Remodeled Office Building with
For Sale
Contact for pricing
6535 Seeco Drive, Kalamazoo, MI 49009
Remodeled office building with suites, open areas, and classrooms.
Property Size22,910 SF
Price / SF$109.08
Days on Market100
Property Features for 6535 Seeco Drive
General Information
Standard status
Active
Size
22,910 SF
Total Parking Spaces
92
Property subtype
Office
Zoning
Commercial
Lease Type
NNN
Building Details
Year Built
1997
Buildings
1
Stories
2
Units
2
Tenancy
Single
Listing Agency:
Callander Commercial
(269) 349-1000
Listed By:
Sandy Edwards, CCIM · License #MI
Source:
Crexi
Added: May 15
Changed: Aug 12
Last Checked: Aug 19 at 11:10PM
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 Callander Commercial
Investment Insights
Based on property information with market context.
This remodeled office building is located within the Westside Medical Center campus. The available space features new carpeting and can be subdivided into two or more suites. The layout offers a mix of private offices, open work areas, and classrooms. There are entrances off West Main and 9th Street. Previously, the building was used as a data center for a medical facility and features Category G networking throughout. It could be utilized by any type of office user. The lower-level tenant has its own parking lot and entrance door. A security system is in place. The property size is 22910 square feet.
Key Highlights
- Remodeled office building in Westside Medical Center campus.
- Subdividable space into 2 or more suites.
- Features a mix of private offices, open work areas, and/or classrooms.
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
$229,613
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%
$4,592,260
$4.6M
Cap Rate 7%
$3,280,186
$3.3M
Cap Rate 9%
$2,551,256
$2.6M
Market Conditions
NOI Build-Up for 22,910 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
$329.9K $14.40/SF
− Vacancy
−$23.8K −$1.04/SF
EGI
$306.2K $13.36/SF
− OpEx
−$76.5K −$3.34/SF
NOI
$229.6K $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%
$4,592,260
Cap Rate 7%
$3,280,186
Cap Rate 9%
$2,551,256
Alternative Uses
Best Use
Office B
$3.28M
$2.87M – $3.83M
NOI $229,613 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.00M
$5.25M – $6.99M
NOI $419,655 @ 7.0% cap · market cap 16.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled office building with suites, open areas, and classrooms.
Where is this office building located?
The property is located at 6535 Seeco Drive 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 office building in Westside Medical Center campus.; Subdividable space into 2 or more suites.; Features a mix of private offices, open work areas, and/or classrooms.
