Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    122 W South Street Kalamazoo, MI 49007

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,200,000

    Mixed-use property with development potential and seller financing.

    Type:Commercial/Industrial
    Property size:
    9,354 SF
    Lot size:
    0.09 Acres
    Added:
    Mar 12, 2026
    Days on Market:
    21
    Last Refresh:
    Mar 25 at 11:47 pm

    Property Features for 122 W South Street

    General Information

    Standard status
    Active
    Size
    9,354 SF
    Lot size
    0.09 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Rob Peterson

    Listing agent Rob Peterson

    Listing office Dover Birch & Associates

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Dover Birch & Associates

    Overview

    Mixed-Use Property with Development Potential

    This mixed-use property presents a unique development opportunity, benefiting from public alleys on three sides that promise abundant natural light for future apartments. The ground floor features a long-standing tenant on a month-to-month lease, along with an unoccupied retail space and an area suitable for an elevator shaft. The current owners occupy the top two floors and are willing to remain as tenants, which can help offset holding costs. The basement has unusually high ceilings, making it ideal for tenant storage, and it remains moisture-free due to recent improvements. Renovations completed in 1987 included insulated double-hung windows, updated mechanical systems, and refreshed finishes on the upper levels. Located on South Street, the property offers a quiet setting suitable for high-end apartments. Seller financing is available. The property has a total size of 9354 square feet.
    Location Intelligence

    Current Use by Public Records

    William S. Shauman, ... Physician Kalamazoo Psychology LLC Physician Laura M. Kracker, ... Physician Kimberly L. Lem, ... Physician Mary C. Spradling, ... Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.5839
    Latitude
    42.2899

    Nearby Similar for Sale

    • $535,000
      4,879 SF

      Commercial Property on Stadium Drive

      High-visibility commercial buildings with flexible office suites in Kalamazoo.
      6281 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $999,000
      7,564 SF

      Downtown Kalamazoo Redevelopment Opportunity

      Historical building near Kalamazoo Events Center with redevelopment potential.
      222 S Westnedge Avenue, Kalamazoo, MI 49007
      View Details
    • $895,000
      7,000 SF

      Kalamazoo Office/Flex Building For Sale

      7,000 SF office/flex building on 4-acre wooded parcel.
      8240 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $650,000
      5,153 SF

      Kalamazoo Retail/Professional Services Space

      Remodeled retail/professional space with high visibility and ample parking.
      4413 W KL Avenue, Kalamazoo, MI 49007
      View Details
    • $595,000
      6,440 SF

      Kalamazoo Office Building For Sale

      Centrally located office building suitable for medical or general office use.
      2401 Gull Road, Kalamazoo, MI 49048
      View Details
    • $475,000
      3,696 SF

      Kalamazoo Warehouse with Office Space

      3,696 sq ft building with showroom, offices, and warehouse.
      550 E Cork Street, Kalamazoo, MI 49001
      View Details
    • $895,000
      3,062 SF

      Kalamazoo Office Building For Sale

      Office building with 3,062 square feet of space on 0.67 acres.
      6010 Gull Road, Kalamazoo, MI 49048
      View Details
    • $3,995,000
      23,059 SF

      Kalamazoo R&D Office Building

      Class A office building in WMU's research park.
      4775 Campus Drive, Kalamazoo, MI 49008
      View Details
    • $725,000
      3,200 SF

      Kalamazoo Commercial Property For Sale

      Commercial property in Kalamazoo, MI, with leaseback option.
      1522 Gull Road, Kalamazoo, MI 49048
      View Details
    • $536,000
      9,568 SF

      Industrial Building Near Downtown Kalamazoo

      9,569 SF industrial building on 0.59 acres near downtown.
      1050 E Michigan Avenue, Kalamazoo, MI 49048
      View Details
    • $850,000
      13,089 SF

      Portage Street Retail/Warehouse Opportunity

      Retail and warehouse space with frontage near downtown Kalamazoo.
      617 Portage Street, Kalamazoo, MI 49007
      View Details
    • $375,000
      1,982 SF

      Retail Space on Kalamazoo Mall

      Retail space in downtown Kalamazoo with high foot traffic.
      217 S Kalamazoo Mall, Kalamazoo, MI 49007
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with development potential and seller financing.
    Where is this mixed-use property located?
    The property is located at 122 W South Street Kalamazoo, MI.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Development opportunity surrounded by public alleys on three sides, ensuring **abundant natural light for future apartments.**; Seller financing is available.; Current owners willing to remain as tenants, helping to offset holding costs.
    (269) 443-0033
    We can help!
    Listing Contact
    Rob Peterson
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!