Office Building with Fenced
For Sale
$319,900
215 N Kalamazoo Street, Paw Paw, MI 49079
COMMERCIAL - Paw Paw, MI
Property Size1,885 SF
Lot Size0.40 Acres
Price / SF$169.71
Days on Market212
Property Features for 215 N Kalamazoo Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Paw Paw
Middle school district
Paw Paw
High school district
Paw Paw
Directions
Corner of Elm St and Kalamazoo Street (M-40 Hwy).
Subdivision
Southwestern Michigan - S
Standard status
Active
APN
80-47-105-009-00
Size
1,885 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
in file
Tax Annual Amount
5972
Legal Description
in file
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1952
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Gale Realty, LLC
(269) 657-8140
Listed By:
Mark Gale
(269) 268-6283
Added: Jan 7
Changed: Aug 4
Last Checked: Aug 7 at 7:06AM
MLS# 26001835
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.
Freestanding office building for sale offering 6 private offices, a conference room, and a “stunning” front lobby. The interior includes 3 bathrooms and handicap ramp accessibility. A full basement with a full bath and shower provides additional finished or usable space. The property sits on a large corner lot and features a fenced, paved parking area.
Located in downtown Paw Paw, the building is positioned next to the Post office and within the downtown business area, about 2 blocks from the courthouse. The listing notes that a possible land contract may be available. Listed price includes all furniture, desks and chairs, and file cabinets.
Located in downtown Paw Paw, the building is positioned next to the Post office and within the downtown business area, about 2 blocks from the courthouse. The listing notes that a possible land contract may be available. Listed price includes all furniture, desks and chairs, and file cabinets.
Key Highlights
- Brick professional office building built in 1952 with central air and forced‑air heating
- Large corner lot with fenced, paved parking lot
- Includes 6 private offices plus a conference room and a front lobby
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
$19,320
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
6.04%
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%
$386,400
$386.4K
Cap Rate 7%
$276,000
$276.0K
Cap Rate 9%
$214,667
$214.7K
Market Conditions
NOI Build-Up for 1,885 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
$32.1K $17.04/SF
− Vacancy
−$6.4K −$3.37/SF
EGI
$25.8K $13.67/SF
− OpEx
−$6.4K −$3.42/SF
NOI
$19.3K $10.25/SF
Area
Van Buren County, MI
Vacancy
19.80%
Lease Rate
$17.04 /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%
$386,400
Cap Rate 7%
$276,000
Cap Rate 9%
$214,667
Alternative Uses
Best Use
Office B
$276.0K
$241.5K – $322.0K
NOI $19,320 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$23.31M
$20.39M – $27.19M
NOI $1,631,539 @ 7.0% cap · market cap 510.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 49079, MI
13,766
Population
6,019
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
83.4 sq mi
ZIP Area
165
Density / Sq Mi
$72,119
Median Household Income
$41,376
Median Earnings
$841
Median Rent
$214,600
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 - Freestanding office building with six private offices, conference room, and fenced paved parking on a large corner lot.
Where is this office building located?
The property is located at 215 N Kalamazoo Street Paw Paw, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Brick professional office building built in 1952 with central air and forced‑air heating; Large corner lot with fenced, paved parking lot; Includes 6 private offices plus a conference room and a front lobby
