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    1523 Riverview Drive Kalamazoo, MI 49004

    View on Map
    For Lease
    $10 SF/Yr

    COMMERCIAL - Kalamazoo, MI

    Property size:
    4,361 SF
    Lot size:
    1.50 Acres
    Added:
    Feb 25, 2026
    Days on Market:
    34
    Last Refresh:
    Mar 31 at 4:06 pm

    Property Features for 1523 Riverview Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking
    20
    Parking features
    Driveway
    Fireplace
    1
    Standard status
    Active
    APN
    06-10-479-001
    Size
    4,361 SF
    Lot size
    1.50 Acres

    Taxes and HOA fees

    TaxYear
    2026
    TaxDescription
    On File

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Water front
    1

    Building Details

    Year built
    1966
    Building materials
    Metal Siding
    Roof type
    Rubber

    We can help!

    Listing Contact
    Rob Peterson

    Listing agent Rob Peterson

    Listing office Dover Birch & Associates 311 Page Street, Vicksburg, MI

    Listing date Feb 25, 2026

    MLS# 26006878

    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.

    Overview

    Kalamazoo Commercial Space For Rent

    This commercial property in Kalamazoo, MI, offers 4,361 square feet of flex space suitable for warehouse, office, or retail use. Previously occupied by Open Roads, the property features high ceilings and natural light. Its location near the Kalamazoo River and the KVRT makes it suitable for a creative office or arts studio. The 1.5-acre lot provides additional space. The lease includes access to a kitchen area and restrooms. A meeting or event space is available for an additional fee. Located at 1523 Riverview Drive, Kalamazoo, MI 49004, the property is in Kalamazoo County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Open Roads Bike ... Charitable Organization Kalamazoo County Land ... Corporate Office Kalamazoo River Watershed ... Corporate Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Aundreye's Kitchen — 708 Harrison St, Kalamazoo, MI 49007
    • Radisson Catering — 100 W Michigan Ave, Kalamazoo, MI 49007
    • Gibson ING Mobil Chemical — 225 Parsons St, Kalamazoo, MI 49007

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.570558
    Latitude
    42.305796

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    FAQs

    What type of property is this?
    Flex space - Warehouse/office/retail space with high ceilings and natural light.
    Where is this flex space located?
    The property is located at 1523 Riverview Drive Kalamazoo, MI.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: High ceilings and natural light ideal for creative office or arts studio.; Close proximity to the Kalamazoo River and KVRT.; Includes access to a kitchen area and restrooms.
    (269) 276-0402
    We can help!
    Listing Contact
    Rob Peterson
    Learn More
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    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
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