Walkout Duplex with Three-Car
For Sale
$358,000
1946 Nazareth Road, Kalamazoo, MI 49048
Multi Family, Kalamazoo, MI
Property Size2,800 SF
Lot Size0.32 Acres
Price / SF$127.86
Days on Market9
Property Features for 1946 Nazareth Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Laundry Room, Bedroom 6, Bedroom 2, Bathroom 2, Basement, Bedroom 1, Bathroom 1, Bedroom 3
Parking
8
Parking features
Driveway
Basement
Full, Walk-Out Access
Subdivision
Gregory Park
Lot features
Sidewalk
Elementary school district
Comstock
Middle school district
Comstock
High school district
Comstock
Standard status
Active
APN
06-12-280-010
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2854200 3906 12 280 010 GREGORY PARK LOT 1
Tax Annual Amount
4766
Legal Description
2854200 3906 12 280 010 GREGORY PARK LOT 1
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2000
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Coldwell Banker Realty
(269) 469-3950
Listed By:
Will Howson · License #6501387256
(269) 615-5660
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 26042759
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 2,800 finished-square-foot duplex-style residence contains a main-level unit and a separate walkout lower level. Each living area has its own exterior entrance, cooking space, living room, and laundry access. The upper level includes an open kitchen, dining, and living arrangement with hickory cabinetry, Corian countertops, high ceilings, and a sunroom leading to a private patio. The lower level adds a family room and full kitchenette.
The property includes 5 bedrooms, 3 full bathrooms, and an oversized three-car garage with extra width and depth. Built in 2000, the home has vinyl siding, forced-air heat, central air, a composition roof, and driveway parking. The 0.32-acre property is located at 1946 Nazareth Road in Kalamazoo, Michigan.
The property includes 5 bedrooms, 3 full bathrooms, and an oversized three-car garage with extra width and depth. Built in 2000, the home has vinyl siding, forced-air heat, central air, a composition roof, and driveway parking. The 0.32-acre property is located at 1946 Nazareth Road in Kalamazoo, Michigan.
Key Highlights
- 2,800 finished sq ft arranged as a main‑level unit and separate walkout lower level
- Each level has a private exterior entry, living space, cooking area, and laundry access
- 5 bedrooms and 3 full baths
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate living levels provide flexible residential income and owner-occupant use.
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: 2,800 finished sq ft arranged as a main‑level unit and separate walkout lower level; Each level has a private exterior entry, living space, cooking area, and laundry access; 5 bedrooms and 3 full baths
