Single-Tenant Office
For Sale
$899,900
5990 Venture Park Dr, Kalamazoo, MI 49009
A 6,800 SF office building with private offices, meeting space, and parking for tenant-friendly operations.
Property Size6,800 SF
Lot Size1.24 Acres
Price / SF$132.34
Days on Market80
Property Features for 5990 Venture Park Dr
General Information
Standard status
Active
Size
6,800 SF
Total Parking Spaces
22
Lot size
1.24 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,493
Building Details
Year Built
1998
Units
1
Tenancy
Single
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 459-0435
Listed By:
Kara Schroer · License #6501373674
(269) 459-0435
Source:
Elliman
Added: Jun 3
Changed: Aug 19
Last Checked: Aug 20 at 11:33AM
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 NAI Wisinski of West Michigan - Kalamazoo
Investment Insights
Based on property information with market context.
This 6,800 SF office building is currently configured for a single tenant and includes private offices, meeting rooms, open work areas, a break room, and storage. The layout can be converted back to a multi-tenant configuration, providing flexibility for an owner-user who wants the option of supplemental rental income or for an investor planning for future leasing. The building also offers 22 on-site parking spaces.
The property is located on Venture Park Drive, just off Stadium Drive, in Oshtemo Township near Kalamazoo. Public walkability is limited (walk score 15, car-dependent), and bike access is modest (bike score 31), which supports an office use that relies primarily on vehicle access and parking.
For tenants and buyers, the mix of private workspaces and meeting rooms supports a range of office-based operations, while the on-site parking capacity helps accommodate employees and visitors. For investment buyers, the current single-tenant setup combined with the ability to reconfigure offers a practical pathway to manage occupancy strategy, especially given the long-time tenant that may be willing to extend its lease.
The property is located on Venture Park Drive, just off Stadium Drive, in Oshtemo Township near Kalamazoo. Public walkability is limited (walk score 15, car-dependent), and bike access is modest (bike score 31), which supports an office use that relies primarily on vehicle access and parking.
For tenants and buyers, the mix of private workspaces and meeting rooms supports a range of office-based operations, while the on-site parking capacity helps accommodate employees and visitors. For investment buyers, the current single-tenant setup combined with the ability to reconfigure offers a practical pathway to manage occupancy strategy, especially given the long-time tenant that may be willing to extend its lease.
Key Highlights
- 6,800 SF office building on 1.236 acres in Oshtemo Township, built in 1998
- Single‑tenant configuration; previously occupied by two tenants and could be converted back to a multi‑tenant layout
- Office space includes private offices, meeting rooms, open work areas, break room, and storage
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
$68,152
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
7.57%
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%
$1,363,040
$1.4M
Cap Rate 7%
$973,600
$973.6K
Cap Rate 9%
$757,244
$757.2K
Market Conditions
NOI Build-Up for 6,800 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
$97.9K $14.40/SF
− Vacancy
−$7.1K −$1.04/SF
EGI
$90.9K $13.36/SF
− OpEx
−$22.7K −$3.34/SF
NOI
$68.2K $10.02/SF
Area
Kalamazoo County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,363,040
Cap Rate 7%
$973,600
Cap Rate 9%
$757,244
Alternative Uses
Best Use
Office B
$973.6K
$851.9K – $1.14M
NOI $68,152 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,559 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Explore this area
Business Placement
Demographics for 49009, MI
47,188
Population
20,609
Households
2.3
Avg Household Size
38
Median Age
50%
College-Educated
96%
High-School Grad
102.2 sq mi
ZIP Area
462
Density / Sq Mi
$82,364
Median Household Income
$44,702
Median Earnings
$1,089
Median Rent
$330,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - A 6,800 SF office building with private offices, meeting space, and parking for tenant-friendly operations.
Where is this office building located?
The property is located at 5990 Venture Park Dr Kalamazoo, MI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 6,800 SF office building on 1.236 acres in Oshtemo Township, built in 1998; Single‑tenant configuration; previously occupied by two tenants and could be converted back to a multi‑tenant layout; Office space includes private offices, meeting rooms, open work areas, break room, and storage
