Two-Story Office
For Sale
$3,175,000
Pending
1825 S Park Street, Kalamazoo, MI 49001
Commercial Sale, Kalamazoo, MI
Property Size21,245 SF
Lot Size5.18 Acres
Days on Market460
Property Features for 1825 S Park Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CC2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
Parking
74351000
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
Pending
APN
06-27-103-005
Size
21,245 SF
Lot size
5.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
That part of the Southwest quarter of Section 22, Township 2 South, Range 11 West, described as : commencing at the Nor
Tax Annual Amount
82153
Legal Description
That part of the Southwest quarter of Section 22, Township 2 South, Range 11 West, described as : commencing at the Nor
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
large training room
two kitchens
on-site generator
Building Details
Year built
2017
Number of units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 459-0439
Added: Jun 23, 2025
Changed: Sep 16
Last Checked: Sep 25 at 11:06PM
MLS# 25035345
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 two-story office property contains 21,245 square feet and was constructed in 2017. Interior features include a passenger elevator, a substantial training room, two kitchens, four bathrooms, modern finishes, and abundant natural light. Forced-air heating and central air conditioning serve the building, with broadband and cable availability also noted. An on-site generator provides backup power, while furniture is negotiable.
The property is located on S Park Street in Kalamazoo, within minutes of Downtown Kalamazoo, the arena development, the WMED campus, Western Michigan University, and Kalamazoo College. Parking is provided at a 3.5:1,000 SF ratio. The parcel offers room for future expansion, and adjacent buildings may also be available. Prior to closing, the seller will establish a new Reciprocal Easement Agreement.
The property is located on S Park Street in Kalamazoo, within minutes of Downtown Kalamazoo, the arena development, the WMED campus, Western Michigan University, and Kalamazoo College. Parking is provided at a 3.5:1,000 SF ratio. The parcel offers room for future expansion, and adjacent buildings may also be available. Prior to closing, the seller will establish a new Reciprocal Easement Agreement.
Key Highlights
- 21,245 SF two‑story office building constructed in 2017
- Passenger elevator, large training room, two kitchens, and four bathrooms
- On‑site generator supplies backup power to the building
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
$212,926
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
6.71%
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%
$4,258,520
$4.3M
Cap Rate 7%
$3,041,800
$3.0M
Cap Rate 9%
$2,365,844
$2.4M
Market Conditions
NOI Build-Up for 21,245 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
$305.9K $14.40/SF
− Vacancy
−$22.0K −$1.04/SF
EGI
$283.9K $13.36/SF
− OpEx
−$71.0K −$3.34/SF
NOI
$212.9K $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%
$4,258,520
Cap Rate 7%
$3,041,800
Cap Rate 9%
$2,365,844
Alternative Uses
Best Use
Office B
$3.04M
$2.66M – $3.55M
NOI $212,926 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.56M
$4.86M – $6.49M
NOI $389,157 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
665
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Modern finishes, natural light, elevator access, kitchens, and generator-backed power support office operations.
Where is this office building located?
The property is located at 1825 S Park Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $3,175,000.
What are key features of this property?
This property features: 21,245 SF two‑story office building constructed in 2017; Passenger elevator, large training room, two kitchens, and four bathrooms; On‑site generator supplies backup power to the building
