Office Building With Accessibility
For Sale
$159,900
5837 PORTAGE RD, Portage, MI 49002
B-3-zoned property with central air, parking, and a layout suited to office occupancy and other uses.
Property Size864 SF
Price / SF$185.07
Days on Market174
Property Features for 5837 PORTAGE RD
General Information
Standard status
Active
Size
864 SF
Property subtype
Industrial
Zoning
Commercial B-3
Amenities
ramp
central air
enclosed front porch
3
88260
Building Details
Year Built
1926
Listing Agency:
(269) 327-0993
Listed By:
Berner Real Estate
(269) 217-6568
Source:
Xome
Added: Mar 21
Changed: Sep 9
Last Checked: Sep 10 at 6:45AM
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 vacant office building offers 864 square feet of space in a compact commercial setting. The property includes an accessibility ramp, central air, vinyl siding, a newer roof, an enclosed front porch, and an ample parking lot. Immediate occupancy is available.
Located on Portage Road in the City of Portage, the property is near Kalamazoo/Battle Creek Airport. B-3 zoning is in place within the general district, and the property is described as suitable for office use and other uses.
Located on Portage Road in the City of Portage, the property is near Kalamazoo/Battle Creek Airport. B-3 zoning is in place within the general district, and the property is described as suitable for office use and other uses.
Key Highlights
- 864‑square‑foot office building
- B‑3 zoning in the general district
- Accessibility ramp provides building access
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
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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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - B-3-zoned property with central air, parking, and a layout suited to office occupancy and other uses.
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: 864‑square‑foot office building; B‑3 zoning in the general district; Accessibility ramp provides building access
