Standalone Industrial
For Sale
$149,900
6242 Lovers Lane, Portage, MI 49002
COMMERCIAL - Portage, MI
Property Size1,066 SF
Lot Size0.36 Acres
Price / SF$140.62
Days on Market52
Property Features for 6242 Lovers Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
I-1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement
Elementary school district
Portage
Middle school district
Portage
High school district
Portage
Standard status
Active
APN
00010-040-O
Size
1,066 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
On file.
Tax Annual Amount
2915
Legal Description
On file.
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1929
Floors in Building
1
Number of units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Bailey Aivars
(269) 459-0433
Added: Jun 16
Changed: Aug 4
Last Checked: Aug 6 at 4:06PM
MLS# 26029615
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 standalone commercial building totals 1,066 SF and is described as well-suited for continued use as a dental lab or for light industrial applications. The layout is tailored to lab operations and includes central vacuum/dust collector elements and ventilation hood infrastructure already in place. The sale can include dental lab equipment, which may support a turnkey setup for a qualified buyer.
The property is located in the City of Portage at 6242 Lovers Lane. It is zoned I-1 Industrial and includes recent exterior improvements, including a new roof installed in 2024 and a new awning in 2025. A ramp at the back of the building provides accessibility access.
Zoning and existing mechanical infrastructure make the space particularly compatible with lab-style workflows, while the overall industrial configuration supports a range of light industrial uses consistent with I-1 zoning.
The property is located in the City of Portage at 6242 Lovers Lane. It is zoned I-1 Industrial and includes recent exterior improvements, including a new roof installed in 2024 and a new awning in 2025. A ramp at the back of the building provides accessibility access.
Zoning and existing mechanical infrastructure make the space particularly compatible with lab-style workflows, while the overall industrial configuration supports a range of light industrial uses consistent with I-1 zoning.
Key Highlights
- 1,066 SF standalone building in the City of Portage, zoned I‑1 Industrial
- Infrastructure in place for lab operations, including a central vacuum system/dust collector and ventilation hood
- New roof installed in 2024 and new awning added in 2025
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
$10,684
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
7.13%
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%
$213,680
$213.7K
Cap Rate 7%
$152,629
$152.6K
Cap Rate 9%
$118,711
$118.7K
Market Conditions
NOI Build-Up for 1,066 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
$15.4K $14.40/SF
− Vacancy
−$1.1K −$1.04/SF
EGI
$14.2K $13.36/SF
− OpEx
−$3.6K −$3.34/SF
NOI
$10.7K $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%
$213,680
Cap Rate 7%
$152,629
Cap Rate 9%
$118,711
Alternative Uses
Best Use
Industrial
$229.7K
$201.0K – $268.0K
NOI $16,081 @ 7.0% cap · market cap 10.73%
Second Best
Office B
$152.6K
$133.6K – $178.1K
NOI $10,684 @ 7.0% cap · market cap 7.13%
Theoretical Best
Warehouse
$279.0K
$244.1K – $325.5K
NOI $19,527 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Milwood Animal Clinic — 5942 Lovers Ln, Portage, MI 49002
Frequently Asked Questions
What type of property is this?
Medical Office Space - Standalone industrial building in Portage includes lab-ready ventilation and dust collection infrastructure plus a rear accessibility ramp.
Where is this medical office space located?
The property is located at 6242 Lovers Lane Portage, MI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 1,066 SF standalone building in the City of Portage, zoned I‑1 Industrial; Infrastructure in place for lab operations, including a central vacuum system/dust collector and ventilation hood; New roof installed in 2024 and new awning added in 2025
