Brick Apartment
For Sale
$2,849,999
Pending
2907 S Burdick St, Kalamazoo, MI 49001
Thirty-three-unit multifamily property with updated building systems and improvements across two buildings.
Property Size36,000 SF
Days on Market185
Property Features for 2907 S Burdick St
General Information
Standard status
Pending
Size
36,000 SF
Total Parking Spaces
75
Property subtype
Multifamily
Zoning
RM15
Additional Details
Multifamily Units
33
Amenities
75 Parking Spaces
Building Details
Year Built
1964
Buildings
2
Construction
brick
Listing Agency:
MOXIE Real Estate + Development
Listed By:
Shawn Jacobs · License #6501370018
(616) 341-7699
Source:
Carwm.resimplifi
Added: Apr 27
Changed: Oct 25
Last Checked: Oct 28 at 4:40AM
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 MOXIE Real Estate + Development
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Investment Insights
Based on property information with market context.
Ridgewood Apartments is a 36,000-square-foot, all-brick multifamily property comprising 33 units in two buildings. The unit mix includes one 25-unit building and one 8-unit building. Constructed in 1964, the property has received capital improvements that include new boilers, renovated units, and new hot water heaters. Current rents are identified as below market, providing a documented operating consideration for a prospective owner.
The property is located at 2907 S Burdick St in Kalamazoo, Michigan, and is zoned RM15. The sale includes two additional land parcels. Subject to required city approvals, those parcels may support additional units or parking. The combination of established apartment improvements, multiple structures, and included land creates a clearly defined multifamily acquisition with room for further evaluation.
The property is located at 2907 S Burdick St in Kalamazoo, Michigan, and is zoned RM15. The sale includes two additional land parcels. Subject to required city approvals, those parcels may support additional units or parking. The combination of established apartment improvements, multiple structures, and included land creates a clearly defined multifamily acquisition with room for further evaluation.
Key Highlights
- 33 units across a 25‑unit building and an 8‑unit building
- 36,000 SF all‑brick apartment property
- New boilers, renovated units, and new hot water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$194,452
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,889,040
$3.9M
Cap Rate 7%
$2,777,886
$2.8M
Cap Rate 9%
$2,160,578
$2.2M
Market Conditions
NOI Build-Up for 36,000 SF
Gross rent
$380.2K $10.56/SF
− Vacancy
−$26.6K −$0.74/SF
EGI
$353.5K $9.82/SF
− OpEx
−$159.1K −$4.42/SF
NOI
$194.5K $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 Rate 5%
$3,889,040
Cap Rate 7%
$2,777,886
Cap Rate 9%
$2,160,578
Alternative Uses
Best Use
Apartment 5plus
$2.78M
$2.43M – $3.24M
NOI $194,452 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.42M
$8.24M – $10.99M
NOI $659,432 @ 7.0% cap · market cap 23.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Thirty-three-unit multifamily property with updated building systems and improvements across two buildings.
Where is this apartment building located?
The property is located at 2907 S Burdick St Kalamazoo, MI.
What is the asking price?
The asking price for this property is $2,849,999.
What are key features of this property?
This property features: 33 units across a 25‑unit building and an 8‑unit building; 36,000 SF all‑brick apartment property; New boilers, renovated units, and new hot water heaters
