Office Building for
For Sale
$725,000
1522 Gull Road, Kalamazoo, MI 49048
COMMERCIAL - Kalamazoo, MI
Property Size3,200 SF
Lot Size0.38 Acres
Price / SF$226.56
Days on Market218
Property Features for 1522 Gull Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking
30
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
north of Riverview Dr Across from Beacon
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
06-11-389-004
Size
3,200 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF SECTION 11-2-11 BEGINNING ON THE SOUTH LINE OF GULL STREET AT A POINT S 57DEG 58MIN W 129.46FT FROM THE INTERSE
Tax Annual Amount
6000
Legal Description
PART OF SECTION 11-2-11 BEGINNING ON THE SOUTH LINE OF GULL STREET AT A POINT S 57DEG 58MIN W 129.46FT FROM THE INTERSE
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1954
Number of units
2
Building materials
Block, Stone
Roof type
Rubber
Listing Agency:
CENTURY 21 C. Howard
(269) 381-9258
Listed By:
David Howard
(269) 207-4228
Added: Jan 15
Changed: Aug 4
Last Checked: Aug 21 at 6:06AM
MLS# 26001879
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering consists of an office building with approximately 3,200 square feet of space situated on a 0.38-acre lot. The transaction is listed for sale, and the seller would like to lease the property back after closing.
The property is located at 1522 Gull Road in Kalamazoo, Michigan 49048, within Kalamazoo County.
For buyers and brokers evaluating ownership with potential post-closing occupancy continuity, the seller’s requested lease-back is a key term to review during negotiations.
The property is located at 1522 Gull Road in Kalamazoo, Michigan 49048, within Kalamazoo County.
For buyers and brokers evaluating ownership with potential post-closing occupancy continuity, the seller’s requested lease-back is a key term to review during negotiations.
Key Highlights
- Single‑family home built in 1954
- Block and stone construction with rubber roofing
- Forced‑air heating with central air cooling
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
$32,072
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
4.42%
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%
$641,440
$641.4K
Cap Rate 7%
$458,171
$458.2K
Cap Rate 9%
$356,356
$356.4K
Market Conditions
NOI Build-Up for 3,200 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
$46.1K $14.40/SF
− Vacancy
−$3.3K −$1.04/SF
EGI
$42.8K $13.36/SF
− OpEx
−$10.7K −$3.34/SF
NOI
$32.1K $10.02/SF
Area
Kalamazoo County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$641,440
Cap Rate 7%
$458,171
Cap Rate 9%
$356,356
Alternative Uses
Best Use
Office B
$458.2K
$400.9K – $534.5K
NOI $32,072 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$837.4K
$732.7K – $976.9K
NOI $58,616 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,111
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Approximately 3,200 SF office space on a 0.38-acre lot, with seller seeking a lease-back.
Where is this office units located?
The property is located at 1522 Gull Road Kalamazoo, MI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Single‑family home built in 1954; Block and stone construction with rubber roofing; Forced‑air heating with central air cooling
