Freestanding Medical Office
For Sale
$949,000
1727 S Park Street, Kalamazoo, MI 49001
COMMERCIAL - Kalamazoo, MI
Property Size8,505 SF
Lot Size0.86 Acres
Price / SF$111.58
Days on Market425
Property Features for 1727 S Park Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
Off S. Park Street, 2 blocks north of Westnedge/Park split. Entrance is across from the end of Howard Street.
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
06-22-372-013
Size
8,505 SF
Lot size
0.86 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
That part of the Southwest quarter of Section 2 and the Northwest quarter of Section 27, Township 2 South, Range 11
Tax Annual Amount
32854
Legal Description
That part of the Southwest quarter of Section 2 and the Northwest quarter of Section 27, Township 2 South, Range 11
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2001
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 353-0311
Added: Jun 23, 2025
Changed: Aug 4
Last Checked: Aug 21 at 7:06AM
MLS# 25035380
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 freestanding medical/retail office building totals 8,505 square feet on 0.86 acres. Originally built in 2001 and renovated in 2013, the interior features an efficient layout designed for patient-facing and office functions, including exam rooms, private offices, a sales floor, and storage. The property was most recently configured for optical retail and medical office use, and it is described as well-suited for medical, dental, or professional office tenants. Furniture is noted as negotiable.
The property is located at 1727 S Park Street in Kalamazoo, MI, and is presented as available for sale. The remarks indicate the owner will establish a new Reciprocal Easement Agreement prior to closing. The listing also notes that adjacent buildings are available for sale and lease, which may be relevant for expansion or related uses depending on the final arrangement.
For prospective occupants or buyers, the combination of exam rooms, private offices, and dedicated storage supports a medical or service-oriented practice that needs both clinical spaces and administrative workflow. The on-site sales floor configuration may also accommodate professional service models that blend client interactions with office administration. Interested parties should confirm final easement terms and any coordination with neighboring properties as part of due diligence.
The property is located at 1727 S Park Street in Kalamazoo, MI, and is presented as available for sale. The remarks indicate the owner will establish a new Reciprocal Easement Agreement prior to closing. The listing also notes that adjacent buildings are available for sale and lease, which may be relevant for expansion or related uses depending on the final arrangement.
For prospective occupants or buyers, the combination of exam rooms, private offices, and dedicated storage supports a medical or service-oriented practice that needs both clinical spaces and administrative workflow. The on-site sales floor configuration may also accommodate professional service models that blend client interactions with office administration. Interested parties should confirm final easement terms and any coordination with neighboring properties as part of due diligence.
Key Highlights
- Freestanding medical/retail office building with 8,505 SF on 0.86 acres
- Built in 2001; renovated in 2013
- Efficient layout includes exam rooms, private offices, a sales floor, and storage
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
$85,241
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
8.98%
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%
$1,704,820
$1.7M
Cap Rate 7%
$1,217,729
$1.2M
Cap Rate 9%
$947,122
$947.1K
Market Conditions
NOI Build-Up for 8,505 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
$122.5K $14.40/SF
− Vacancy
−$8.8K −$1.04/SF
EGI
$113.7K $13.36/SF
− OpEx
−$28.4K −$3.34/SF
NOI
$85.2K $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%
$1,704,820
Cap Rate 7%
$1,217,729
Cap Rate 9%
$947,122
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,241 @ 7.0% cap · market cap 8.98%
Second Best
Healthcare Medical
$1.09M
$955.9K – $1.27M
NOI $76,468 @ 7.0% cap · market cap 8.06%
Theoretical Best
Warehouse
$2.23M
$1.95M – $2.60M
NOI $155,791 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding building with exam rooms, private offices, and a sales floor for medical or professional use.
Where is this medical office space located?
The property is located at 1727 S Park Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Freestanding medical/retail office building with 8,505 SF on 0.86 acres; Built in 2001; renovated in 2013; Efficient layout includes exam rooms, private offices, a sales floor, and storage
