8-Unit Apartment
New
For Sale
$690,000
1403-1405 Huntington Ave, Kalamazoo, MI 49048
Two adjacent structures offer a mix of one- and two-bedroom apartments.
Property Size6,912 SF
Price / SF$99.83
Days on Market6
Property Features for 1403-1405 Huntington Ave
General Information
Standard status
Active
Size
6,912 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR, 2 x 1BR
Multifamily Units
8
Additional Details
Utilities to Site
Yes
Amenities
on-site laundry
private balconies
patios
Building Details
Year Built
1982
Buildings
2
Listing Agency:
Lukeman Group LLC
Listed By:
Joseph Lukeman
Source:
Metrodetroithomeguide
Added: Sep 25
Changed: Sep 28
Last Checked: Sep 30 at 12:56PM
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 Lukeman Group LLC
Investment Insights
Based on property information with market context.
The property comprises two neighboring apartment buildings in Kalamazoo Township, with four units in each. The combined mix includes six two-bedroom apartments and two one-bedroom apartments. Both buildings were constructed in 1982 and have been maintained. Electric service is split, and each building has a connected water service.
Laundry facilities are located on the lower levels. Upper-floor apartments have private balconies, while the lower-level two-bedroom units include patios. The property is at 1403-1405 Huntington Ave in Kalamazoo, Michigan.
Laundry facilities are located on the lower levels. Upper-floor apartments have private balconies, while the lower-level two-bedroom units include patios. The property is at 1403-1405 Huntington Ave in Kalamazoo, Michigan.
Key Highlights
- Eight apartments across two adjacent four‑unit buildings
- Unit mix: six two‑bedroom apartments and two one‑bedroom apartments
- Built in 1982; buildings have been maintained
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
$37,335
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
5.41%
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%
$746,700
$746.7K
Cap Rate 7%
$533,357
$533.4K
Cap Rate 9%
$414,833
$414.8K
Market Conditions
NOI Build-Up for 6,912 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
$73.0K $10.56/SF
− Vacancy
−$5.1K −$0.74/SF
EGI
$67.9K $9.82/SF
− OpEx
−$30.5K −$4.42/SF
NOI
$37.3K $5.40/SF
Area
Kalamazoo County, MI
Vacancy
7.00%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$746,700
Cap Rate 7%
$533,357
Cap Rate 9%
$414,833
Alternative Uses
Best Use
Apartment 5plus
$533.4K
$466.7K – $622.3K
NOI $37,335 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.81M
$1.58M – $2.11M
NOI $126,611 @ 7.0% cap · market cap 18.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
111
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent structures offer a mix of one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 1403-1405 Huntington Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Eight apartments across two adjacent four‑unit buildings; Unit mix: six two‑bedroom apartments and two one‑bedroom apartments; Built in 1982; buildings have been maintained
