Three-Unit Triplex Investment
For Sale
$309,000
Pending
755 Portage Street, Kalamazoo, MI 49001
COMMERCIAL - Kalamazoo, MI
Property Size4,000 SF
Lot Size0.10 Acres
Days on Market94
Property Features for 755 Portage Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Basement
Parking
6
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
Located at N. E. corner of Portage and Vine
Standard status
Pending
APN
06-22-276-022
Size
4,000 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 22 of Millard addition
Tax Annual Amount
2821
Legal Description
Lot 22 of Millard addition
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1954
Number of units
3
Building materials
Vinyl Siding
Roof type
Composition, Rubber
Listing Agency:
Keller Williams GR East · Keller Williams Realty
(616) 575-1800
Listed By:
Darryl A Matthews Jr · License #6506047703
(616) 881-9047
Added: May 20
Changed: Aug 4
Last Checked: Aug 21 at 7:06PM
MLS# 26023682
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Turnkey three-unit triplex offering strong rental configuration and additional development potential. The property totals 4,800 sq ft and includes an 800 sq ft front apartment, a 2,000 sq ft rear unit, and an additional income-producing unit. Updates include a new HVAC system, a new water heater, and 3-inch spray foam insulation intended to improve efficiency. The building has forced-air heating, vinyl siding, and a rubber and composition roof, and it includes off-street parking.
Electric and gas are separately metered for the downstairs unit, with separate water metering as well. The seller currently pays water, sewer, and garbage. Cable is available, and the interior features include broadband.
Built in 1954, the sale also includes two additional lots, providing room to consider future development or expansion alongside the existing triplex.
Electric and gas are separately metered for the downstairs unit, with separate water metering as well. The seller currently pays water, sewer, and garbage. Cable is available, and the interior features include broadband.
Built in 1954, the sale also includes two additional lots, providing room to consider future development or expansion alongside the existing triplex.
Key Highlights
- Includes an 800 sq ft front apartment and a 2,000 sq ft rear unit plus an additional income‑producing unit
- Off‑street parking and forced‑air heating in a vinyl‑siding triplex
- New HVAC system and new water heater, plus 3‑inch spray foam insulation
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
$23,524
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
7.61%
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%
$470,480
$470.5K
Cap Rate 7%
$336,057
$336.1K
Cap Rate 9%
$261,378
$261.4K
Market Conditions
NOI Build-Up for 4,000 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
$36.0K $9.00/SF
− Vacancy
−$2.4K −$0.60/SF
EGI
$33.6K $8.40/SF
− OpEx
−$10.1K −$2.52/SF
NOI
$23.5K $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%
$470,480
Cap Rate 7%
$336,057
Cap Rate 9%
$261,378
Alternative Uses
Best Use
Multifamily LT 5
$336.1K
$294.1K – $392.1K
NOI $23,524 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$308.7K
$270.1K – $360.1K
NOI $21,606 @ 7.0% cap · market cap 6.99%
Theoretical Best
Warehouse
$1.05M
$915.9K – $1.22M
NOI $73,270 @ 7.0% cap · market cap 23.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,948
Businesses Nearby
Explore this area
Business Placement
Demographics for 49001, MI
21,730
Population
9,670
Households
2.2
Avg Household Size
34
Median Age
30%
College-Educated
89%
High-School Grad
7.7 sq mi
ZIP Area
2,822
Density / Sq Mi
$52,327
Median Household Income
$35,447
Median Earnings
$1,055
Median Rent
$139,600
Median Home Value
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 - Turnkey three-unit triplex with off-street parking and forced-air heating, plus recent HVAC 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: Includes an 800 sq ft front apartment and a 2,000 sq ft rear unit plus an additional income‑producing unit; Off‑street parking and forced‑air heating in a vinyl‑siding triplex; New HVAC system and new water heater, plus 3‑inch spray foam insulation
