Retail Space with Lower
For Sale
$375,000
217 S Kalamazoo Mall, Kalamazoo, MI 49007
COMMERCIAL - Kalamazoo, MI
Property Size1,982 SF
Lot Size0.04 Acres
Price / SF$189.20
Days on Market251
Property Features for 217 S Kalamazoo Mall
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
D1
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
E Michigan Ave, turn South on to S Kalamazoo Mall.
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
06-15-386-011
Size
1,982 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
548 KALAMAZOO COUNTY CONDOMINIUM SUBDIVISION PLAN NO. 127 THE STYLE SHOP BUILDING Unit 1
Tax Annual Amount
7712
Legal Description
548 KALAMAZOO COUNTY CONDOMINIUM SUBDIVISION PLAN NO. 127 THE STYLE SHOP BUILDING Unit 1
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1937
Number of units
1
Building materials
Brick
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 353-0311
Added: Dec 12, 2025
Changed: Aug 4
Last Checked: Aug 20 at 10:06PM
MLS# 25061704
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 retail space at 217 S Kalamazoo Mall provides 1,982 square feet on the main level, along with an additional 1,200-square-foot lower level. The interior includes an open layout, a bathroom, broadband access, forced-air heating, and brick construction dating to 1937. Cable is available, and the lower level adds practical storage or operational capacity.
The property occupies South Kalamazoo Mall in downtown Kalamazoo, within a commercial setting that includes established retailers, creative offices, and new residential development. Nearby parking and pedestrian activity support access to the storefront. An arena project under construction nearby is planned as a home for WMU hockey and a major event venue.
The property occupies South Kalamazoo Mall in downtown Kalamazoo, within a commercial setting that includes established retailers, creative offices, and new residential development. Nearby parking and pedestrian activity support access to the storefront. An arena project under construction nearby is planned as a home for WMU hockey and a major event venue.
Key Highlights
- 1,982 SF of retail space on South Kalamazoo Mall
- Additional 1,200 SF lower level for storage or operational use
- Open interior layout with a bathroom
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
$13,669
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
3.65%
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%
$273,380
$273.4K
Cap Rate 7%
$195,271
$195.3K
Cap Rate 9%
$151,878
$151.9K
Market Conditions
NOI Build-Up for 1,982 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
$23.8K $12.00/SF
− Vacancy
−$4.3K −$2.15/SF
EGI
$19.5K $9.85/SF
− OpEx
−$5.9K −$2.96/SF
NOI
$13.7K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$273,380
Cap Rate 7%
$195,271
Cap Rate 9%
$151,878
Alternative Uses
Best Use
Retail
$195.3K
$170.9K – $227.8K
NOI $13,669 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,165
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 41%
Hotels & Casinos 12%
Electronics 2%
McDonald's
Dining
15,871 visits/mo
0.3 miles
Shell
Shops & Services
13,648 visits/mo
0.4 miles
Checkers
Dining
6,149 visits/mo
0.5 miles
Barrio Tacos
Dining
4,643 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,370 visits/mo
0.5 miles
Demographics for 49007, MI
10,353
Population
5,102
Households
2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
2,958
Density / Sq Mi
$39,309
Median Household Income
$24,723
Median Earnings
$1,017
Median Rent
$103,400
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?
Retail space - Open retail layout with supplementary lower-level space for storage or day-to-day operations in downtown Kalamazoo.
Where is this retail space located?
The property is located at 217 S Kalamazoo Mall Kalamazoo, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,982 SF of retail space on South Kalamazoo Mall; Additional 1,200 SF lower level for storage or operational use; Open interior layout with a bathroom
