling, and massage
- Quiet, wooded setting overlooking a creek and trail
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
$75,524
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
8.39%
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%
$1,510,480
$1.5M
Cap Rate 7%
$1,078,914
$1.1M
Cap Rate 9%
$839,156
$839.2K
Market Conditions
NOI Build-Up for 8,400 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
$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 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%
$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
NOI $84,188 @ 7.0% cap · market cap 9.36%
Second Best
Healthcare Medical
$1.08M
$944.1K – $1.26M
NOI $75,524 @ 7.0% cap · market cap 8.39%
Theoretical Best
Warehouse
$2.20M
$1.92M – $2.56M
NOI $153,868 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Five fully leased office condo units with a tenant mix including dentist, accounting, counseling, and massage services.
Where is this office units located?
The property is located at 5120 Lovers Lane 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: Fully leased property with five separate condo units; Tenant mix includes two dentist offices, an accountant, counseling, and massage; Quiet, wooded setting overlooking a creek and trail
