Office Building with Accessibility
For Sale
$159,900
5837 Portage Road, Portage, MI 49002
Commercial Sale, Portage, MI
Property Size864 SF
Lot Size0.53 Acres
Price / SF$185.07
Days on Market157
Property Features for 5837 Portage Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B-3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement
Elementary school district
Portage
Middle school district
Portage
High school district
Portage
Directions
1-94 South on Portage Rd (Located on East side)
Standard status
Active
APN
10-09240-003-O
Size
864 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Assessors Plat of Willoughby - Henry Plat lot 3
Tax Annual Amount
2106
Legal Description
Assessors Plat of Willoughby - Henry Plat lot 3
Utilities
Utilities
Natural Gas Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Amenities
ramp for accessibility access
central air
enclosed front porch
parking lot
Building Details
Year built
1926
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
Berner Real Estate
(269) 327-0993
Listed By:
Rick Berner
(269) 217-6568
Added: Mar 23
Changed: Aug 25
Last Checked: Aug 26 at 2:06PM
MLS# 26011317
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 864-square-foot office building sits on 0.53 acres and includes a basement, bathroom, enclosed front porch, and an accessibility ramp. Central air, forced-air heating, vinyl siding, and a newer roof are in place. The property was built in 1926 and is currently vacant for immediate occupancy.
Located in Portage near Kalamazoo/Battle Creek Airport, the property is zoned B-3 in a general district. The site includes a parking lot, with natural gas available and septic service. Its existing office configuration and accessible entry support a range of commercial applications permitted under the applicable zoning.
Located in Portage near Kalamazoo/Battle Creek Airport, the property is zoned B-3 in a general district. The site includes a parking lot, with natural gas available and septic service. Its existing office configuration and accessible entry support a range of commercial applications permitted under the applicable zoning.
Key Highlights
- 864‑square‑foot office building on 0.53 acres
- B‑3 zoning in a general district
- Accessibility ramp 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
206
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 - Vacant office property with central air, enclosed porch, and immediate occupancy.
Where is this office building located?
The property is located at 5837 Portage Road 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 on 0.53 acres; B‑3 zoning in a general district; Accessibility ramp and enclosed front porch
