Victorian Duplex on Double
For Sale
$209,900
1224 E Main Street, Kalamazoo, MI 49048
MULTI_FAMILY - Kalamazoo, MI
Property Size2,500 SF
Lot Size0.40 Acres
Price / SF$83.96
Days on Market153
Property Features for 1224 E Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
res
Bedrooms
7
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 7, Bedroom 3, Basement
Parking
4
Parking features
Paved or Surfaced
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
michigan ave to e main to home
Standard status
Active
APN
06-14-326-103
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
SECTION 14-2-11 COMMENCING ON THE SOUTHERLY LINE OF EAST MAIN STREET 219FT EASTERLY FROM THE INTERSECTION OF THE SOUTHERLY LINE OF A CEMENT WALK ON THE SOUTHERLY LINE OF EAST MAIN STREET & THE NORTHERLY LINE OF A CEMENT WALK ON THE NORTHERLY LINE OF EAST MICHIGAN AVENUE; THENCE SOUTH 38DEG 19MIN EAST 8 RODS; THENCE NORTH 61DEG 43MIN EAST 8 RODS; THENCE NORTH 38DEG 19MIN WEST 8 RODS TO THE SOUTHERL
Tax Annual Amount
4783
Legal Description
SECTION 14-2-11 COMMENCING ON THE SOUTHERLY LINE OF EAST MAIN STREET 219FT EASTERLY FROM THE INTERSECTION OF THE SOUTHERLY LINE OF A CEMENT WALK ON THE SOUTHERLY LINE OF EAST MAIN STREET & THE NORTHERLY LINE OF A CEMENT WALK ON THE NORTHERLY LINE OF EAST MICHIGAN AVENUE; THENCE SOUTH 38DEG 19MIN EAST 8 RODS; THENCE NORTH 61DEG 43MIN EAST 8 RODS; THENCE NORTH 38DEG 19MIN WEST 8 RODS TO THE SOUTHERL
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Amenities
original woodwork
dramatic foyer
two staircases
detached garage
Building Details
Year built
1900
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Bellabay Realty LLC
(616) 871-9200
Listed By:
Robbie E Brower
(616) 890-0893
Added: Mar 24
Changed: Jul 25
Last Checked: Aug 23 at 12:06AM
MLS# 26011772
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 Victorian-style duplex is situated on a double lot, offering extra outdoor space and future potential. The property is conveniently located close to shopping, schools, and major highways. The duplex features a layout with two units: one expansive 6-bed, 2-bath unit, and a city-certified studio apartment. The studio is currently tenant-occupied, generating a monthly income. The property offers approximately 2,500+ sq ft of total living area. Original woodwork and classic Victorian details are present throughout the building, enhancing its architectural appeal. The property includes a dramatic foyer and two staircases, providing excellent flow and potential for a separate living or owner suite. A detached garage is included. The roof was replaced 4 years ago. This property is suitable for both owner-occupants looking to offset their mortgage with rental income and investors seeking long-term cash flow.
Key Highlights
- Victorian‑style duplex on a double lot with 2,500+ sq ft total living area
- 1st unit is a 6 bed / 2 bath layout; 2nd unit is a city‑certified studio apartment
- Studio apartment is tenant‑occupied at $950/month
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
$14,703
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
7.00%
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%
$294,060
$294.1K
Cap Rate 7%
$210,043
$210.0K
Cap Rate 9%
$163,367
$163.4K
Market Conditions
NOI Build-Up for 2,500 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
$22.5K $9.00/SF
− Vacancy
−$1.5K −$0.60/SF
EGI
$21.0K $8.40/SF
− OpEx
−$6.3K −$2.52/SF
NOI
$14.7K $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%
$294,060
Cap Rate 7%
$210,043
Cap Rate 9%
$163,367
Alternative Uses
Best Use
Multifamily LT 5
$210.0K
$183.8K – $245.1K
NOI $14,703 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$192.9K
$168.8K – $225.1K
NOI $13,504 @ 7.0% cap · market cap 6.43%
Theoretical Best
Warehouse
$654.2K
$572.4K – $763.2K
NOI $45,794 @ 7.0% cap · market cap 21.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
344
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 - Victorian duplex on a double lot near shopping and highways.
Where is this duplex located?
The property is located at 1224 E Main Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Victorian‑style duplex on a double lot with 2,500+ sq ft total living area; 1st unit is a 6 bed / 2 bath layout; 2nd unit is a city‑certified studio apartment; Studio apartment is tenant‑occupied at $950/month
