Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4815 Milham Ave Portage, MI 49024-1020

    • Commercial land
    • 2.70 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2271884
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial land

    Property Details for 4815 Milham Ave

    Lot size
    2.70 lot acres
    Zone code
    B-2
    Property type
    Commercial land
    APN
    10-00007-120-A
    APU
    1000007120A

    Description

    This exceptional 3.4-acre commercial land parcel presents a unique investment opportunity in the thriving southwest Portage, Michigan market. Located at the highly visible southeast corner of Milham Avenue and 12th Street, this B-2 zoned property offers significant potential for a variety of mixed-use developments. The site is ideally suited for retail, restaurant, and office spaces, with the flexibility to accommodate both in-line and free-standing pad site constructions. This build-to-suit opportunity allows for customized development to meet specific business needs. The asking price for this privately owned property is $1,600,000. Situated in Kalamazoo County, with a Portage, MI address of 4815 W Milham Ave, zip code 49024, this location benefits from excellent visibility and accessibility, making it an attractive proposition for businesses seeking a prominent presence in a growing area. The property's size and zoning regulations provide ample room for creative and profitable development plans. This is a rare chance to acquire a prime commercial land parcel in a desirable location with significant growth potential. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.6474
    Latitude
    42.2296
    CBSA code
    28020
    CBSA name
    KALAMAZOO-PORTAGE, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $19,023
    $0.00
    $0.00
    $184,700
    -
    $0.00
    $0.00
    $369,400

    Comparable in this City

    • Value Estimation by Request
      1.35 Acres

      1315 Ctr Ave

      VACANT COMMERCIAL LAND • 1.35 Acres
      1315 Ctr Ave, Portage, MI 49024-5300
      View Details
    • Value Estimation by Request
      0.40 Acres

      8035 Brookwood Dr

      VACANT COMMERCIAL LAND • 0.40 Acres
      8035 Brookwood Dr, Portage, MI 49024-5201
      View Details
    • Value Estimation by Request
      0.63 Acres

      10015 Oakland Dr

      VACANT COMMERCIAL LAND • 0.63 Acres
      10015 Oakland Dr, Portage, MI 49024-6714
      View Details
    • Value Estimation by Request
      0.47 Acres

      5721 Oakland Dr

      VACANT COMMERCIAL LAND • 0.47 Acres
      5721 Oakland Dr, Portage, MI 49024-1116
      View Details
    • Value Estimation by Request
      0.60 Acres

      9960 Shaver Rd

      VACANT COMMERCIAL LAND • 0.60 Acres
      9960 Shaver Rd, Portage, MI 49024-6736
      View Details
    • Value Estimation by Request
      1.50 Acres

      7860 Shaver Rd

      VACANT COMMERCIAL LAND • 1.50 Acres
      7860 Shaver Rd, Portage, MI 49024-5120
      View Details

    Similar Nearby for Sale

    • $279,000

      Prime Commercial Land on Golf

      Exceptional 1-acre commercial parcel on the Moors golf course.
      2600 Acre, Portage, MI 49024
      View Details
    • $549,000

      Prime Commercial Land in Portage

      Shovel-ready 1.21-acre parcel in Portage's financial corridor.
      2351 W Centre Ave, Portage, MI 49024
      View Details
    • $179,000

      Prime Commercial Land in Portage

      High-traffic commercial land parcel ideal for development.
      504 W Centre Ave, Portage, MI 49024
      View Details
    • $149,000
      0.71 Acres

      Commercial Land Parcel in Portage

      0.71 acre commercial parcel south of Milham roundabout.
      6035 S 12Th St, Portage, MI 49024
      View Details
    • $990,000
      4.15 Acres

      Portage Commercial Land - $990K

      4.15-acre development site, prime location.
      7951 12Th St, Portage, MI 49024
      View Details
    • $120,500
      2.41 Acres

      Portage Industrial Land For Sale

      Industrial land available in the City of Portage with utilities.
      8883 Portage Industrial Dr, Portage, MI 49024
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      9,000 SF

      Prime Portage Office Space

      9,000 SF Office Building, 3 Suites Available
      600 Milham Ave, Portage, MI 49024
      View Details
    • $10 SF/Yr
      57,000 SF

      Romence Plaza Retail Space Available

      Portage, MI retail center: 57,000 sq ft.
      525 Romence Rd, Portage, MI 49024
      View Details
    • $20 SF/Yr
      3,193 SF

      Portage Centre Plaza Retail Space

      Prime Portage Retail: 3,193 sq ft available.
      245 Centre Ave, Portage, MI 49024
      View Details
    • $30 SF/Yr
      11,000 SF

      Moorsbridge Road Build-to-Suit Office

      11,000 SF Office, Portage, MI. Prime Location.
      7930 Moorsbridge Rd, Portage, MI 49024
      View Details
    • $10 SF/Yr
      5,093 SF

      Versatile Flex Space Near US-131

      Adaptable flex space suitable for various business needs.
      9340 Shaver Rd, Portage, MI 49024
      View Details
    • $10 SF/Yr
      14,589 SF

      Versatile Flex Space Near US-131

      Adaptable flex space ideal for various business needs near US-131.
      9340 Shaver Rd, Portage, MI 49024
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4815 Milham Ave
    Portage, MI 49024-1020
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.