Historic 9-Unit Apartment
324 Stuart Avenue Kalamazoo, MI 49007
324 Stuart Avenue, Kalamazoo, MI, 49007
$599,000
For Sale
$599,000
Historic 9-unit property with many recently remodeled apartments, a carriage house, laundry, and off-street parking.
Property Size8,712 SF
Price / SF$68.76
Days on Market297
Property Features for 324 Stuart Avenue
General Information
- Standard status
- Active
- Size
- 8,712 SF
- Property subtype
- Multi Family / 5+ Units
Building Details
- Year Built
- 1890
Listing agency
O'Brien Real Estate
(269) 381-6470
Listed by
Pat O'Brien · License #6502102326
(269) 381-6470
Source
Compass
Added: Sep 28, 2025 Updated: Jul 20 at 5:08PM Checked: Jul 21 at 6:29AM
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
Investment Insights
Based on property information with market context.
This historic 9-unit apartment building presents a strong income property profile, featuring many recently remodeled apartments. The property also includes a large carriage house, front porches, on-site laundry, and lots of off-street parking, offering practical day-to-day convenience for residents.
The building is located close to campus and within walking distance to downtown, K College, and area entertainment, restaurants, and bars. A 9-unit sister house is located next door, and the purchase of both properties is highly encouraged.
Overall, the configuration combines multiple residential units with additional carriage house space, supported by off-street parking and on-site laundry to serve tenants at the property.
The building is located close to campus and within walking distance to downtown, K College, and area entertainment, restaurants, and bars. A 9-unit sister house is located next door, and the purchase of both properties is highly encouraged.
Overall, the configuration combines multiple residential units with additional carriage house space, supported by off-street parking and on-site laundry to serve tenants at the property.
Key Highlights
- Historic 9‑unit income property built in 1890 with a wood siding exterior and full basement
- Many apartments recently remodeled
- On‑site laundry facilities with laundry located in the basement
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $92.0k | $10.56 |
| − Vacancy | −$6.4k | −$0.74 |
| EGI | $85.6k | $9.82 |
| − OpEx | −$38.5k | −$4.42 |
| NOI | $47.1k | $5.40 |
8,712 SF · lease $10.56/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$672.2K
$588.2K – $784.3K
NOI $47,057 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.28M
$1.99M – $2.66M
NOI $159,583 @ 7.0% cap · market cap 26.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Historic 9-unit property with many recently remodeled apartments, a carriage house, laundry, and off-street parking.
Where is this apartment building located?
The property is located at 324 Stuart Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Historic 9‑unit income property built in 1890 with a wood siding exterior and full basement; Many apartments recently remodeled; On‑site laundry facilities with laundry located in the basement
