Turnkey Duplex with Two
For Sale
$239,888
1021 Avondale Cir, Kalamazoo, MI 49048
Two separate 2-bedroom units with full basements, central air, and utilities paid by tenants.
Property Size1,400 SF
Price / SF$171.35
Days on Market61
Property Features for 1021 Avondale Cir
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,945
Building Details
Year Built
1956
Units
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(269) 615-5660
Listed By:
Will Howson · License #6501387256
(269) 615-5660
Source:
Elliman
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 20 at 11:59AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This turnkey duplex offers two spacious 2-bedroom, 1-bath units, each with its own full basement, separate heat system, and central air. The units are fully separated, with tenants paying all utilities (gas, electric, and water), supporting a true low-overhead ownership setup. Appliances are included, and interior finishes feature wood flooring and fresh paint. The property also includes a newer roof and newer mechanicals, along with a large back yard with two sheds.
Set in a quiet, established neighborhood within Kalamazoo Township, the home is described as minutes from everything, with residents relying primarily on cars based on the provided walk and bike scores.
For buyers seeking a house-hack opportunity, the separate systems and utilities create flexibility to live in one side while the other generates income. Alternatively, both units can be operated as rental properties, with current gross rents totaling $2,079 per month per the provided information. Appliances included and the unit separation details help reduce day-to-day friction for an owner-operator looking for straightforward management.
Set in a quiet, established neighborhood within Kalamazoo Township, the home is described as minutes from everything, with residents relying primarily on cars based on the provided walk and bike scores.
For buyers seeking a house-hack opportunity, the separate systems and utilities create flexibility to live in one side while the other generates income. Alternatively, both units can be operated as rental properties, with current gross rents totaling $2,079 per month per the provided information. Appliances included and the unit separation details help reduce day-to-day friction for an owner-operator looking for straightforward management.
Key Highlights
- 1956‑built duplex with two spacious 2‑bedroom, 1‑bath units (~700 SF each)
- Each unit has its own full basement plus a separate heat system and central air
- Fully separated utilities (gas, electric, water) with tenants paying ALL utilities
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
$8,233
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
3.43%
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%
$164,660
$164.7K
Cap Rate 7%
$117,614
$117.6K
Cap Rate 9%
$91,478
$91.5K
Market Conditions
NOI Build-Up for 1,400 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
$12.6K $9.00/SF
− Vacancy
−$838 −$0.60/SF
EGI
$11.8K $8.40/SF
− OpEx
−$3.5K −$2.52/SF
NOI
$8.2K $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%
$164,660
Cap Rate 7%
$117,614
Cap Rate 9%
$91,478
Alternative Uses
Best Use
Multifamily LT 5
$117.6K
$102.9K – $137.2K
NOI $8,233 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$108.0K
$94.5K – $126.0K
NOI $7,562 @ 7.0% cap · market cap 3.15%
Theoretical Best
Warehouse
$366.4K
$320.6K – $427.4K
NOI $25,645 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
123
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 - Two separate 2-bedroom units with full basements, central air, and utilities paid by tenants.
Where is this duplex located?
The property is located at 1021 Avondale Cir Kalamazoo, MI.
What is the asking price?
The asking price for this property is $239,888.
What are key features of this property?
This property features: 1956‑built duplex with two spacious 2‑bedroom, 1‑bath units (~700 SF each); Each unit has its own full basement plus a separate heat system and central air; Fully separated utilities (gas, electric, water) with tenants paying ALL utilities
