Freestanding Retail Building with
For Sale
Contact for pricing
Pending
5937 King Highway, Kalamazoo, MI 49048
2,000 SF building on 0.75 acres near Kalamazoo.
Property Size2,000 SF
Lot Size0.75 Acres
Days on Market152
Property Features for 5937 King Highway
General Information
Standard status
Pending
Size
2,000 SF
Lot size
0.75 Acres
Property subtype
Retail, Office
Zoning
B-2
Building Details
Year Built
1939
Buildings
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 353-0311
Listed By:
Jodi K. Milks, CCIM · License #6506044331
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Jul 24 at 10:59AM
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 - Kalamazoo
Investment Insights
Based on property information with market context.
This freestanding 2,000 SF building, formerly a retail banking facility, includes a 300 SF double drive-thru. Situated on 0.75 acres in Comstock Charter Township, the property comprises three parcels, offering ample parking. It is located in the B-2 Community Business District, potentially suitable for financial, medical, or quick-service businesses. The property is located minutes from downtown Kalamazoo, with convenient access to I-94 and Kalamazoo-Battle Creek International Airport.
Key Highlights
- Freestanding 2,000 SF former retail banking facility
- Located on 0.75 acres with ample parking
- Includes a 300 SF double drive‑thru
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
$18,764
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
7.54%
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%
$375,280
$375.3K
Cap Rate 7%
$268,057
$268.1K
Cap Rate 9%
$208,489
$208.5K
Market Conditions
NOI Build-Up for 2,000 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
$26.3K $13.14/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$25.0K $12.51/SF
− OpEx
−$6.3K −$3.13/SF
NOI
$18.8K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /SF/Yr
Expense Ratio
25.00%
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%
$375,280
Cap Rate 7%
$268,057
Cap Rate 9%
$208,489
Alternative Uses
Best Use
Specialty Retail
$268.1K
$234.6K – $312.7K
NOI $18,764 @ 7.0% cap · market cap 7.54%
Second Best
Retail
$197.0K
$172.4K – $229.9K
NOI $13,793 @ 7.0% cap · market cap 5.54%
Theoretical Best
Warehouse
$523.4K
$457.9K – $610.6K
NOI $36,635 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 71%
Shops & Services 21%
Home Improvements & Furnishings 8%
Checkers
Dining
6,149 visits/mo
0.3 miles
Lee's Famous Recipe Chicken
Dining
5,202 visits/mo
0.5 miles
AutoZone
Shops & Services
2,468 visits/mo
0.3 miles
Ferguson
Home Improvements & Furnishings
947 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
741 visits/mo
0.4 miles
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
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?
Bank - 2,000 SF building on 0.75 acres near Kalamazoo.
Where is this bank located?
The property is located at 5937 King Highway Kalamazoo, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Freestanding 2,000 SF former retail banking facility; Located on 0.75 acres with ample parking; Includes a 300 SF double drive‑thru
