4-Unit Mixed-Use
For Sale
$499,000
3101 S Westnedge Ave, Kalamazoo, MI 49008
C-NODE-zoned property combines front-facing retail with residential units.
Property Size4,902 SF
Price / SF$101.80
Days on Market103
Property Features for 3101 S Westnedge Ave
General Information
Standard status
Active
Size
4,902 SF
Property subtype
Retail
Zoning
C-NODE
Additional Details
Corner Location
Yes
Multifamily Units
2
Building Details
Year Built
1954
Tenancy
Multi
Listing Agency:
Callander Commercial
(269) 271-5187
Listed By:
Matt Callander · License #6501303339
(269) 271-5187
Source:
Carwm.resimplifi
Added: May 20
Changed: Aug 29
Last Checked: Aug 29 at 4:33PM
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 Callander Commercial
Investment Insights
Based on property information with market context.
This 4-unit mixed-use property contains two retail suites and two residential units within a 4,902-square-foot building constructed in 1954. The primary retail space faces Westnedge Avenue and is occupied by Body Armor Tattoo. A second commercial suite is accessed from the north side of the building, creating a separate retail configuration within the property.
The asset occupies the hard corner at 3101 S Westnedge Ave in Kalamazoo, Michigan. Its C-NODE zoning supports the property’s combined commercial and residential format. The address places both retail suites and the residential component within a single established building along Westnedge Avenue.
The asset occupies the hard corner at 3101 S Westnedge Ave in Kalamazoo, Michigan. Its C-NODE zoning supports the property’s combined commercial and residential format. The address places both retail suites and the residential component within a single established building along Westnedge Avenue.
Key Highlights
- 4‑unit mixed‑use property with 2 retail suites and 2 residential units
- 4,902 SF building constructed in 1954
- Primary retail space occupied by Body Armor Tattoo
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
$33,806
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
6.77%
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%
$676,120
$676.1K
Cap Rate 7%
$482,943
$482.9K
Cap Rate 9%
$375,622
$375.6K
Market Conditions
NOI Build-Up for 4,902 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
$58.8K $12.00/SF
− Vacancy
−$10.5K −$2.15/SF
EGI
$48.3K $9.85/SF
− OpEx
−$14.5K −$2.96/SF
NOI
$33.8K $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%
$676,120
Cap Rate 7%
$482,943
Cap Rate 9%
$375,622
Alternative Uses
Best Use
Mixed Use
$724.8K
$634.2K – $845.6K
NOI $50,736 @ 7.0% cap · market cap 10.17%
Second Best
Retail
$482.9K
$422.6K – $563.4K
NOI $33,806 @ 7.0% cap · market cap 6.77%
Theoretical Best
Warehouse
$1.28M
$1.12M – $1.50M
NOI $89,793 @ 7.0% cap · market cap 17.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
91k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 31%
Electronics 1%
Beauty & Spa 1%
McDonald's
Dining
17,006 visits/mo
0.1 miles
Taco Bell
Dining
12,369 visits/mo
0.0 miles
Speedway
Shops & Services
10,573 visits/mo
0.5 miles
Shell
Shops & Services
10,482 visits/mo
0.5 miles
Burger King
Dining
9,260 visits/mo
0.1 miles
Demographics for 49008, MI
18,343
Population
7,124
Households
2.6
Avg Household Size
31
Median Age
55%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
2,738
Density / Sq Mi
$67,339
Median Household Income
$31,756
Median Earnings
$1,005
Median Rent
$202,400
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?
Mixed-use property - C-NODE-zoned property combines front-facing retail with residential units.
Where is this mixed-use property located?
The property is located at 3101 S Westnedge Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 4‑unit mixed‑use property with 2 retail suites and 2 residential units; 4,902 SF building constructed in 1954; Primary retail space occupied by Body Armor Tattoo
