Freestanding Restaurant Retail
For Sale
Contact for pricing
3811 S Westnedge Avenue, Kalamazoo, MI 49008
Freestanding building with on-site parking, fenced patio, and restaurant kitchen improvements for food and service uses.
Property Size2,623 SF
Price / SF$247.81
Days on Market85
Property Features for 3811 S Westnedge Avenue
General Information
Standard status
Active
Size
2,623 SF
Property subtype
Retail, Office
Zoning
CC
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Building Details
Year Built
2015
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 569-4289
Listed By:
TJ Ward · License #MI
Source:
Crexi
Added: May 29
Changed: Aug 14
Last Checked: Aug 14 at 7:27AM
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 Kalamazoo Commercial Real Estate
Investment Insights
Based on property information with market context.
This 2,623 SF freestanding retail building is positioned along South Westnedge Avenue and is built around restaurant use. The interior includes a dining area with a fireplace, a bar area, a kitchen area, and two restrooms. Outside, the property offers on-site parking and a fenced-in patio, and it also features pylon signage with a digital sign.
The building sits in one of Kalamazoo’s established commercial corridors, between Cork Street and Kilgore Road. It is approximately 1.5 miles from I-94, supporting convenient access for both local customers and regional traffic.
The existing restaurant-oriented improvements make the space a practical fit for a food or beverage operator looking for a turn-key setup with core back-of-house and guest areas in place. The configuration can also support certain retail and service-based concepts that benefit from a dining layout, bar area, and dedicated kitchen space, along with exterior patio seating behind fencing.
The building sits in one of Kalamazoo’s established commercial corridors, between Cork Street and Kilgore Road. It is approximately 1.5 miles from I-94, supporting convenient access for both local customers and regional traffic.
The existing restaurant-oriented improvements make the space a practical fit for a food or beverage operator looking for a turn-key setup with core back-of-house and guest areas in place. The configuration can also support certain retail and service-based concepts that benefit from a dining layout, bar area, and dedicated kitchen space, along with exterior patio seating behind fencing.
Key Highlights
- 2,623 SF freestanding retail building (built 2015) along South Westnedge Avenue
- Located between Cork Street and Kilgore Road in an established commercial corridor
- Approximately 1.5 miles from I‑94 for convenient regional access
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
$24,609
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
3.79%
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%
$492,180
$492.2K
Cap Rate 7%
$351,557
$351.6K
Cap Rate 9%
$273,433
$273.4K
Market Conditions
NOI Build-Up for 2,623 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
$34.5K $13.14/SF
− Vacancy
−$1.7K −$0.63/SF
EGI
$32.8K $12.51/SF
− OpEx
−$8.2K −$3.13/SF
NOI
$24.6K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /SF/Yr
Expense Ratio
25.00%
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%
$492,180
Cap Rate 7%
$351,557
Cap Rate 9%
$273,433
Alternative Uses
Best Use
Specialty Retail
$351.6K
$307.6K – $410.2K
NOI $24,609 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$686.4K
$600.6K – $800.8K
NOI $48,047 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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?
Conventional restaurant - Freestanding building with on-site parking, fenced patio, and restaurant kitchen improvements for food and service uses.
Where is this conventional restaurant located?
The property is located at 3811 S Westnedge Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,623 SF freestanding retail building (built 2015) along South Westnedge Avenue; Located between Cork Street and Kilgore Road in an established commercial corridor; Approximately 1.5 miles from I‑94 for convenient regional access
