Historic Downtown Mixed-Use
For Sale
$2,250,000
223 S Kalamazoo Mall, Kalamazoo, MI 49007
Commercial Sale, Kalamazoo, MI
Property Size13,872 SF
Lot Size0.27 Acres
Price / SF$162.20
Days on Market1086
Property Features for 223 S Kalamazoo Mall
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CCBD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Parking
22
Interior features
Broadband
Subdivision
Downtown Core
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
Michigan Ave / S. Kalamazoo Mall (at Kalamazoo's Downtown Core) Next door to Urban Modern Hair and Milan Boutique and Condominiums.
Standard status
Active
APN
0615387214
Size
13,872 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
See Attached.
Tax Annual Amount
5536
Legal Description
See Attached.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1878
Floors in Building
3
Number of units
4
Building materials
Block, Concrete, Stucco, Brick
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 344-8599
Listed By:
Brian D Lewis · License #6591441776
(269) 488-5293
Added: Oct 16, 2023
Changed: Oct 5
Last Checked: Oct 5 at 8:06PM
MLS# 23138503
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 Fuller Building is a 13,872-square-foot commercial property on 0.27 acres, built in 1878. Its configuration includes three above-grade floors and a lower level, with potential for storefront commercial space and upper-floor residential, office, or mixed-use redevelopment subject to buyer verification and required approvals. The sale includes real estate only; existing retail businesses are excluded.
The property includes 22 owned parking spaces and rear access from Farmers Alley. It occupies a downtown retail corridor near restaurants, Farmers Alley Theatre, the Radisson Plaza Hotel, and cultural destinations. Construction incorporates block, concrete, stucco, and brick, with forced-air heating, central air, cable availability, broadband, and a composition roof.
The property includes 22 owned parking spaces and rear access from Farmers Alley. It occupies a downtown retail corridor near restaurants, Farmers Alley Theatre, the Radisson Plaza Hotel, and cultural destinations. Construction incorporates block, concrete, stucco, and brick, with forced-air heating, central air, cable availability, broadband, and a composition roof.
Key Highlights
- 13,872‑square‑foot building on 0.27 acres
- Built in 1878 with three above‑grade floors and a lower level
- 22 owned parking spaces included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$143,575
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,871,500
$2.9M
Cap Rate 7%
$2,051,071
$2.1M
Cap Rate 9%
$1,595,278
$1.6M
Market Conditions
NOI Build-Up for 13,872 SF
Gross rent
$249.7K $18.00/SF
− Vacancy
−$20.0K −$1.44/SF
EGI
$229.7K $16.56/SF
− OpEx
−$86.1K −$6.21/SF
NOI
$143.6K $10.35/SF
Area
Kalamazoo County, MI
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,871,500
Cap Rate 7%
$2,051,071
Cap Rate 9%
$1,595,278
Alternative Uses
Best Use
Mixed Use
$2.05M
$1.79M – $2.39M
NOI $143,575 @ 7.0% cap · market cap 6.38%
Second Best
Retail
$1.37M
$1.20M – $1.59M
NOI $95,667 @ 7.0% cap · market cap 4.25%
Theoretical Best
Warehouse
$3.63M
$3.18M – $4.24M
NOI $254,101 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,165
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 41%
Hotels & Casinos 12%
Electronics 2%
McDonald's
Dining
15,871 visits/mo
0.3 miles
Shell
Shops & Services
13,648 visits/mo
0.4 miles
Checkers
Dining
6,149 visits/mo
0.5 miles
Barrio Tacos
Dining
4,643 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,370 visits/mo
0.5 miles
Demographics for 49007, MI
10,353
Population
5,102
Households
2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
2,958
Density / Sq Mi
$39,309
Median Household Income
$24,723
Median Earnings
$1,017
Median Rent
$103,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three above-grade floors and a lower level support storefront, office, residential, or mixed-use planning subject to approvals.
Where is this mixed-use property located?
The property is located at 223 S Kalamazoo Mall Kalamazoo, MI.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 13,872‑square‑foot building on 0.27 acres; Built in 1878 with three above‑grade floors and a lower level; 22 owned parking spaces included
