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

    700 Martin Luther King Dr Portage, MI 49024-2881

    • Commercial real estate
    • 6,084 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Oct 17, 2024
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2320430
    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 real estate

    Property Details for 700 Martin Luther King Dr

    Year built
    1997
    Lot size
    0.94 lot acres
    Property size
    6,084 SF
    Zone code
    B-2
    Property type
    Commercial real estate
    APN
    10-00009-015-N
    APU
    1000009015N

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $754,000
      Market price range: $238k - $754k
      AI Estimate
      $754,000
      Market price range: $238k - $754k

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.5971
    Latitude
    42.222
    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
    $25,966
    $0.00
    $0.00
    $508,100
    -
    $0.00
    $0.00
    $1,016,200

    Comparable in this City

    • Value Estimation by Request
      2.62 Acres

      9131 Portage Industrial Dr

      COMMERCIAL (GENERAL) • 2.62 Acres
      9131 Portage Industrial Dr, Portage, MI 49024-6193
      View Details
    • Value Estimation by Request
      8.92 Acres

      3600 Fawn Cv Ln

      COMMERCIAL (GENERAL) • 8.92 Acres
      3600 Fawn Cv Ln, Portage, MI 49024-3703
      View Details
    • Value Estimation by Request
      9.85 Acres

      879 Mall Dr

      COMMERCIAL (GENERAL) • 9.85 Acres
      879 Mall Dr, Portage, MI 49024-2880
      View Details
    • Value Estimation by Request
      8.05 Acres

      665 Mall Dr

      COMMERCIAL (GENERAL) • 8.05 Acres
      665 Mall Dr, Portage, MI 49024-2879
      View Details
    • Value Estimation by Request
      7.50 Acres

      3100 Old Ctr Rd

      COMMERCIAL (GENERAL) • 7.50 Acres
      3100 Old Ctr Rd, Portage, MI 49024-4851
      View Details
    • Value Estimation by Request
      13.20 Acres

      8001 Angling Rd

      COMMERCIAL (GENERAL) • 13.20 Acres
      8001 Angling Rd, Portage, MI 49024-7422
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.00 Acre

      Prime Portage Office Development Site

      High-visibility, build-to-suit office space.
      600 Milham Ave, 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
    • $550,000
      2.52 Acres

      Prime Portage Medical Land

      2.52-acre commercial lot, ideal medical/office.
      3100 Cooley Ct, Portage, MI 49024
      View Details
    • $799,900
      3,527 SF

      Portage Industrial Office Building

      Prime location, 3,527 sq ft, excellent visibility.
      721 Center St, Portage, MI 49024
      View Details
    • $110,000
      1.34 Acres

      Portage Buildable Lot For Sale

      Over an acre lot in Portage, ready for custom home.
      5093 Grand Arbre Trl, Portage, MI 49024
      View Details
    • $499,000

      Commercial Building in Prime Location

      Flexible commercial building with warehouse space and renovated office.
      1116 W Centre Ave, Portage, MI 49024
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • $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
    • $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
    • $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
      8,400 SF

      Lenox Ave Industrial Space

      Portage, MI: Office/Warehouse Opportunity
      865 Lenox Ave, 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.
    700 Martin Luther King Dr
    Portage, MI 49024-2881
    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.