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    2323 Gull Road unit Bldg. B Kalamazoo, MI 49048

    View on Map
    For Lease
    $14 SF/Yr

    COMMERCIAL - Kalamazoo, MI

    Type:Office
    Property size:
    11,260 SF
    Lot size:
    1.43 Acres
    Added:
    Oct 8, 2025
    Days on Market:
    180
    Last Refresh:
    Apr 5 at 9:06 am

    Property Features for 2323 Gull Road unit Bldg. B

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking features
    Driveway
    Fireplace
    1
    Standard status
    Active
    APN
    06-11-445-051
    Size
    11,260 SF
    Lot size
    1.43 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    3973890 3906 11 445 051 SPRINGFIELD PLAT LOTS 4 THRU 7 INCL

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1979
    Building materials
    Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Jodi K Milks

    Listing agent Jodi K Milks License #6502339107

    Listing office NAI Wisinski of West Michigan 650 Trade Centre Way, Ste 130, Kalamazoo, MI

    Listing date Oct 8, 2025

    MLS# 25051641

    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 Office Suite For Lease

    A 2,336 square foot first-floor office suite is available for lease in a multi-tenanted, single-story office complex with over 11,000 square feet. The property is located on the east side of Kalamazoo. Formerly a medical office, the suite features a reception/waiting area, a back-office reception area, multiple exam rooms equipped with sinks, private offices, and three restrooms. The property is situated on Gull Road, between Ascension Borgess Hospital (now Beacon) and the retail corridor, providing convenient parking and monument/building signage. Current co-tenants include Guardian Finance, State Farm, Wicks Therapy, and A-1 Physical Therapy. The property is located in Kalamazoo, Michigan, on a 1.43-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Map

    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.551254
    Latitude
    42.310036

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    FAQs

    What type of property is this?
    Medical Office Space - 2,336 SF office suite available on Kalamazoo's east side.
    Where is this medical office space located?
    The property is located at 2323 Gull Road unit Bldg. B Kalamazoo, MI.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Prime location on Gull Rd. between Beacon Hospital and retail corridor.; 2,336 SF first‑floor office suite.; Former medical office with exam rooms fitted with sinks.
    (269) 353-0311
    We can help!
    Listing Contact
    Jodi K Milks
    Real Estate License ID: 6502339107
    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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