Remodeled Office Building with
For Sale
$2,499,000
6535 Seeco Drive Kalamazoo, Kalamazoo, MI 49009
Nicely remodeled office building offering flexible space that can be subdivided into multiple suites.
Property Size22,919 SF
Days on Market69
Property Features for 6535 Seeco Drive Kalamazoo
General Information
Standard status
Active
Size
22,919 SF
Total Parking Spaces
92
Zoning
C - Commercial
Taxes and HOA fees
Annual Taxes
$85,898
Amenities
Yes
4
2
No
Non-Applicable
6.67
92.0
120' x 2795.10
Paved
22919.0
1
Building Details
Building Size
22,919 SF
Year Built
1997
Buildings
1
Listed By:
Ryan Witt
(269) 399-5881
Source:
Remax-executive
Added: Jul 14
Changed: Sep 20
Last Checked: Sep 20 at 6:25AM
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 Ryan Witt
Investment Insights
Based on property information with market context.
Nicely remodeled office building on the Westside Medical Center campus, with new carpeting throughout. Available space can be subdivided into two or more suites, with configurations that may include private offices, open work areas, and/or classrooms. The building previously served as a data center for a medical facility and includes Category G networking throughout, and a security system is in place.
Entrances are available off West Main and 9th Street. A lower-level tenant has its own parking lot and entrance door, supporting independent access from the rest of the building.
Entrances are available off West Main and 9th Street. A lower-level tenant has its own parking lot and entrance door, supporting independent access from the rest of the building.
Key Highlights
- Remodeled 2‑story office building on the Westside Medical Center campus (built 1997) with new carpeting
- Total building area: 22,919 SF; 1 building on a 7.7‑acre lot with paved road surface
- Flexible layout with mix of private offices, open work areas, and/or classrooms; available space can be subdivided into 2+ suites
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
$229,703
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
9.19%
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%
$4,594,060
$4.6M
Cap Rate 7%
$3,281,471
$3.3M
Cap Rate 9%
$2,552,256
$2.6M
Market Conditions
NOI Build-Up for 22,919 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
$330.0K $14.40/SF
− Vacancy
−$23.8K −$1.04/SF
EGI
$306.3K $13.36/SF
− OpEx
−$76.6K −$3.34/SF
NOI
$229.7K $10.02/SF
Area
Kalamazoo County, MI
Vacancy
7.20%
Lease Rate
$14.40 /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%
$4,594,060
Cap Rate 7%
$3,281,471
Cap Rate 9%
$2,552,256
Alternative Uses
Best Use
Office B
$3.28M
$2.87M – $3.83M
NOI $229,703 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.00M
$5.25M – $7.00M
NOI $419,820 @ 7.0% cap · market cap 16.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 49009, MI
47,188
Population
20,609
Households
2.3
Avg Household Size
38
Median Age
50%
College-Educated
96%
High-School Grad
102.2 sq mi
ZIP Area
462
Density / Sq Mi
$82,364
Median Household Income
$44,702
Median Earnings
$1,089
Median Rent
$330,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Nicely remodeled office building offering flexible space that can be subdivided into multiple suites.
Where is this office building located?
The property is located at 6535 Seeco Drive Kalamazoo Kalamazoo, MI.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Remodeled 2‑story office building on the Westside Medical Center campus (built 1997) with new carpeting; Total building area: 22,919 SF; 1 building on a 7.7‑acre lot with paved road surface; Flexible layout with mix of private offices, open work areas, and/or classrooms; available space can be subdivided into 2+ suites
