Mixed-Use Live-Work
New
For Sale
$109,900
5928 E Michigan Avenue, Kalamazoo, MI 49048
Commercial Sale, Kalamazoo, MI
Property Size1,076 SF
Lot Size0.20 Acres
Price / SF$102.14
Days on Market2
Property Features for 5928 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Comstock
Middle school district
Comstock
High school district
Comstock
Standard status
Active
APN
390719230190
Size
1,076 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
SEC 19-2-10 BEG IN E LI RIVER ST AT A PT 334.06 FT N OF N LI REV PARK PLAT TH NELY TO A PT 235 FT W OF E LI SEC 19 & ABT
Tax Annual Amount
2200
Legal Description
SEC 19-2-10 BEG IN E LI RIVER ST AT A PT 334.06 FT N OF N LI REV PARK PLAT TH NELY TO A PT 235 FT W OF E LI SEC 19 & ABT
Utilities
Utilities
Electricity Available
Heating system
Forced Air
Amenities
bathroom with shower
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Listing Agency:
O'Brien Real Estate
(269) 381-6470
Listed By:
Pat O'Brien · License #6502102326
(330) 448-8343
Added: Sep 29
Last Checked: Sep 30 at 9:06PM
MLS# 26051845
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.
This 1,076-square-foot building, constructed in 1930, sits on a 0.2-acre parcel and includes a bathroom with a shower. The layout may allow space for a small one-bedroom apartment. Forced-air heating is installed, and electricity is available; the property also has city water and sewer service. Off-street parking is provided.
The property fronts M-96, identified locally as East Michigan Avenue and River Street, with reported daily traffic of 16,000+ vehicles. CC (Comstock Center) zoning supports mixed-use development, including possible residential occupancy in conjunction with retail space. Any proposed business remains subject to township approval.
The property fronts M-96, identified locally as East Michigan Avenue and River Street, with reported daily traffic of 16,000+ vehicles. CC (Comstock Center) zoning supports mixed-use development, including possible residential occupancy in conjunction with retail space. Any proposed business remains subject to township approval.
Key Highlights
- 1,076 square feet on a 0.2‑acre parcel
- CC (Comstock Center) zoning allows for mixed‑use development
- Along M‑96, with 16,000+ vehicles passing daily
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
$7,421
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
6.75%
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%
$148,420
$148.4K
Cap Rate 7%
$106,014
$106.0K
Cap Rate 9%
$82,456
$82.5K
Market Conditions
NOI Build-Up for 1,076 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
$12.9K $12.00/SF
− Vacancy
−$2.3K −$2.15/SF
EGI
$10.6K $9.85/SF
− OpEx
−$3.2K −$2.96/SF
NOI
$7.4K $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%
$148,420
Cap Rate 7%
$106,014
Cap Rate 9%
$82,456
Alternative Uses
Best Use
Mixed Use
$159.1K
$139.2K – $185.6K
NOI $11,137 @ 7.0% cap · market cap 10.13%
Second Best
Office B
$154.1K
$134.8K – $179.7K
NOI $10,784 @ 7.0% cap · market cap 9.81%
Theoretical Best
Warehouse
$281.6K
$246.4K – $328.5K
NOI $19,710 @ 7.0% cap · market cap 17.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16,000 VPD
Traffic count
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 49048, MI
25,067
Population
10,440
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
90%
High-School Grad
35.1 sq mi
ZIP Area
714
Density / Sq Mi
$62,160
Median Household Income
$36,150
Median Earnings
$1,032
Median Rent
$158,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - CC zoning supports commercial activity with the possibility of residential occupancy alongside retail space.
Where is this live-work space located?
The property is located at 5928 E Michigan Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $109,900.
What are key features of this property?
This property features: 1,076 square feet on a 0.2‑acre parcel; CC (Comstock Center) zoning allows for mixed‑use development; Along M‑96, with 16,000+ vehicles passing daily
