Class A Office
For Sale
$3,175,000
Pending
1825 S Park Street, Kalamazoo, MI 49001
COMMERCIAL - Kalamazoo, MI
Property Size21,245 SF
Lot Size5.18 Acres
Days on Market426
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 2, Bathroom 1, Bathroom 3, Bathroom 4
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
training room
kitchen
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) 353-0311
Added: Jun 23, 2025
Changed: Aug 4
Last Checked: Aug 22 at 3:06AM
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.
Available for sale is a Class A office building, formerly the RX Optical Corporate Headquarters. Constructed in 2017, this two-story building offers 21,245 square feet of space with modern finishes and abundant natural light. The property is situated on a 5.35-acre parcel, providing room for future expansion. The building includes a passenger elevator, a large training room, and two kitchens. An on-site generator provides backup power. The property is move-in ready, and furniture is negotiable. Ample parking is available, with a ratio of 3.5 spaces per 1,000 square feet. The location is just minutes from Downtown Kalamazoo, the new arena development, the WMED campus, Western Michigan University, and Kalamazoo College. The seller will establish a new Reciprocal Easement Agreement prior to closing. Adjacent buildings are available.
Key Highlights
- 21,245 SF two‑story Class A office building built in 2017
- 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 - Modern 21,245 SF office building near Downtown Kalamazoo.
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 Class A office building built in 2017; 5.35‑acre parcel with room for future expansion; Passenger elevator, large training room, and two kitchens
