Two-Building Triplex-Plus
For Sale
Contact for pricing
809 W CEDAR ST, Kalamazoo, MI 49007
Two buildings on one parcel offer seven residential units with off-street parking and city-certified status.
Property Size4,400 SF
Price / SF$113.64
Days on Market123
Property Features for 809 W CEDAR ST
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multifamily
Zoning
Res
Additional Details
Multifamily Units
7
Amenities
off-street parking
Building Details
Year Built
1927
Buildings
2
Stories
2
Units
4
Listing Agency:
Keller Williams Professionals
Listed By:
Jeff Glover · License #MI 6501317808
(734) 459-4700
Source:
Crexi
Added: May 8
Changed: Aug 28
Last Checked: Sep 7 at 8:41AM
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 Professionals
Investment Insights
Based on property information with market context.
This seven-unit residential income property is set up as two buildings on one parcel, consisting of a 4-unit building and a 3-unit building. The mix of unit updates and remaining in-place opportunities creates a straightforward path for ongoing improvements as rents stabilize.
The property is located in Kalamazoo, near Western Michigan University, Kalamazoo College, and downtown. It also includes off-street parking and functional unit layouts.
The seller indicates the property is city-certified and notes that a rent roll and financials are available upon request. Additional purchase flexibility is also described in the offering, including options such as land contract terms and openness to DSCR financing buyers.
The property is located in Kalamazoo, near Western Michigan University, Kalamazoo College, and downtown. It also includes off-street parking and functional unit layouts.
The seller indicates the property is city-certified and notes that a rent roll and financials are available upon request. Additional purchase flexibility is also described in the offering, including options such as land contract terms and openness to DSCR financing buyers.
Key Highlights
- Two buildings (4‑unit and 3‑unit) on one parcel totaling 7 residential units
- Year built 1927
- Off‑street parking
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
$25,877
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
5.18%
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%
$517,540
$517.5K
Cap Rate 7%
$369,671
$369.7K
Cap Rate 9%
$287,522
$287.5K
Market Conditions
NOI Build-Up for 4,400 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
$39.6K $9.00/SF
− Vacancy
−$2.6K −$0.60/SF
EGI
$37.0K $8.40/SF
− OpEx
−$11.1K −$2.52/SF
NOI
$25.9K $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%
$517,540
Cap Rate 7%
$369,671
Cap Rate 9%
$287,522
Alternative Uses
Best Use
Multifamily LT 5
$369.7K
$323.5K – $431.3K
NOI $25,877 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$339.5K
$297.1K – $396.1K
NOI $23,766 @ 7.0% cap · market cap 4.75%
Theoretical Best
Warehouse
$1.15M
$1.01M – $1.34M
NOI $80,597 @ 7.0% cap · market cap 16.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,806
Businesses Nearby
Explore this area
Business Placement
Demographics for 49007, MI
10,353
Population
5,102
Households
2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
2,958
Density / Sq Mi
$39,309
Median Household Income
$24,723
Median Earnings
$1,017
Median Rent
$103,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two buildings on one parcel offer seven residential units with off-street parking and city-certified status.
Where is this multifamily property located?
The property is located at 809 W CEDAR ST Kalamazoo, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two buildings (4‑unit and 3‑unit) on one parcel totaling 7 residential units; Year built 1927; Off‑street parking
