Remodeled Two-Unit
For Sale
$185,000
213 Burr Oak Street, Kalamazoo, MI 49001
Two separate residential units include updated interiors and basement storage.
Property Size1,968 SF
Days on Market32
Property Features for 213 Burr Oak Street
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,604
Building Details
Building Size
1,968 SF
Year Built
1898
Units
2
Listing Agency:
ReSIDE Grand Rapids
(616) 648-6353
Listed By:
Connor Anderson · License #6506049133
(616) 648-6353
Source:
Phgrealty
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 ReSIDE Grand Rapids
Investment Insights
Based on property information with market context.
Built in 1898, this duplex contains two distinct residential units with separate living areas. The main-level residence offers two bedrooms and one bath, while the upper unit provides three bedrooms and one bath. Both units were remodeled within the last two years, supporting updated day-to-day functionality across the property.
Electrical and plumbing systems have been fully replaced. A basement adds storage capacity and utility space, complementing the two-unit layout. The property is located on Burr Oak Street in Kalamazoo, Michigan.
Electrical and plumbing systems have been fully replaced. A basement adds storage capacity and utility space, complementing the two-unit layout. The property is located on Burr Oak Street in Kalamazoo, Michigan.
Key Highlights
- Two‑unit duplex with separate residential living areas
- Both units remodeled within the last 2 years
- Main‑level unit includes 2 bedrooms and 1 bath
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
$11,574
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
6.26%
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%
$231,480
$231.5K
Cap Rate 7%
$165,343
$165.3K
Cap Rate 9%
$128,600
$128.6K
Market Conditions
NOI Build-Up for 1,968 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
$17.7K $9.00/SF
− Vacancy
−$1.2K −$0.60/SF
EGI
$16.5K $8.40/SF
− OpEx
−$5.0K −$2.52/SF
NOI
$11.6K $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%
$231,480
Cap Rate 7%
$165,343
Cap Rate 9%
$128,600
Alternative Uses
Best Use
Multifamily LT 5
$165.3K
$144.7K – $192.9K
NOI $11,574 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$151.9K
$132.9K – $177.2K
NOI $10,630 @ 7.0% cap · market cap 5.75%
Theoretical Best
Warehouse
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 19.49%
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
2,023
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residential units include updated interiors and basement storage.
Where is this duplex located?
The property is located at 213 Burr Oak Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑unit duplex with separate residential living areas; Both units remodeled within the last 2 years; Main‑level unit includes 2 bedrooms and 1 bath
