Freestanding Restaurant
For Sale
$650,000
3811 S Westnedge Avenue, Kalamazoo, MI 49008
COMMERCIAL - Kalamazoo, MI
Property Size2,623 SF
Price / SF$247.81
Days on Market93
Property Features for 3811 S Westnedge Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CC2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Standard status
Active
APN
06-34-165-103
Size
2,623 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
On file.
Tax Annual Amount
20921
Legal Description
On file.
Utilities
Utilities
Cable Available
Heating system
Solar (Heating), Radiant, Forced Air
Amenities
fireplace
bar area
restrooms
Building Details
Year built
2015
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 888-2755
Listed By:
TJ Ward
(269) 569-4289
Added: May 29
Changed: Aug 4
Last Checked: Aug 29 at 12:06AM
MLS# 26025609
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,623-square-foot freestanding retail building is set up with restaurant-oriented improvements and an efficient layout for food and beverage concepts. Interior features include a dining area with a fireplace, a bar area, a kitchen area, and two restrooms. Outdoors, the property includes a fenced patio, and on-site parking is available for guests and staff.
The building is located along South Westnedge Avenue between Cork Street and Kilgore Road. It is approximately 1.5 miles from I-94, offering convenient access for local customers and regional traffic. A pylon sign with a digital sign supports visibility from the corridor.
With the existing improvements in place, the space is positioned to support a variety of food, beverage, retail, or service-based users, depending on operational needs.
The building is located along South Westnedge Avenue between Cork Street and Kilgore Road. It is approximately 1.5 miles from I-94, offering convenient access for local customers and regional traffic. A pylon sign with a digital sign supports visibility from the corridor.
With the existing improvements in place, the space is positioned to support a variety of food, beverage, retail, or service-based users, depending on operational needs.
Key Highlights
- High‑traffic location on South Westnedge Avenue in an established commercial corridor.
- Convenient access to I‑94 (1.5 miles).
- Existing restaurant‑oriented improvements including a dining area with a fireplace, a bar area, and a kitchen area.
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
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
81k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 75%
Shops & Services 20%
Apparel 3%
Electronics 2%
McDonald's
Dining
17,006 visits/mo
0.3 miles
Taco Bell
Dining
12,369 visits/mo
0.3 miles
Speedway
Shops & Services
10,573 visits/mo
0.2 miles
Burger King
Dining
9,260 visits/mo
0.5 miles
Dunkin' Donuts
Dining
7,477 visits/mo
0.4 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?
Conventional restaurant - Freestanding retail building with on-site parking, two restrooms, dining, bar, kitchen, and a fenced patio.
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: High‑traffic location on South Westnedge Avenue in an established commercial corridor.; Convenient access to I‑94 (1.5 miles).; Existing restaurant‑oriented improvements including a dining area with a fireplace, a bar area, and a kitchen area.
