Retail Storefront Across from
For Sale
$1,200,000
1524 Gull Road, Kalamazoo, MI 49048
COMMERCIAL - Kalamazoo, MI
Property Size6,279 SF
Lot Size0.28 Acres
Price / SF$191.11
Days on Market213
Property Features for 1524 Gull Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
6
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
just north of Riverview Dr.
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
06-11-389-002
Size
6,279 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COMMENCING ON THE SOUTH LINE OF ORIGINAL GULL STREET (ROAD) RIGHT-OF-WAY (BEING 66FT IN WIDTH) WITH THE N&S 1/4 LINE OF
Tax Annual Amount
6022
Legal Description
COMMENCING ON THE SOUTH LINE OF ORIGINAL GULL STREET (ROAD) RIGHT-OF-WAY (BEING 66FT IN WIDTH) WITH THE N&S 1/4 LINE OF
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1956
Number of units
2
Building materials
Block, Stone
Listing Agency:
CENTURY 21 C. Howard
(269) 381-9258
Listed By:
David Howard
(269) 207-4228
Added: Jan 15
Changed: Aug 4
Last Checked: Aug 16 at 10:06PM
MLS# 26001874
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 retail property at 1524 Gull Road, Kalamazoo, MI 49048 offers a commercial storefront configuration totaling 6,279 square feet on a 0.28-acre lot, and is available for sale.
The building is positioned across from Beacon Hospital and directly in front of the family court, placing it in a high-convenience area for daytime traffic and frequent public activity.
For buyers and tenants looking for a compact retail site, the combination of overall size and public-facing setting supports a straightforward retail use.
The building is positioned across from Beacon Hospital and directly in front of the family court, placing it in a high-convenience area for daytime traffic and frequent public activity.
For buyers and tenants looking for a compact retail site, the combination of overall size and public-facing setting supports a straightforward retail use.
Key Highlights
- Convenient location across from Beacon Hospital.
- Proximity to family court.
- Central air conditioning.
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
$43,302
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
3.61%
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%
$866,040
$866.0K
Cap Rate 7%
$618,600
$618.6K
Cap Rate 9%
$481,133
$481.1K
Market Conditions
NOI Build-Up for 6,279 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
$75.3K $12.00/SF
− Vacancy
−$13.5K −$2.15/SF
EGI
$61.9K $9.85/SF
− OpEx
−$18.6K −$2.96/SF
NOI
$43.3K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$866,040
Cap Rate 7%
$618,600
Cap Rate 9%
$481,133
Alternative Uses
Best Use
Retail
$618.6K
$541.3K – $721.7K
NOI $43,302 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.92M
NOI $115,016 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
48k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Groceries 41%
Dining 2%
Home Improvements & Furnishings 1%
Speedway
Shops & Services
22,605 visits/mo
0.3 miles
Aldi
Groceries
19,683 visits/mo
0.3 miles
Lake Michigan Credit Union
Shops & Services
3,251 visits/mo
0.0 miles
H&R Block
Shops & Services
1,314 visits/mo
0.5 miles
Samuel Mancino's Italian Eatery
Dining
930 visits/mo
0.5 miles
Demographics for 49048, MI
25,067
Population
10,440
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
90%
High-School Grad
35.1 sq mi
ZIP Area
714
Density / Sq Mi
$62,160
Median Household Income
$36,150
Median Earnings
$1,032
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property for sale with 6,279 sq. ft. on a 0.28-acre lot.
Where is this retail space located?
The property is located at 1524 Gull Road Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Convenient location across from Beacon Hospital.; Proximity to family court.; Central air conditioning.
