Remodeled Retail Space For
For Sale
$650,000
Pending
4413 W KL Ave, Kalamazoo, MI 49007
Retail or professional services space with high-traffic visibility.
Property Size5,153 SF
Days on Market120
Property Features for 4413 W KL Ave
General Information
Standard status
Pending
Size
5,153 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,395
Building Details
Year Built
1991
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 370-6437
Listed By:
Connor Schultze · License #6501453214
(269) 370-6437
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 20 at 7:55AM
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.
The property features approximately 5,153 square feet of retail or professional services space. Located east of the intersection of Drake and West KL Avenue, the building consists of two units that have been recently remodeled. One unit includes a new furnace. The open floor plan is adaptable for a wide range of uses, making it suitable for many retail or professional concepts. The site offers easy ingress and egress, a large lot with ample parking, and strong visibility along two high-traffic corridors. As a two-unit property, it presents an opportunity for investors or owner-occupants, allowing rental income from one unit to offset costs for the user-owner, or provide a steady rental income from both units. The location has a Walk Score of 38, indicating car-dependence, and a Bike Score of 38, indicating it is somewhat bikeable.
Key Highlights
- Move‑in ready, recently remodeled units suitable for retail or professional services.
- Excellent investment or owner‑occupant opportunity with potential rental income from one or both units.
- High visibility location on two high‑traffic corridors.**
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
$35,537
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
5.47%
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%
$710,740
$710.7K
Cap Rate 7%
$507,671
$507.7K
Cap Rate 9%
$394,856
$394.9K
Market Conditions
NOI Build-Up for 5,153 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
$61.8K $12.00/SF
− Vacancy
−$11.1K −$2.15/SF
EGI
$50.8K $9.85/SF
− OpEx
−$15.2K −$2.96/SF
NOI
$35.5K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$710,740
Cap Rate 7%
$507,671
Cap Rate 9%
$394,856
Alternative Uses
Best Use
Retail
$507.7K
$444.2K – $592.3K
NOI $35,537 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,390 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
214k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 56%
Shops & Services 19%
Home Improvements & Furnishings 14%
Dining 11%
Costco Wholesale
Superstores
119,173 visits/mo
0.4 miles
Speedway
Shops & Services
24,068 visits/mo
0.1 miles
At Home
Home Improvements & Furnishings
19,235 visits/mo
0.5 miles
Harbor Freight Tools
Home Improvements & Furnishings
10,946 visits/mo
0.5 miles
Condado Tacos
Dining
7,456 visits/mo
0.4 miles
Demographics for 49007, MI
10,353
Population
5,102
Households
2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
2,958
Density / Sq Mi
$39,309
Median Household Income
$24,723
Median Earnings
$1,017
Median Rent
$103,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Retail or professional services space with high-traffic visibility.
Where is this retail space located?
The property is located at 4413 W KL Ave 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: Move‑in ready, recently remodeled units suitable for retail or professional services.; Excellent investment or owner‑occupant opportunity with potential rental income from one or both units.; High visibility location on two high‑traffic corridors.**
