Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historical 15-Unit Apartment Building Title is generated by Realmo AI

    447 West Walnut Street, Kalamazoo, MI 49007

    View on Map
    Claim this Listing
    For Sale
    $1,200,000

    Historical 15-unit apartment building in Kalamazoo's Vine Neighborhood.

    Type:Multi Family / 5+ Units
    Property size:
    13,504 SF
    Price / SF:
    $88/SF
    Added:
    Mar 15, 2026
    Days on Market:
    81
    Last Refresh:
    Mar 17 at 12:46 am

    Property Features for 447 West Walnut Street

    General Information

    Standard status
    Active
    Size
    13,504 SF
    Property subtype
    Multi Family / 5+ Units

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Joseph Lukeman

    Listing agent Joseph Lukeman License #6501349281

    Listing office Lukeman Group LLC

    Listing date Mar 15, 2026

    Source Compass

    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

    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.
    • New electrical panel upgrades for all 15 units.
    • Mix of unit types: (9) 1‑bedroom, (5) 2‑bedroom, and (1) 4‑bedroom.
    • Hardwood floors and built‑ins featured in many units.

    Overview

    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.

    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 (±1% cap)
    NOI $72,941 @ 7.0% cap · market cap 6.08%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Warehouse
    $3.53M
    $3.09M – $4.12M (±1% cap)
    NOI $247,360 @ 7.0% cap · market cap 20.61%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.588749
    Latitude
    42.286132

    Nearby Similar for Sale

    • $899,900
      6,800 SF

      Single-Tenant Office Building

      A 6,800 SF office building with private offices, meeting space, and ample parking, suited for an owner or investor.
      5990 Venture Park Drive, Kalamazoo, MI 49009
      View Details
    • $950,000
      5,213 SF

      Flex/Service Facility with Outdoor Storage

      Well-maintained flex building with ample parking and outdoor storage for contractor, light industrial, or specialty trade operations.
      6264 King Highway, Kalamazoo, MI 49048
      View Details
    • $795,000
      2,120 SF

      Freestanding Drive-Thru Office Retail

      Freestanding building with covered four-lane drive-thru infrastructure for service, medical, or retail use in a highly visible commercial corridor.
      2025 Whites Road, Kalamazoo, MI 49008
      View Details
    • $310,000
      3,132 SF

      Renovated Office Building on Stadium

      Renovated 3,132 SF office building in Kalamazoo, Michigan.
      6281 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $535,000
      4,879 SF

      Kalamazoo Office Buildings on Stadium

      Two office buildings on 0.862 acres in Oshtemo Township.
      6281-6301 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $895,000
      7,000 SF

      Kalamazoo Office/Flex Building For Sale

      7,000 SF office/flex building on 4-acre wooded parcel.
      8240 Stadium Drive, Kalamazoo, MI 49009
      View Details
    • $650,000
      5,153 SF

      Kalamazoo Retail/Professional Services Space

      Remodeled retail/professional space with high visibility and ample parking.
      4413 W KL Avenue, Kalamazoo, MI 49007
      View Details
    • $1,490,000
      24,454 SF

      Kalamazoo Light Industrial Building

      24,454 SF light industrial building on 1.75 acres.
      1206 E Crosstown Parkway, Kalamazoo, MI 49001
      View Details
    • $140,000
      1,068 SF

      Kalamazoo Commercial Property on Two Lots

      Three-room office on almost half an acre with expansion potential.
      3011 Riverview Drive, Kalamazoo, MI 49004
      View Details
    • $679,900
      5,103 SF

      Kalamazoo Office Building For Sale

      Move-in-ready office building with value-add potential in Kalamazoo, MI.
      2555 S 11th Street, Kalamazoo, MI 49009
      View Details
    • $650,000
      2,623 SF

      Retail Building on Westnedge Avenue

      Freestanding 2,623 SF retail building in established commercial corridor.
      3811 S Westnedge Avenue, Kalamazoo, MI 49008
      View Details
    • $999,000
      7,564 SF

      Downtown Kalamazoo Mixed-Use Redevelopment Opportunity

      Historical building near Kalamazoo Events Center with redevelopment potential.
      222 S Westnedge Avenue, Kalamazoo, MI 49007
      View Details

    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 $1,200,000.
    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.
    (269) 598-6567
    We can help!
    Listing Contact
    Joseph Lukeman
    Real Estate License ID: 6501349281
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    447 West Walnut Street, Kalamazoo, MI 49007
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!