Well-Maintained Three-Unit Apartment
For Sale
$199,900
731 Village Street, Kalamazoo, MI 49008
Three-unit apartment building with consistent rental income and on-site laundry.
Property Size2,357 SF
Price / SF$84.81
Days on Market187
Property Features for 731 Village Street
General Information
Standard status
Active
Size
2,357 SF
Property subtype
Residential Income / Multi Family
Zoning
R
Taxes and HOA fees
Annual Taxes
$5,508
Amenities
Forced Air, Natural Gas
true
No
Yes
Building Details
Year Built
1890
Listing Agency:
Five Star Real Estate
Listed By:
Adam Atwood · License #6506047769
(269) 377-4589
Source:
Compass
Added: Mar 14
Changed: Sep 15
Last Checked: Sep 15 at 9:52AM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This well-maintained 3-unit apartment building offers a solid investment opportunity. The property generates consistent rental income, with a current gross monthly rent of $2956. Tenants have access to on-site laundry facilities located in the basement. A rear parking lot provides ample off-street parking. The property has a bike score of 60, indicating it is bikeable, and a walk score of 71, indicating it is very walkable.
Key Highlights
- Great Location on Major Hwy
- Rustic and Ready
- Various types of businesses will fit
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
$13,862
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
6.93%
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%
$277,240
$277.2K
Cap Rate 7%
$198,029
$198.0K
Cap Rate 9%
$154,022
$154.0K
Market Conditions
NOI Build-Up for 2,357 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
$21.2K $9.00/SF
− Vacancy
−$1.4K −$0.60/SF
EGI
$19.8K $8.40/SF
− OpEx
−$5.9K −$2.52/SF
NOI
$13.9K $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%
$277,240
Cap Rate 7%
$198,029
Cap Rate 9%
$154,022
Alternative Uses
Best Use
Multifamily LT 5
$198.0K
$173.3K – $231.0K
NOI $13,862 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$181.9K
$159.1K – $212.2K
NOI $12,731 @ 7.0% cap · market cap 6.37%
Theoretical Best
Warehouse
$616.8K
$539.7K – $719.6K
NOI $43,175 @ 7.0% cap · market cap 21.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 49008, MI
18,343
Population
7,124
Households
2.6
Avg Household Size
31
Median Age
55%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
2,738
Density / Sq Mi
$67,339
Median Household Income
$31,756
Median Earnings
$1,005
Median Rent
$202,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit apartment building with consistent rental income and on-site laundry.
Where is this triplex located?
The property is located at 731 Village Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Great Location on Major Hwy; Rustic and Ready; Various types of businesses will fit
