Two Mansion Multifamily with Carriage
For Sale
$1,000,000
316 Stuart Ave, Kalamazoo, MI 49007
18-unit multifamily formed by two contiguous historic mansions, with a carriage house, porches, off-street parking, and laundry.
Property Size9,276 SF
Price / SF$107.81
Days on Market185
Property Features for 316 Stuart Ave
General Information
Standard status
Active
Size
9,276 SF
Total Parking Spaces
18
Property subtype
Multifamily
Zoning
RM15
Additional Details
Multifamily Units
18
Amenities
laundry
18 Parking Spaces
Building Details
Year Built
1890
Listing Agency:
O'Brien Real Estate, Inc.
Listed By:
Patrick O'Brien
(269) 207-7446
Source:
Carwm.resimplifi
Added: Apr 23
Changed: Oct 5
Last Checked: Oct 24 at 1:41PM
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 O'Brien Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This property is a 18-unit income opportunity consisting of two contiguous historic mansions. The offering includes many recently remodeled apartments and a large carriage house, along with notable front porches. On-site amenities include laundry, and the property provides lots of off-street parking.
The location is described as close to campus and within walking distance to downtown Kalamazoo, Kalamazoo College, and nearby entertainment, restaurants, and bars, with a future arena also referenced in the remarks.
The location is described as close to campus and within walking distance to downtown Kalamazoo, Kalamazoo College, and nearby entertainment, restaurants, and bars, with a future arena also referenced in the remarks.
Key Highlights
- 18‑unit multifamily formed by two contiguous historic mansions
- Many apartments recently remodeled
- Includes a large carriage house
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,104
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,002,080
$1.0M
Cap Rate 7%
$715,771
$715.8K
Cap Rate 9%
$556,711
$556.7K
Market Conditions
NOI Build-Up for 9,276 SF
Gross rent
$98.0K $10.56/SF
− Vacancy
−$6.9K −$0.74/SF
EGI
$91.1K $9.82/SF
− OpEx
−$41.0K −$4.42/SF
NOI
$50.1K $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%
$1,002,080
Cap Rate 7%
$715,771
Cap Rate 9%
$556,711
Alternative Uses
Best Use
Apartment 5plus
$715.8K
$626.3K – $835.1K
NOI $50,104 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.43M
$2.12M – $2.83M
NOI $169,914 @ 7.0% cap · market cap 16.99%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily formed by two contiguous historic mansions, with a carriage house, porches, off-street parking, and laundry.
Where is this apartment building located?
The property is located at 316 Stuart Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 18‑unit multifamily formed by two contiguous historic mansions; Many apartments recently remodeled; Includes a large carriage house
