Historical 15-Unit Apartment
447 West Walnut Street Kalamazoo, MI 49007
447 West Walnut Street, Kalamazoo, MI, 49007
$1,100,000
For Sale
$1,100,000
Historical 15-unit apartment building in Kalamazoo's Vine Neighborhood.
Property Size13,504 SF
Price / SF$81.46
Days on Market127
Property Features for 447 West Walnut Street
General Information
- Standard status
- Active
- Size
- 13,504 SF
- Property subtype
- Residential Income / 5+ Units
Building Details
- Year Built
- 1905
Listing Agency
Lukeman Group LLC
(269) 598-6567
Listed by
Joseph Lukeman · License #6501349281
(269) 598-6567
Source
Compass
Added: Mar 15 Checked: Jul 17 at 3:39 am
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 Lukeman Group LLC
Investment Insights
Based on property information with market context.
This 15-unit, three-story brick apartment building, constructed in 1907, is located in the Vine Neighborhood of Kalamazoo. The property has undergone capital improvements while retaining its original character. Nine of the fifteen units have remodeled kitchens and bathrooms. Many units feature hardwood floors and built-ins. The building comprises nine one-bedroom units, five two-bedroom units, and one four-bedroom unit. Electrical panel upgrades have been completed for all 15 units. There are two commercial water heaters. Four units have back-up electric heating systems. The property is 13,504 square feet. Rents have increased year over year, and the building has historically been fully occupied. Certification is valid through 7/31/27.
Key Highlights
- Historically fully occupied 15‑unit apartment building in Kalamazoo's Vine Neighborhood.
- Significant capital improvements while maintaining 1907 character.
- 9 of 15 units have remodeled kitchens and bathrooms.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $142.6k | $10.56 |
| − Vacancy | −$10.0k | −$0.74 |
| EGI | $132.6k | $9.82 |
| − OpEx | −$59.7k | −$4.42 |
| NOI | $72.9k | $5.40 |
13,504 SF · lease $10.56/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$911.8K – $1.22M
NOI $72,941 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.53M
$3.09M – $4.12M
NOI $247,360 @ 7.0% cap · market cap 22.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Historical 15-unit apartment building in Kalamazoo's Vine Neighborhood.
Where is this apartment building located?
The property is located at 447 West Walnut Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Historically fully occupied 15‑unit apartment building in Kalamazoo's Vine Neighborhood.; Significant capital improvements while maintaining 1907 character.; 9 of 15 units have remodeled kitchens and bathrooms.
