Turnkey Duplex with Separate
For Sale
$239,888
1021 Avondale Circle, Kalamazoo, MI 49048
MULTI_FAMILY - Kalamazoo, MI
Property Size1,400 SF
Lot Size0.27 Acres
Price / SF$171.35
Days on Market66
Property Features for 1021 Avondale Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1, Basement
Parking
2
Parking features
Driveway
Basement
Full
Lot features
Level, Cul-De-Sac, Sidewalk
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
Sprinkle Road to E Main, turn west, cross Nazareth Rd then left on Avondale and left again on Avondale Circle.
Standard status
Active
APN
06-13-215-660
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2661660 3906 13 215 660 EASTWOOD HEIGHTS #2 LOT 207
Tax Annual Amount
3945
Legal Description
2661660 3906 13 215 660 EASTWOOD HEIGHTS #2 LOT 207
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1956
Number of units
2
Building materials
Stone
Roof type
Composition
Listing Agency:
Coldwell Banker Realty
(269) 469-3950
Listed By:
Will Howson · License #6501387256
(269) 615-5660
Added: Jun 17
Changed: Jul 25
Last Checked: Aug 21 at 4:06PM
MLS# 26029974
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 turnkey Kalamazoo Township duplex offers two spacious 2-bedroom, 1-bath units, each with its own full basement. Each unit has a separate heat system and central air, and the utilities are fully separated, including gas, electric, and water, with tenants paying all utilities. All appliances are included. The homes feature wood flooring and fresh paint, and the property has a newer roof and newer mechanicals. Outside, there is a large back yard with two sheds.
The property is located at 1021 Avondale Circle in Kalamazoo, MI 49048, on a 0.27-acre lot. Each unit functions independently, which can simplify operations for an owner who prefers separated service and billing.
For tenants or owner-operators, the duplex configuration supports flexible occupancy and straightforward unit management. With current gross rents totaling $2,079 per month, the property is presented as income-producing with separate systems and utility responsibility assigned to the tenants. Whether you’re looking to house-hack or run both units as rentals, the included appliances and recently updated roof and mechanicals help reduce near-term work.
The property is located at 1021 Avondale Circle in Kalamazoo, MI 49048, on a 0.27-acre lot. Each unit functions independently, which can simplify operations for an owner who prefers separated service and billing.
For tenants or owner-operators, the duplex configuration supports flexible occupancy and straightforward unit management. With current gross rents totaling $2,079 per month, the property is presented as income-producing with separate systems and utility responsibility assigned to the tenants. Whether you’re looking to house-hack or run both units as rentals, the included appliances and recently updated roof and mechanicals help reduce near-term work.
Key Highlights
- Kalamazoo Township duplex built in 1956 with stone construction and composition roof
- Two separate 2‑bed/1‑bath units, each about 700 SF, with its own full basement
- Each unit has its own heat system plus central air for separate comfort
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
$8,233
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
3.43%
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%
$164,660
$164.7K
Cap Rate 7%
$117,614
$117.6K
Cap Rate 9%
$91,478
$91.5K
Market Conditions
NOI Build-Up for 1,400 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
$12.6K $9.00/SF
− Vacancy
−$838 −$0.60/SF
EGI
$11.8K $8.40/SF
− OpEx
−$3.5K −$2.52/SF
NOI
$8.2K $5.88/SF
Area
Kalamazoo County, MI
Vacancy
6.65%
Lease Rate
$9.00 /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%
$164,660
Cap Rate 7%
$117,614
Cap Rate 9%
$91,478
Alternative Uses
Best Use
Multifamily LT 5
$117.6K
$102.9K – $137.2K
NOI $8,233 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$108.0K
$94.5K – $126.0K
NOI $7,562 @ 7.0% cap · market cap 3.15%
Theoretical Best
Warehouse
$366.4K
$320.6K – $427.4K
NOI $25,645 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two 2-bed/1-bath units with central air and separate heat, with tenants paying all utilities.
Where is this duplex located?
The property is located at 1021 Avondale Circle Kalamazoo, MI.
What is the asking price?
The asking price for this property is $239,888.
What are key features of this property?
This property features: Kalamazoo Township duplex built in 1956 with stone construction and composition roof; Two separate 2‑bed/1‑bath units, each about 700 SF, with its own full basement; Each unit has its own heat system plus central air for separate comfort
