Occupied
For Sale
$219,900
110 Woodward Ave, Kalamazoo, MI 49007
City-certified, fully occupied rental with off-street parking.
Property Size2,383 SF
Price / SF$92.28
Days on Market8
Property Features for 110 Woodward Ave
General Information
Standard status
Active
Size
2,383 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Gross Income
$30,960
Building Details
Year Built
1890
Listing Agency:
Rch Brokerage Legacy Inc
(248) 440-2268
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rch Brokerage Legacy Inc
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.
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 = 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
$14,015
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
6.37%
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%
$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
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
$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 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%
$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
NOI $14,015 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$183.9K
$160.9K – $214.5K
NOI $12,872 @ 7.0% cap · market cap 5.85%
Theoretical Best
Warehouse
$623.6K
$545.6K – $727.5K
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
