16-Bedroom Residential Income
For Sale
$1,500,000
1500 Fraternity Village Dr, Kalamazoo, MI 49006
High-capacity residence with a commercial-grade kitchen, dedicated house-mother suite, and on-site laundry facilities.
Property Size8,772 SF
Price / SF$170
Days on Market97
Property Features for 1500 Fraternity Village Dr
General Information
Standard status
Active
Size
8,772 SF
Amenities
commercial-grade kitchen
on-site laundry facilities
Building Details
Year Built
1998
Tenancy
Single
Listing Agency:
Berkshire Hathaway HomeServices MI
Listed By:
Dave A Schnelker
(269) 488-3846
Source:
Katie-k
Added: Jul 20
Changed: Oct 13
Last Checked: Oct 23 at 11:53AM
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
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Investment Insights
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Built in 1998, this residential income property provides a high-capacity configuration with 16 bedrooms and a separate house-mother suite. The residence also includes a commercial-grade kitchen and on-site laundry facilities, supporting its established group-living format. Recent physical improvements include a new roof and laminate flooring throughout.
Located at 1500 Fraternity Village Drive in Kalamazoo, the property has been leased to a sorority for 18 years. Its existing layout and institutional-style amenities support continued sorority or fraternity occupancy, as well as other group-housing or student-living applications identified in the property information.
Located at 1500 Fraternity Village Drive in Kalamazoo, the property has been leased to a sorority for 18 years. Its existing layout and institutional-style amenities support continued sorority or fraternity occupancy, as well as other group-housing or student-living applications identified in the property information.
Key Highlights
- 16 bedrooms plus a dedicated house‑mother suite
- Leased to a sorority for 18 years
- Commercial‑grade kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,381
Cap Rate
3.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,620
$947.6K
Cap Rate 7%
$676,871
$676.9K
Cap Rate 9%
$526,456
$526.5K
Market Conditions
NOI Build-Up for 8,772 SF
Gross rent
$92.6K $10.56/SF
− Vacancy
−$6.5K −$0.74/SF
EGI
$86.1K $9.82/SF
− OpEx
−$38.8K −$4.42/SF
NOI
$47.4K $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 Rate 5%
$947,620
Cap Rate 7%
$676,871
Cap Rate 9%
$526,456
Alternative Uses
Best Use
Apartment 5plus
$676.9K
$592.3K – $789.7K
NOI $47,381 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.30M
$2.01M – $2.68M
NOI $160,682 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - High-capacity residence with a commercial-grade kitchen, dedicated house-mother suite, and on-site laundry facilities.
Where is this residential income property located?
The property is located at 1500 Fraternity Village Dr Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 16 bedrooms plus a dedicated house‑mother suite; Leased to a sorority for 18 years; Commercial‑grade kitchen
