Duplex with Off-Street
For Sale
$159,914
Pending
610 Campbell Ave, Kalamazoo, MI 49006
Two mirror-image residences include bedrooms, full baths, kitchen appliances, and shared laundry hookups.
Property Size1,288 SF
Days on Market46
Property Features for 610 Campbell Ave
General Information
Standard status
Pending
Size
1,288 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
laundry hookups
Building Details
Year Built
1959
Buildings
1
Listing Agency:
eXp Realty LLC
Listed By:
Jason Veenstra · License #6501360365
(269) 350-5514
Source:
Metrodetroithomeguide
Added: Jul 25
Changed: Sep 7
Last Checked: Sep 7 at 10:12AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Built in 1959, this purpose-built duplex contains matching front and rear residences, each with two bedrooms, one bath, a range, and a refrigerator. The rear unit also has window A/C. Laundry hookups are positioned between the residences, with electrical service connected to the rear unit. The front tenancy is month-to-month, while the rear residence is vacant. Residents pay their own electric, and the owner pays water. Four off-street parking spaces serve the property.
The property is in Kalamazoo Township, where annual rental registration applies and City certification is not required. It currently uses septic, with public sewer available at the street. Downtown Kalamazoo, WMU, K College, and the West Main corridor are a short drive away, along with restaurants, shopping, and everyday services. Cosmetic interior work and exterior improvements provide defined renovation considerations.
The property is in Kalamazoo Township, where annual rental registration applies and City certification is not required. It currently uses septic, with public sewer available at the street. Downtown Kalamazoo, WMU, K College, and the West Main corridor are a short drive away, along with restaurants, shopping, and everyday services. Cosmetic interior work and exterior improvements provide defined renovation considerations.
Key Highlights
- Two bedrooms and one bath in each unit, with a range and refrigerator provided
- Front tenant has remained for over 40 years; current tenancy is month‑to‑month
- Rear unit is vacant and includes window A/C
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
$7,575
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
4.74%
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%
$151,500
$151.5K
Cap Rate 7%
$108,214
$108.2K
Cap Rate 9%
$84,167
$84.2K
Market Conditions
NOI Build-Up for 1,288 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
$11.6K $9.00/SF
− Vacancy
−$771 −$0.60/SF
EGI
$10.8K $8.40/SF
− OpEx
−$3.2K −$2.52/SF
NOI
$7.6K $5.88/SF
Area
Kalamazoo County, MI
Vacancy
6.65%
Lease Rate
$9.00 /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%
$151,500
Cap Rate 7%
$108,214
Cap Rate 9%
$84,167
Alternative Uses
Best Use
Multifamily LT 5
$108.2K
$94.7K – $126.3K
NOI $7,575 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$99.4K
$87.0K – $116.0K
NOI $6,957 @ 7.0% cap · market cap 4.35%
Theoretical Best
Warehouse
$337.0K
$294.9K – $393.2K
NOI $23,593 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 49006, MI
25,119
Population
12,093
Households
2.1
Avg Household Size
27
Median Age
44%
College-Educated
91%
High-School Grad
6.0 sq mi
ZIP Area
4,187
Density / Sq Mi
$45,617
Median Household Income
$18,710
Median Earnings
$991
Median Rent
$198,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two mirror-image residences include bedrooms, full baths, kitchen appliances, and shared laundry hookups.
Where is this duplex located?
The property is located at 610 Campbell Ave Kalamazoo, MI.
What is the asking price?
The asking price for this property is $159,914.
What are key features of this property?
This property features: Two bedrooms and one bath in each unit, with a range and refrigerator provided; Front tenant has remained for over 40 years; current tenancy is month‑to‑month; Rear unit is vacant and includes window A/C
