Corner Restaurant Site with
For Sale
$950,000
S 4311 S Westnedge Avenue Unit SourceFi, Kalamazoo, MI 49008
Two vacant restaurant buildings sit on a corner site with abundant parking and access from Westnedge and Pratt.
Property Size3,490 SF
Lot Size1.11 Acres
Price / SF$272.21
Days on Market134
Property Features for S 4311 S Westnedge Avenue Unit SourceFi
General Information
Standard status
Active
Size
3,490 SF
Lot size
1.11 Acres
Property subtype
Industrial
Zoning
CC
Additional Details
Road Access
Yes
Amenities
3
104250
Building Details
Year Built
1972
Listing Agency:
NAI Wisinski of West Michigan
(269) 349-1000
Listed By:
Callander Commercial · License #6501373674
Source:
Xome
Added: Apr 12
Changed: Aug 23
Last Checked: Aug 22 at 12:35PM
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 well-known, highly visible corner restaurant property includes two parcels and two buildings, both currently vacant. The site is approximately 1.106 acres and offers ingress and egress options via Westnedge Avenue and Pratt Road. The two parcels can be purchased or leased separately, providing flexibility for an owner-user or separate tenancy strategies.
The property is located just north of the Kilgore/Westnedge intersection at Westnedge and Pratt. The surrounding retail and service mix includes tenants such as Lee's Chicken, Discount Tire, HomeGoods, Lowe's, Meijer, and Earth Fare, supporting a busy commercial corridor.
Zoned Community Commercial (CC), the site also includes abundant on-site parking to serve restaurant operations and customers.
The property is located just north of the Kilgore/Westnedge intersection at Westnedge and Pratt. The surrounding retail and service mix includes tenants such as Lee's Chicken, Discount Tire, HomeGoods, Lowe's, Meijer, and Earth Fare, supporting a busy commercial corridor.
Zoned Community Commercial (CC), the site also includes abundant on-site parking to serve restaurant operations and customers.
Key Highlights
- Corner commercial site on Westnedge Ave & Pratt Rd in Kalamazoo, MI with two vacant restaurant buildings
- Approx. 1.106‑acre lot made up of two parcels, with ingress/egress options on Westnedge & Pratt Road
- Zoned Community Commercial (CC)
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
$32,743
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
3.45%
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%
$654,860
$654.9K
Cap Rate 7%
$467,757
$467.8K
Cap Rate 9%
$363,811
$363.8K
Market Conditions
NOI Build-Up for 3,490 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
$45.9K $13.14/SF
− Vacancy
−$2.2K −$0.63/SF
EGI
$43.7K $12.51/SF
− OpEx
−$10.9K −$3.13/SF
NOI
$32.7K $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%
$654,860
Cap Rate 7%
$467,757
Cap Rate 9%
$363,811
Alternative Uses
Best Use
Specialty Retail
$467.8K
$409.3K – $545.7K
NOI $32,743 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$913.3K
$799.1K – $1.07M
NOI $63,928 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
352k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Groceries 35%
Home Improvements & Furnishings 15%
Dining 10%
Meijer
Groceries
101,867 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
29,124 visits/mo
0.4 miles
Meijer Gas Station
Shops & Services
25,902 visits/mo
0.4 miles
HomeGoods
Home Improvements & Furnishings
22,468 visits/mo
0.2 miles
Earth Fare
Groceries
21,322 visits/mo
0.3 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 - Two vacant restaurant buildings sit on a corner site with abundant parking and access from Westnedge and Pratt.
Where is this conventional restaurant located?
The property is located at S 4311 S Westnedge Avenue Unit SourceFi Kalamazoo, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Corner commercial site on Westnedge Ave & Pratt Rd in Kalamazoo, MI with two vacant restaurant buildings; Approx. 1.106‑acre lot made up of two parcels, with ingress/egress options on Westnedge & Pratt Road; Zoned Community Commercial (CC)
