Kalamazoo Multi-Unit Investment
For Sale
$475,000
232 Woodward Avenue, Kalamazoo, MI 49007
Historic 5-unit property near colleges and downtown Kalamazoo.
Property Size3,118 SF
Price / SF$152.34
Days on Market262
Property Features for 232 Woodward Avenue
General Information
Standard status
Active
Size
3,118 SF
Property subtype
Residential Income / 5+ Units
Zoning
RM-15
Taxes and HOA fees
Annual Taxes
$12,131
Amenities
Window Units
Hot Water, Natural Gas
true
Yes
Common Area, In Hall
Sidewalks
Building Details
Year Built
1885
Buildings
2
Listing Agency:
Five Star Real Estate
Listed By:
Kerry L Keefer Fischer · License #6501367416
(269) 998-4062
Source:
Compass
Added: Jan 13
Changed: Oct 1
Last Checked: Oct 1 at 1:28PM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This historic multi-unit property in Kalamazoo offers five rental units with income potential. The main floor contains two one-bedroom apartments, while the second level features another one-bedroom unit and a studio. The third story showcases a spacious two-bedroom apartment. Some apartments feature refreshed kitchens and bathrooms, and hardwood floors. Historic details remain intact throughout the property, including original trim and an ornately crafted staircase railing. The property includes ample off-street parking and its original carriage house. Located blocks from local college campuses and the downtown scene, this location is suitable for attracting long-term tenants. This property is a chance to own a Kalamazoo classic with rental potential.
Key Highlights
- Five rental units offer strong income potential.
- Prime location near college campuses and downtown Kalamazoo.
- Ample off‑street parking available.
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
$16,842
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
3.55%
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%
$336,840
$336.8K
Cap Rate 7%
$240,600
$240.6K
Cap Rate 9%
$187,133
$187.1K
Market Conditions
NOI Build-Up for 3,118 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
$32.9K $10.56/SF
− Vacancy
−$2.3K −$0.74/SF
EGI
$30.6K $9.82/SF
− OpEx
−$13.8K −$4.42/SF
NOI
$16.8K $5.40/SF
Area
Kalamazoo County, MI
Vacancy
7.00%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$336,840
Cap Rate 7%
$240,600
Cap Rate 9%
$187,133
Alternative Uses
Best Use
Apartment 5plus
$240.6K
$210.5K – $280.7K
NOI $16,842 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$815.9K
$713.9K – $951.9K
NOI $57,114 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic 5-unit property near colleges and downtown Kalamazoo.
Where is this apartment building located?
The property is located at 232 Woodward Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five rental units offer strong income potential.; Prime location near college campuses and downtown Kalamazoo.; Ample off‑street parking available.
