Occupied Duplex With Separate
For Sale
$155,000
1424 Portage Street, Kalamazoo, MI 49001
Corner-lot property with on-site laundry, separate electric and gas meters, and city certification extending through May 2029.
Property Size1,000 SF
Price / SF$155
Days on Market163
Property Features for 1424 Portage Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Multi Family / 2 to 4 Units
Occupancy
100%
Additional Details
Gross Income
$27,600
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,675
Amenities
on-site laundry
Forced Air, Yes
Yes
Forced Air
Natural Gas
0.0
Composition
Sep Electric Meter, Sep Gas Meter
Paved, Public
Michigan Basement
Wood Siding
Building Details
Year Built
1895
Units
2
Listing Agency:
Five Star Real Estate
(269) 459-7898
Listed By:
Adam Atwood · License #6506047769
(269) 459-7898
Source:
Compass
Added: Mar 22
Changed: Aug 30
Last Checked: Aug 31 at 1:12AM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This duplex contains 1,000 square feet and was built in 1895. The property is fully occupied and has received updates, with forced-air heating, natural gas service, wood siding, and a composition exterior. Separate electric and gas meters serve the two-unit configuration, while on-site laundry adds practical functionality for residents.
Positioned on a corner lot at 1424 Portage Street, the property includes paved public parking and is city certified through May 2029. Its exterior also includes a Michigan basement, providing additional property infrastructure within the existing improvements.
Positioned on a corner lot at 1424 Portage Street, the property includes paved public parking and is city certified through May 2029. Its exterior also includes a Michigan basement, providing additional property infrastructure within the existing improvements.
Key Highlights
- Duplex with 1,000 square feet of building area
- Fully occupied and city certified through May 2029
- Separate electric and gas meters
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
$5,881
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
3.79%
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%
$117,620
$117.6K
Cap Rate 7%
$84,014
$84.0K
Cap Rate 9%
$65,344
$65.3K
Market Conditions
NOI Build-Up for 1,000 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
$9.0K $9.00/SF
− Vacancy
−$599 −$0.60/SF
EGI
$8.4K $8.40/SF
− OpEx
−$2.5K −$2.52/SF
NOI
$5.9K $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%
$117,620
Cap Rate 7%
$84,014
Cap Rate 9%
$65,344
Alternative Uses
Best Use
Multifamily LT 5
$84.0K
$73.5K – $98.0K
NOI $5,881 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$77.2K
$67.5K – $90.0K
NOI $5,401 @ 7.0% cap · market cap 3.48%
Theoretical Best
Warehouse
$261.7K
$229.0K – $305.3K
NOI $18,318 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 49001, MI
21,730
Population
9,670
Households
2.2
Avg Household Size
34
Median Age
30%
College-Educated
89%
High-School Grad
7.7 sq mi
ZIP Area
2,822
Density / Sq Mi
$52,327
Median Household Income
$35,447
Median Earnings
$1,055
Median Rent
$139,600
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 - Corner-lot property with on-site laundry, separate electric and gas meters, and city certification extending through May 2029.
Where is this duplex located?
The property is located at 1424 Portage Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Duplex with 1,000 square feet of building area; Fully occupied and city certified through May 2029; Separate electric and gas meters
