Walkout Duplex With Three-Car
For Sale
$358,000
1946 Nazareth Road, Kalamazoo, MI 49048
Two separate living levels offer kitchens, laundry access, and private exterior entries.
Property Size2,794 SF
Price / SF$127.86
Days on Market8
Property Features for 1946 Nazareth Road
General Information
Standard status
Active
Size
2,794 SF
Total Parking Spaces
8
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,766
Building Details
Building Size
2,794 SF
Year Built
2000
Buildings
1
Stories
2
Units
2
Construction
walkout ranch
Listing Agency:
Coldwell Banker Realty
(269) 615-5660
Listed By:
Will Howson · License #6501387256
(269) 615-5660
Source:
Carolbollo
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 2:27PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 2000, this walkout duplex-style residence provides two distinct living levels within a custom two-story home. Each level includes its own living area, kitchen or kitchenette, laundry access, and private exterior entry. The main floor features an open living, dining, and kitchen arrangement with custom hickory cabinetry, Corian countertops, high ceilings, and a sunroom connected to a private patio.
The lower walkout level includes a family room, full kitchenette, wet bar, and direct outdoor access. The property contains nearly 2,800 finished sq ft, five bedrooms, and three full baths. An oversized three-car garage is extra wide and deep, adding substantial storage, workshop, or parking capacity. Located at 1946 Nazareth Road in Kalamazoo Charter Township, Michigan.
The lower walkout level includes a family room, full kitchenette, wet bar, and direct outdoor access. The property contains nearly 2,800 finished sq ft, five bedrooms, and three full baths. An oversized three-car garage is extra wide and deep, adding substantial storage, workshop, or parking capacity. Located at 1946 Nazareth Road in Kalamazoo Charter Township, Michigan.
Key Highlights
- Duplex‑style layout with two separate living levels
- Nearly 2,800 finished sq ft with 5 bedrooms and 3 full baths
- Walkout lower level includes family room, full kitchenette, and wet bar
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
$16,467
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
4.60%
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%
$329,340
$329.3K
Cap Rate 7%
$235,243
$235.2K
Cap Rate 9%
$182,967
$183.0K
Market Conditions
NOI Build-Up for 2,800 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
$25.2K $9.00/SF
− Vacancy
−$1.7K −$0.60/SF
EGI
$23.5K $8.40/SF
− OpEx
−$7.1K −$2.52/SF
NOI
$16.5K $5.88/SF
Area
Kalamazoo County, MI
Vacancy
6.65%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$329,340
Cap Rate 7%
$235,243
Cap Rate 9%
$182,967
Alternative Uses
Best Use
Multifamily LT 5
$235.2K
$205.8K – $274.5K
NOI $16,467 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$216.1K
$189.1K – $252.1K
NOI $15,124 @ 7.0% cap · market cap 4.22%
Theoretical Best
Warehouse
$732.7K
$641.1K – $854.8K
NOI $51,289 @ 7.0% cap · market cap 14.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 49048, MI
25,067
Population
10,440
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
90%
High-School Grad
35.1 sq mi
ZIP Area
714
Density / Sq Mi
$62,160
Median Household Income
$36,150
Median Earnings
$1,032
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living levels offer kitchens, laundry access, and private exterior entries.
Where is this duplex located?
The property is located at 1946 Nazareth Road Kalamazoo, MI.
What is the asking price?
The asking price for this property is $358,000.
What are key features of this property?
This property features: Duplex‑style layout with two separate living levels; Nearly 2,800 finished sq ft with 5 bedrooms and 3 full baths; Walkout lower level includes family room, full kitchenette, and wet bar
