Building Details

Year Built 1982

Units 1

Listing Agency: NAI Wisinski of West Michigan

Listed By: Kara Schroer · License #6501373674 Show Phone

Source: Elliman

Added: Sep 18 Changed: Sep 19 Last Checked: Sep 19 at 10:47AM

Report an Issue

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 NAI Wisinski of West Michigan

Investment Insights

Based on property information with market context.

This 1,233-square-foot office condominium offers an efficient setting for professional office operations within the Briarwood Valley Condominium Association. The suite was built in 1982 and includes recently updated air conditioning and a hot-water heater. Existing office furniture may also be available.

The property is located at 4021 W Main St 400 in Westwood, with parking serving the office condominium. West Main Street amenities and US-131 are nearby, providing convenient access to surrounding services and regional routes.

Key Highlights

• 1,233 SF office condominium
• Recently updated air conditioning and hot‑water heater
• Existing office furniture may be available

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

$12,358

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

9.09%

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%

$247,160 $247.2K

Cap Rate 7%

$176,543 $176.5K

Cap Rate 9%

$137,311 $137.3K

Market Conditions

NOI Build-Up for 1,233 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

$17.8K $14.40/SF

− Vacancy

−$1.3K −$1.04/SF

EGI

$16.5K $13.36/SF

− OpEx

−$4.1K −$3.34/SF

NOI

$12.4K $10.02/SF

Area

Kalamazoo County, MI

Vacancy

7.20%

Lease Rate

$14.40 /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%

$247,160

Cap Rate 7%

$176,543

Cap Rate 9%

$137,311

Alternative Uses

Best Use

Office B

$176.5K

$154.5K – $206.0K (±1% cap)

NOI $12,358 @ 7.0% cap · market cap 9.09%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$322.7K

$282.3K – $376.4K (±1% cap)

NOI $22,586 @ 7.0% cap · market cap 16.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Rushlau Matthew Physician Brueggemann & Sharma P.C. Law Firm Lark Julianne PHD Physician Covenant Health Corporate Office

Suggested Use

Top Pick Building Supply Law Firm Auto Repair Shop Real Estate Agency Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

544

Businesses Nearby

Explore this area Business Placement

Demographics for 49006, MI

25,119

Population

12,093

Households

2.1

Avg Household Size

27

Median Age

44%

College-Educated

91%

High-School Grad

6.0 sq mi

ZIP Area

4,187

Density / Sq Mi

$45,617

Median Household Income

$18,710

Median Earnings

$991

Median Rent

$198,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office units - Professional office suite with refreshed mechanical systems, on-site parking, and access to nearby West Main Street amenities.

Where is this office units located?

The property is located at 4021 W Main St 400 Westwood, MI.

What is the asking price?

The asking price for this property is $135,900.

What are key features of this property?

This property features: 1,233 SF office condominium; Recently updated air conditioning and hot‑water heater; Existing office furniture may be available