11-Bedroom
New
For Sale
$625,000
1327 Fraternity Village Dr, Kalamazoo, MI 49006
Two residential units offer substantial bedroom capacity, in-unit laundry, garage parking, and additional off-street parking near Western Michigan University.
Property Size4,048 SF
Price / SF$154.40
Days on Market6
Property Features for 1327 Fraternity Village Dr
General Information
Standard status
Active
Size
4,048 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 5BR/3BA, 1 x 6BR/3BA
Multifamily Units
2
Amenities
laundry room
garage parking
Building Details
Year Built
2008
Tenancy
Multi
Listing Agency:
Remax Edge
(248) 701-0207
Listed By:
Mark Schmansky
(248) 701-0207
Source:
Patientmoves
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 30 at 4:02PM
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 Remax Edge
Investment Insights
Based on property information with market context.
Built in 2008, this duplex contains 4,048 square feet arranged as two residential units with a combined 11 bedrooms and 6 full bathrooms. One unit includes 5 bedrooms and 3 full bathrooms; the other provides 6 bedrooms and 3 full bathrooms. Each residence has a laundry room equipped with a washer and dryer, along with a stove, two refrigerators, and a dishwasher.
The property is within walking distance of Western Michigan University and includes garage parking plus additional off-street parking. Rental operations are supported by established leases: the unit at 1327 Fraternity Village Dr. has a one-year lease, while the unit at 1329 Fraternity Village Dr. has a two-year lease. The property is certified with the City of Kalamazoo, and rental history is in place.
The property is within walking distance of Western Michigan University and includes garage parking plus additional off-street parking. Rental operations are supported by established leases: the unit at 1327 Fraternity Village Dr. has a one-year lease, while the unit at 1329 Fraternity Village Dr. has a two-year lease. The property is certified with the City of Kalamazoo, and rental history is in place.
Key Highlights
- Duplex built in 2008 with 4,048 square feet
- Two units totaling 11 bedrooms and 6 full bathrooms
- Unit mix: 5 bedrooms/3 full bathrooms and 6 bedrooms/3 full bathrooms
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
$23,806
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
3.81%
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%
$476,120
$476.1K
Cap Rate 7%
$340,086
$340.1K
Cap Rate 9%
$264,511
$264.5K
Market Conditions
NOI Build-Up for 4,048 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
$36.4K $9.00/SF
− Vacancy
−$2.4K −$0.60/SF
EGI
$34.0K $8.40/SF
− OpEx
−$10.2K −$2.52/SF
NOI
$23.8K $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%
$476,120
Cap Rate 7%
$340,086
Cap Rate 9%
$264,511
Alternative Uses
Best Use
Multifamily LT 5
$340.1K
$297.6K – $396.8K
NOI $23,806 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$312.4K
$273.3K – $364.4K
NOI $21,865 @ 7.0% cap · market cap 3.50%
Theoretical Best
Warehouse
$1.06M
$926.9K – $1.24M
NOI $74,150 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 49006, MI
25,119
Population
12,093
Households
2.1
Avg Household Size
27
Median Age
44%
College-Educated
91%
High-School Grad
6.0 sq mi
ZIP Area
4,187
Density / Sq Mi
$45,617
Median Household Income
$18,710
Median Earnings
$991
Median Rent
$198,000
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 residential units offer substantial bedroom capacity, in-unit laundry, garage parking, and additional off-street parking near Western Michigan University.
Where is this duplex located?
The property is located at 1327 Fraternity Village Dr Kalamazoo, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Duplex built in 2008 with 4,048 square feet; Two units totaling 11 bedrooms and 6 full bathrooms; Unit mix: 5 bedrooms/3 full bathrooms and 6 bedrooms/3 full bathrooms
