Three-Unit Residential Income
755 Portage Street Kalamazoo, MI 49001
For Sale
$309,000
Turnkey three-unit property with off-street parking, separate utilities, and recent HVAC, water heater, and insulation updates.
Property Size4,800 SF
Price / SF$64.38
Days on Market68
Property Features for 755 Portage Street
General Information
- Standard status
- Active
- Size
- 4,800 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1954
Listing Agency:
Keller Williams GR East
(616) 881-9047
Listed By:
Darryl A Matthews Jr · License #6506047703
(616) 881-9047
Source:
Carolbollo
Added: May 20
Changed: Jul 22
Last Checked: Jul 25 at 3:25PM
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 Keller Williams GR East
Investment Insights
Based on property information with market context.
This turnkey three-unit residential income property includes an approximately 800 sq ft front apartment, a 2,000 sq ft rear unit, and an additional income-producing unit. The home offers off-street parking and includes updates such as a new HVAC system, a new water heater, and 3-inch spray foam insulation for improved efficiency.
Utility metering is separated for the downstairs unit with electric and gas individually metered, along with separate water metering. The seller currently pays water, sewer, and garbage.
The property is offered with two additional lots included in the sale, providing added development potential alongside the existing rental setup.
Utility metering is separated for the downstairs unit with electric and gas individually metered, along with separate water metering. The seller currently pays water, sewer, and garbage.
The property is offered with two additional lots included in the sale, providing added development potential alongside the existing rental setup.
Key Highlights
- 1954‑built 3‑unit property with 4,800 sq ft total and off‑street parking
- Unit mix: 800 sq ft front apartment, 2,000 sq ft rear unit, plus an additional income‑producing unit
- Upstairs unit rental potential of $1,775/month; smaller unit currently rented for $875/month
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 9.14%
Second Best
Apartment 5plus
$370.4K
$324.1K – $432.1K
NOI $25,927 @ 7.0% cap · market cap 8.39%
Theoretical Best
Warehouse
$1.26M
$1.10M – $1.47M
NOI $87,924 @ 7.0% cap · market cap 28.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Turnkey three-unit property with off-street parking, separate utilities, and recent HVAC, water heater, and insulation updates.
Where is this triplex located?
The property is located at 755 Portage Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: 1954‑built 3‑unit property with 4,800 sq ft total and off‑street parking; Unit mix: 800 sq ft front apartment, 2,000 sq ft rear unit, plus an additional income‑producing unit; Upstairs unit rental potential of $1,775/month; smaller unit currently rented for $875/month
