Turnkey Investment Opportunity with Development
755 Portage St Kalamazoo, MI 49001
755 Portage St, Kalamazoo, MI, 49001
$317,000
For Sale
$317,000
Three-unit property with income and development potential in Kalamazoo, MI.
Property Size4,800 SF
Price / SF$66.04
Days on Market58
Property Features for 755 Portage St
General Information
- Standard status
- Active
- Size
- 4,800 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1954
Listing Agency
Grand Rapids Market Center East
(616) 920-2098
Listed by
Christopher M Bruce · License #6506047703
(616) 920-2098
Source
Elliman
Added: May 21 Checked: Jul 17 at 6:33 am
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 Grand Rapids Market Center East
Investment Insights
Based on property information with market context.
This 4,800 sq ft property presents a turnkey investment opportunity with additional development potential. It features strong rental income, off-street parking, and includes two additional lots in the sale. The property comprises an 800 sq ft front apartment, a 2,000 sq ft rear unit, and an additional income-producing unit. Recent updates include a new HVAC system, a new water heater, and 3-inch spray foam insulation for improved efficiency. The upstairs unit has a rental potential of $1,775 per month, while the smaller unit is currently rented at $875 per month. The seller currently covers water, sewer, and garbage expenses. Electric and gas are separately metered for the downstairs unit, which also has separate water metering. This property offers a great opportunity for investors seeking cash flow and long-term upside. The location is very bikeable with a bike score of 71 and very walkable with a walk score of 81.
Key Highlights
- Turnkey 3‑unit property with strong rental income.
- Includes two additional lots, offering development potential.
- New HVAC system, new water heater, and spray foam insulation for improved efficiency.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.2k | $9.00 |
| − Vacancy | −$2.9k | −$0.60 |
| EGI | $40.3k | $8.40 |
| − OpEx | −$12.1k | −$2.52 |
| NOI | $28.2k | $5.88 |
4,800 SF · lease $9.00/SF/yr · vacancy 6.65% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$403.3K
$352.9K – $470.5K
NOI $28,229 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$370.4K
$324.1K – $432.1K
NOI $25,927 @ 7.0% cap · market cap 8.18%
Theoretical Best
Warehouse
$1.26M
$1.10M – $1.47M
NOI $87,924 @ 7.0% cap · market cap 27.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Three-unit property with income and development potential in Kalamazoo, MI.
Where is this multifamily property located?
The property is located at 755 Portage St Kalamazoo, MI.
What is the asking price?
The asking price for this property is $317,000.
What are key features of this property?
This property features: Turnkey 3‑unit property with strong rental income.; Includes two additional lots, offering development potential.; **New HVAC system, new water heater, and spray foam insulation for improved efficiency.**
