Turnkey Restaurant on High-Traffic
For Sale
Contact for pricing
1844 S Westnedge Ave, Kalamazoo, MI 49008
Turnkey restaurant with high visibility and seating for 150.
Property Size3,539 SF
Price / SF$197.51
Days on Market171
Property Features for 1844 S Westnedge Ave
General Information
Standard status
Active
Size
3,539 SF
Total Parking Spaces
25
Property subtype
Retail
Zoning
Community Commercial 2 District
Lease Type
Gross
Building Details
Year Built
1958
Stories
1
Tenancy
Single
Listing Agency:
Signature Associates
(616) 235-0900
Listed By:
Joe Rizqallah · License #MI
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 20 at 7:27PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This turnkey restaurant is located on South Westnedge Avenue, which experiences a high traffic volume of 12,365 cars per day. The restaurant has a size of approximately 3,359 square feet and benefits from excellent visibility due to its location on a hard corner. The site includes a full basement and parking space for approximately 25 vehicles. The restaurant, which can accommodate approximately 150 persons, was in operation for over 40 years but is currently vacant. It is suitable for various concepts, including a cafe or diner. The city permits patio seating and potential outdoor venues, subject to obtaining the necessary permits.
Key Highlights
- Turnkey restaurant opportunity in a high‑traffic location (12,365 cars per day).
- Excellent visibility on a hard corner.
- Seating capacity for approximately 150 persons.
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
$33,203
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
4.75%
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%
$664,060
$664.1K
Cap Rate 7%
$474,329
$474.3K
Cap Rate 9%
$368,922
$368.9K
Market Conditions
NOI Build-Up for 3,539 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
$46.5K $13.14/SF
− Vacancy
−$2.2K −$0.63/SF
EGI
$44.3K $12.51/SF
− OpEx
−$11.1K −$3.13/SF
NOI
$33.2K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /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%
$664,060
Cap Rate 7%
$474,329
Cap Rate 9%
$368,922
Alternative Uses
Best Use
Specialty Retail
$474.3K
$415.0K – $553.4K
NOI $33,203 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$926.1K
$810.3K – $1.08M
NOI $64,826 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Home Improvements & Furnishings 12%
Dining 6%
Shell
Shops & Services
10,803 visits/mo
0.1 miles
Dollar General
Shops & Services
5,821 visits/mo
0.5 miles
PNC Bank
Shops & Services
3,680 visits/mo
0.1 miles
Midtown Ace Hardware
Home Improvements & Furnishings
3,040 visits/mo
0.1 miles
Top Dog
Dining
1,552 visits/mo
0.5 miles
Demographics for 49008, MI
18,343
Population
7,124
Households
2.6
Avg Household Size
31
Median Age
55%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
2,738
Density / Sq Mi
$67,339
Median Household Income
$31,756
Median Earnings
$1,005
Median Rent
$202,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant with high visibility and seating for 150.
Where is this conventional restaurant located?
The property is located at 1844 S Westnedge Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Turnkey restaurant opportunity in a high‑traffic location (12,365 cars per day).; Excellent visibility on a hard corner.; Seating capacity for approximately 150 persons.
