Flex Space with Overhead
For Sale
$1,750,000
9350 Shaver Road, Portage, MI 49024
Commercial Sale, Portage, MI
Property Size18,140 SF
Lot Size1.39 Acres
Price / SF$96.47
Days on Market229
Property Features for 9350 Shaver Road
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
00028-041-O
Size
18,140 SF
Lot size
1.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
On file.
Tax Annual Amount
21141
Legal Description
On file.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1980
Floors in Building
1
Number of units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Kara Schroer · License #6501373674
(269) 459-0435
Added: Feb 6
Changed: Sep 16
Last Checked: Sep 23 at 3:06AM
MLS# 26004376
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.
The 18,140-square-foot flex property was built in 1980 and is configured as a single-tenant industrial building. Six overhead doors support distribution, storage, light manufacturing, and service-oriented operations, while 3-phase power and outdoor parking add functional utility. The building also includes forced-air heating, central air, broadband, cable availability, and two bathrooms.
Situated on 1.39 acres near US-131 in Portage, the property offers access to a major regional route. An adjacent industrial building is also available, creating the possibility of expanding the operating footprint or combining properties over time.
Situated on 1.39 acres near US-131 in Portage, the property offers access to a major regional route. An adjacent industrial building is also available, creating the possibility of expanding the operating footprint or combining properties over time.
Key Highlights
- 18,140 SF industrial building on 1.39 acres
- Six overhead doors support distribution, storage, manufacturing, and service uses
- 3‑phase power and generous outdoor parking
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
$122,362
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
6.99%
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%
$2,447,240
$2.4M
Cap Rate 7%
$1,748,029
$1.7M
Cap Rate 9%
$1,359,578
$1.4M
Market Conditions
NOI Build-Up for 18,140 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
$200.3K $11.04/SF
− Vacancy
−$12.0K −$0.66/SF
EGI
$188.2K $10.38/SF
− OpEx
−$65.9K −$3.63/SF
NOI
$122.4K $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%
$2,447,240
Cap Rate 7%
$1,748,029
Cap Rate 9%
$1,359,578
Alternative Uses
Best Use
Warehouse
$4.75M
$4.15M – $5.54M
NOI $332,281 @ 7.0% cap · market cap 18.99%
Second Best
Industrial
$3.91M
$3.42M – $4.56M
NOI $273,643 @ 7.0% cap · market cap 15.64%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49024, MI
30,332
Population
13,232
Households
2.3
Avg Household Size
39
Median Age
51%
College-Educated
97%
High-School Grad
17.2 sq mi
ZIP Area
1,763
Density / Sq Mi
$86,427
Median Household Income
$49,914
Median Earnings
$1,208
Median Rent
$248,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- All Foods to Go Catering — 1807 Vanderbilt Ave, Portage, MI 49024
Frequently Asked Questions
What type of property is this?
Flex space - Single-tenant configuration provides operational control across the building.
Where is this flex space located?
The property is located at 9350 Shaver Road Portage, MI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 18,140 SF industrial building on 1.39 acres; Six overhead doors support distribution, storage, manufacturing, and service uses; 3‑phase power and generous outdoor parking
