Updated Office
New
For Sale
$219,900
6922 Lovers Lane, Portage, MI 49002
Commercial Sale, Portage, MI
Property Size1,350 SF
Lot Size0.50 Acres
Price / SF$162.89
Days on Market4
Property Features for 6922 Lovers Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
I-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Broadband
Elementary school district
Portage
Middle school district
Portage
High school district
Portage
Standard status
Active
APN
00010-330-O
Size
1,350 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
on file
Tax Annual Amount
4656
Legal Description
on file
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Number of units
1
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Chuck Jaqua, REALTOR
(269) 381-7653
Listed By:
Lisa Faber · License #6501279549
(269) 352-0330
Added: Sep 12
Changed: Sep 15
Last Checked: Sep 15 at 8:06PM
MLS# 26049130
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 1,350-square-foot office building is currently used as a residential home and offers a practical layout for office-related use under I-1 zoning. The ranch-style property includes two large rooms suitable for offices, two full bathrooms, a spacious sitting area that can serve as a reception area, and main-floor laundry. Kitchen and bathroom updates, hardwood flooring, central air, forced-air heating, and broadband are among the existing improvements.
Set on a 0.5-acre lot, the property includes a fenced backyard with a new privacy fence. The site is within minutes of Celery Flats, shopping, restaurants, and highways. Additional physical details include wood siding, a composition roof, and natural gas availability. Built in 1955, the property combines a compact office configuration with substantial outdoor space.
Set on a 0.5-acre lot, the property includes a fenced backyard with a new privacy fence. The site is within minutes of Celery Flats, shopping, restaurants, and highways. Additional physical details include wood siding, a composition roof, and natural gas availability. Built in 1955, the property combines a compact office configuration with substantial outdoor space.
Key Highlights
- 1,350 SF ranch‑style building with two large office rooms
- I‑1 zoning supports various business uses
- Two full bathrooms plus a large sitting area suitable for reception
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
$13,530
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
6.15%
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%
$270,600
$270.6K
Cap Rate 7%
$193,286
$193.3K
Cap Rate 9%
$150,333
$150.3K
Market Conditions
NOI Build-Up for 1,350 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
$19.4K $14.40/SF
− Vacancy
−$1.4K −$1.04/SF
EGI
$18.0K $13.36/SF
− OpEx
−$4.5K −$3.34/SF
NOI
$13.5K $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%
$270,600
Cap Rate 7%
$193,286
Cap Rate 9%
$150,333
Alternative Uses
Best Use
Office B
$193.3K
$169.1K – $225.5K
NOI $13,530 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$353.3K
$309.1K – $412.2K
NOI $24,729 @ 7.0% cap · market cap 11.25%
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
147
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 - I-1-zoned property with two offices, two full baths, a lobby-sized sitting area, and a fenced backyard.
Where is this office building located?
The property is located at 6922 Lovers Lane Portage, MI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,350 SF ranch‑style building with two large office rooms; I‑1 zoning supports various business uses; Two full bathrooms plus a large sitting area suitable for reception
