Remodeled Two-Unit Retail/Service
For Sale
$650,000
Pending
4413 W KL Avenue, Kalamazoo, MI 49007
COMMERCIAL - Kalamazoo, MI
Property Size5,153 SF
Lot Size0.55 Acres
Days on Market260
Property Features for 4413 W KL Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CC2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Subdivision
Greater Kalamazoo - K
Standard status
Pending
APN
06-19-358-001
Size
5,153 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
On file.
Tax Annual Amount
15395
Legal Description
On file.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
1
Number of units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Connor Schultze · License #6501453214
(269) 370-6437
Added: Dec 4, 2025
Changed: Aug 4
Last Checked: Aug 21 at 10:06AM
MLS# 25060753
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.
Approximately 5,153 SF of retail or professional services space offering two separate units. Both spaces have been recently remodeled and are move-in ready, including a new furnace in one unit. Each unit features an open floor plan that can be adapted for a range of retail or professional service concepts.
Located east of the intersection of Drake and West KL Avenue in Kalamazoo, the property provides easy ingress and egress and sits on a large lot with ample parking. The building also has visibility along two high-traffic corridors.
As a two-unit property, it can support a user-occupant strategy with rental income from one unit to help offset ownership costs, or a long-term rental income approach with both units leased.
Located east of the intersection of Drake and West KL Avenue in Kalamazoo, the property provides easy ingress and egress and sits on a large lot with ample parking. The building also has visibility along two high-traffic corridors.
As a two-unit property, it can support a user-occupant strategy with rental income from one unit to help offset ownership costs, or a long-term rental income approach with both units leased.
Key Highlights
- +/- 5,153 SF retail or professional services space with an open floor plan adaptable for many concepts
- Two‑unit property with recently remodeled units—move‑in ready and suitable for investor or owner‑occupant use
- Open floor plan and flexibility for a wide range of retail or professional uses
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
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
397k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Superstores 30%
Dining 28%
Home Improvements & Furnishings 8%
Costco Wholesale
Superstores
119,173 visits/mo
0.4 miles
Costco Gasoline
Shops & Services
61,668 visits/mo
0.4 miles
McDonald's
Dining
25,002 visits/mo
0.4 miles
Speedway
Shops & Services
24,068 visits/mo
0.3 miles
Starbucks
Dining
21,412 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
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Frequently Asked Questions
What type of property is this?
Retail space - Move-in ready two-unit space with recently remodeled interiors and ample parking on a large lot.
Where is this retail space located?
The property is located at 4413 W KL 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: +/- 5,153 SF retail or professional services space with an open floor plan adaptable for many concepts; Two‑unit property with recently remodeled units—move‑in ready and suitable for investor or owner‑occupant use; Open floor plan and flexibility for a wide range of retail or professional uses
