Building Details

Year Built 1890

Listing Agency: Devries Homes Show Phone

Listed By: Oak & Stone Real Estate Show Phone

Source: Oakandstonerealestate

Added: Sep 20 Changed: Oct 4 Last Checked: Oct 5 at 5:48PM

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Investment Insights

Based on property information with market context.

This fully occupied triplex contains three distinct residences: a two-bedroom, one-bath apartment, a one-bedroom, one-bath apartment, and a studio. Built in 1890, the property is city certified and includes off-street parking. Utilities are billed back to residents, providing a defined operating arrangement.

The property is located in Kalamazoo’s Stuart Historic District, within walking distance of Kalamazoo College, Western Michigan University, downtown Kalamazoo, and the downtown arena. Its three-unit configuration and established occupancy provide a straightforward residential income property profile in a centrally situated area.

Key Highlights

• Three‑unit property with two‑bedroom, one‑bath, one‑bedroom, one‑bath, and studio residences
• Fully occupied rental with established rental history
• Built in 1890 and located in Kalamazoo’s Stuart Historic District

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,015

Cap Rate

6.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$280,300 $280.3K

Cap Rate 7%

$200,214 $200.2K

Cap Rate 9%

$155,722 $155.7K

Market Conditions

NOI Build-Up for 2,383 SF

Gross rent

$21.4K $9.00/SF

− Vacancy

−$1.4K −$0.60/SF

EGI

$20.0K $8.40/SF

− OpEx

−$6.0K −$2.52/SF

NOI

$14.0K $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 Rate 5%

$280,300

Cap Rate 7%

$200,214

Cap Rate 9%

$155,722

Alternative Uses

Best Use

Multifamily LT 5

$200.2K

$175.2K – $233.6K (±1% cap)

NOI $14,015 @ 7.0% cap · market cap 6.37%

Second Best

Apartment 5plus

$183.9K

$160.9K – $214.5K (±1% cap)

NOI $12,872 @ 7.0% cap · market cap 5.85%

Theoretical Best

Warehouse

$623.6K

$545.6K – $727.5K (±1% cap)

NOI $43,651 @ 7.0% cap · market cap 19.85%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Auto Parts Store (Bike/Boat/Book/etc) Store Florist Locksmith Acupuncture Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,338

Businesses Nearby

Explore this area Business Placement

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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - City-certified, fully occupied rental with off-street parking.

Where is this triplex located?

The property is located at 110 Woodward Ave Kalamazoo, MI.

What is the asking price?

The asking price for this property is $219,900.

What are key features of this property?

This property features: Three‑unit property with two‑bedroom, one‑bath, one‑bedroom, one‑bath, and studio residences; Fully occupied rental with established rental history; Built in 1890 and located in Kalamazoo’s Stuart Historic District