City-Certified
For Sale
$179,900
1415 Sherwood Avenue, Kalamazoo, MI 49048
Two-unit rental property with forced-air heat, natural gas service, and vinyl siding.
Property Size867 SF
Price / SF$207.50
Days on Market237
Property Features for 1415 Sherwood Avenue
General Information
Standard status
Active
Size
867 SF
Property subtype
Residential Income / Multi Family
Additional Details
Gross Income
$24,900
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,776
Amenities
Forced Air, Yes
Yes
Forced Air
Natural Gas
0.0
Michigan Basement
Vinyl Siding
Building Details
Year Built
1900
Units
2
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 370-0361
Listed By:
Jenny Doan · License #6506049378
(269) 370-0361
Source:
Compass
Added: Jan 6
Changed: Aug 31
Last Checked: Aug 31 at 12:34AM
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 Berkshire Hathaway HomeServices MI
Investment Insights
Based on property information with market context.
This duplex at 1415 Sherwood Avenue in Kalamazoo was built in 1900 and includes forced-air heating, natural gas service, vinyl siding, and a Michigan basement. The property is city-certified through 12/30/26.
Tenants pay utilities, and Icon Management currently provides professional management. The asset offers a two-unit configuration for an owner seeking a residential income property with established operational details.
Tenants pay utilities, and Icon Management currently provides professional management. The asset offers a two-unit configuration for an owner seeking a residential income property with established operational details.
Key Highlights
- Duplex at 1415 Sherwood Avenue, Kalamazoo, MI 49048
- City certification valid through 12/30/26
- Tenants pay 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
$5,099
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
2.83%
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%
$101,980
$102.0K
Cap Rate 7%
$72,843
$72.8K
Cap Rate 9%
$56,656
$56.7K
Market Conditions
NOI Build-Up for 867 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
$7.8K $9.00/SF
− Vacancy
−$519 −$0.60/SF
EGI
$7.3K $8.40/SF
− OpEx
−$2.2K −$2.52/SF
NOI
$5.1K $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%
$101,980
Cap Rate 7%
$72,843
Cap Rate 9%
$56,656
Alternative Uses
Best Use
Multifamily LT 5
$72.8K
$63.7K – $85.0K
NOI $5,099 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$66.9K
$58.5K – $78.1K
NOI $4,683 @ 7.0% cap · market cap 2.60%
Theoretical Best
Warehouse
$226.9K
$198.5K – $264.7K
NOI $15,881 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
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-unit rental property with forced-air heat, natural gas service, and vinyl siding.
Where is this duplex located?
The property is located at 1415 Sherwood Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Duplex at 1415 Sherwood Avenue, Kalamazoo, MI 49048; City certification valid through 12/30/26; Tenants pay utilities
