B-3 Office Space with Ramp
For Sale
$159,900
5837 PORTAGE RD, Portage, MI 49002
Office space with ramp access, ample parking, and central air, vinyl siding, and a newer roof.
Property Size864 SF
Price / SF$185.07
Days on Market159
Property Features for 5837 PORTAGE RD
General Information
Standard status
Active
Size
864 SF
Property subtype
Industrial
Zoning
B-3
Amenities
central air
enclosed front porch
accessibility ramp
3
88260
Building Details
Year Built
1926
Listing Agency:
(269) 217-6568
Listed By:
Berner Real Estate
(269) 217-6568
Source:
Xome
Added: Mar 16
Changed: Aug 12
Last Checked: Aug 20 at 5:33AM
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 Berner Real Estate
Investment Insights
Based on property information with market context.
This commercially zoned office space is vacant and offers immediate occupancy. The property features ramp accessibility and an enclosed front porch, with central air and vinyl siding. Additional improvements noted include a newer roof and an ample parking lot.
The building is located in the City of Portage, near the Kalamazoo/Battle Creek Airport. It is listed as B-3 zoned in a general district, and the offering is presented as suitable for office and other uses consistent with that zoning.
The building is located in the City of Portage, near the Kalamazoo/Battle Creek Airport. It is listed as B-3 zoned in a general district, and the offering is presented as suitable for office and other uses consistent with that zoning.
Key Highlights
- Commercial B‑3 zoned property in the general district with office space and ramp access
- Year built 1926; vinyl siding and central air
- Newer roof and enclosed front porch
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
$8,659
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
5.42%
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%
$173,180
$173.2K
Cap Rate 7%
$123,700
$123.7K
Cap Rate 9%
$96,211
$96.2K
Market Conditions
NOI Build-Up for 864 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
$12.4K $14.40/SF
− Vacancy
−$896 −$1.04/SF
EGI
$11.5K $13.36/SF
− OpEx
−$2.9K −$3.34/SF
NOI
$8.7K $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%
$173,180
Cap Rate 7%
$123,700
Cap Rate 9%
$96,211
Alternative Uses
Best Use
Office B
$123.7K
$108.2K – $144.3K
NOI $8,659 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$226.1K
$197.8K – $263.8K
NOI $15,826 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
146
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 building - Office space with ramp access, ample parking, and central air, vinyl siding, and a newer roof.
Where is this office building located?
The property is located at 5837 PORTAGE RD Portage, MI.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Commercial B‑3 zoned property in the general district with office space and ramp access; Year built 1926; vinyl siding and central air; Newer roof and enclosed front porch
