Standalone Flex Space with Lab
For Sale
$149,900
6242 Lovers Lane, Portage, MI 49002
I-1 zoning and existing ventilation support light industrial or dental laboratory use.
Property Size1,066 SF
Price / SF$140.62
Days on Market52
Property Features for 6242 Lovers Lane
General Information
Standard status
Active
Size
1,066 SF
Property subtype
Commercial
Zoning
I-1
Taxes and HOA fees
Annual Taxes
$2,915
Building Details
Building Size
1,066 SF
Year Built
1929
Buildings
1
Stories
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 459-0433
Listed By:
Bailey Aivars · License #6501380623
Source:
Erareardonrealty
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 25 at 9:14AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
Located at 6242 Lovers Ln in Portage, MI, this 1,066 SF standalone building offers a compact flex-space configuration with infrastructure suited to dental laboratory operations and other light industrial applications. The property includes a central vacuum system/dust collector, ventilation hood, and rear accessibility ramp. Dental lab equipment may be included in the sale, subject to the transaction terms.
The building is zoned I-1 Industrial and was constructed in 1929. Recent exterior improvements include a roof installed in 2024 and an awning added in 2025. Its position near the Stryker Instruments campus provides a specific surrounding business reference, while the existing lab-related systems support continued specialized use or a new light industrial application.
The building is zoned I-1 Industrial and was constructed in 1929. Recent exterior improvements include a roof installed in 2024 and an awning added in 2025. Its position near the Stryker Instruments campus provides a specific surrounding business reference, while the existing lab-related systems support continued specialized use or a new light industrial application.
Key Highlights
- 1,066 SF standalone flex‑space building
- I‑1 Industrial zoning
- Central vacuum system/dust collector and ventilation hood infrastructure
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
$7,191
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
4.80%
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%
$143,820
$143.8K
Cap Rate 7%
$102,729
$102.7K
Cap Rate 9%
$79,900
$79.9K
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
$11.8K $11.04/SF
− Vacancy
−$706 −$0.66/SF
EGI
$11.1K $10.38/SF
− OpEx
−$3.9K −$3.63/SF
NOI
$7.2K $6.75/SF
Area
Kalamazoo County, MI
Vacancy
6.00%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
35.00%
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%
$143,820
Cap Rate 7%
$102,729
Cap Rate 9%
$79,900
Alternative Uses
Best Use
Industrial
$229.7K
$201.0K – $268.0K
NOI $16,081 @ 7.0% cap · market cap 10.73%
Second Best
Flex RnD
$102.7K
$89.9K – $119.9K
NOI $7,191 @ 7.0% cap · market cap 4.80%
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
Location Intelligence
Trade Area within ½ mile
304
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - I-1 zoning and existing ventilation support light industrial or dental laboratory use.
Where is this flex 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 flex‑space building; I‑1 Industrial zoning; Central vacuum system/dust collector and ventilation hood infrastructure
