Class A Two-Story Office
For Sale
$3,175,000
Pending
1825 S Park Street Kalamazoo, Kalamazoo, MI 49001
Move-in ready two-story Class A office building with elevator, backup generator, and modern interiors on 5.35 acres.
Property Size21,245 SF
Days on Market107
Property Features for 1825 S Park Street Kalamazoo
General Information
Standard status
Pending
Size
21,245 SF
Total Parking Spaces
74351000
Zoning
CC2
Taxes and HOA fees
Annual Taxes
$82,153
Amenities
Yes
4
21245
No
Broadband
Furniture
5.18
74351000.0
269-629-4968
Approx. 585’ x 390’ (Irregular)
Paved
21245.0
1
Building Details
Building Size
21,245 SF
Year Built
2017
Buildings
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 399-5881
Listed By:
Ryan Witt · License #6501373674
(269) 399-5881
Source:
Remax-executive
Added: May 9
Changed: Aug 23
Last Checked: Aug 22 at 10:23AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
Available for sale is a 21,245 SF two-story Class A office building that served as the former RX Optical corporate headquarters. Built in 2017, the property offers modern finishes and abundant natural light, along with a passenger elevator, a large training room, and two kitchens. An on-site generator provides backup power to the building.
The building sits on a 5.35-acre parcel with ample parking, supported by a 3.5:1,000 SF parking ratio. The seller will establish a new Reciprocal Easement Agreement prior to closing. Adjacent buildings are also available, and details can be provided by the agent.
The space is presented as move-in ready, and furniture is negotiable.
The building sits on a 5.35-acre parcel with ample parking, supported by a 3.5:1,000 SF parking ratio. The seller will establish a new Reciprocal Easement Agreement prior to closing. Adjacent buildings are also available, and details can be provided by the agent.
The space is presented as move-in ready, and furniture is negotiable.
Key Highlights
- Built in 2017, 21,245 SF two‑story Class A office building with modern finishes and abundant natural light
- 5.35‑acre parcel with room for future expansion
- Passenger elevator, large training room, and two kitchens
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
Property Profile
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
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 building - Move-in ready two-story Class A office building with elevator, backup generator, and modern interiors on 5.35 acres.
Where is this office building located?
The property is located at 1825 S Park Street Kalamazoo 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: Built in 2017, 21,245 SF two‑story Class A office building with modern finishes and abundant natural light; 5.35‑acre parcel with room for future expansion; Passenger elevator, large training room, and two kitchens
