Flexible Commercial
For Sale
$193,510
Pending
5100 E Michigan Avenue, Kalamazoo, MI 49048
Commercial Sale, Kalamazoo, MI
Property Size1,320 SF
Lot Size0.40 Acres
Days on Market83
Property Features for 5100 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B-3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Comstock
Middle school district
Comstock
High school district
Comstock
Directions
Sprinkle turn right onto E Michigan. Building will be on your right-hand side.
Standard status
Pending
APN
07-18-355-060
Size
1,320 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
See attachment
Tax Annual Amount
3182
Legal Description
See attachment
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
2002
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Five Star Real Estate
(269) 459-7898
Listed By:
Natasha R Anderson
(269) 544-9699
Added: Jun 11
Changed: Aug 23
Last Checked: Sep 1 at 9:06PM
MLS# 26028718
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 flex space contains 1,320 square feet on a 0.4-acre parcel at 5100 E Michigan Avenue in Kalamazoo. The interior includes two private offices, two large open areas, and one bathroom, creating a configuration that can support office, retail, service, vehicle sales, or other light commercial operations. The building was constructed in 2002 with vinyl siding, a composition roof, forced-air heat, and central air conditioning.
Cable is available, with well water and a septic tank serving the property. The layout can accommodate separate administrative or client-facing rooms alongside adaptable open floor areas. Its previous operation as a car dealership provides context for the existing commercial configuration, while the address places the property on E Michigan Avenue in Kalamazoo County.
Cable is available, with well water and a septic tank serving the property. The layout can accommodate separate administrative or client-facing rooms alongside adaptable open floor areas. Its previous operation as a car dealership provides context for the existing commercial configuration, while the address places the property on E Michigan Avenue in Kalamazoo County.
Key Highlights
- 1,320‑square‑foot flex building on a 0.4‑acre parcel
- Two private offices and two large open areas
- Previously operated as a car dealership
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
$13,230
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
6.84%
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%
$264,600
$264.6K
Cap Rate 7%
$189,000
$189.0K
Cap Rate 9%
$147,000
$147.0K
Market Conditions
NOI Build-Up for 1,320 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
$19.0K $14.40/SF
− Vacancy
−$1.4K −$1.04/SF
EGI
$17.6K $13.36/SF
− OpEx
−$4.4K −$3.34/SF
NOI
$13.2K $10.02/SF
Area
Kalamazoo County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$264,600
Cap Rate 7%
$189,000
Cap Rate 9%
$147,000
Alternative Uses
Best Use
Industrial
$284.5K
$248.9K – $331.9K
NOI $19,912 @ 7.0% cap · market cap 10.29%
Second Best
Office B
$189.0K
$165.4K – $220.5K
NOI $13,230 @ 7.0% cap · market cap 6.84%
Theoretical Best
Warehouse
$345.4K
$302.2K – $403.0K
NOI $24,179 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two private offices complement expansive open areas suited to office, retail, service, or light commercial use.
Where is this flex space located?
The property is located at 5100 E Michigan Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $193,510.
What are key features of this property?
This property features: 1,320‑square‑foot flex building on a 0.4‑acre parcel; Two private offices and two large open areas; Previously operated as a car dealership
