Historic Character
For Sale
$415,000
838 W Main St, Kalamazoo, MI 49007
Well-maintained multifamily property with preserved architectural details, coin laundry, and varied apartment layouts.
Property Size3,462 SF
Price / SF$119.87
Days on Market8
Property Features for 838 W Main St
General Information
Standard status
Active
Size
3,462 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x studio, 2 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
4
Amenities
coin laundry
Building Details
Year Built
1903
Listing Agency:
Rch Brokerage Legacy Inc
(248) 440-2268
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:08AM
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 Rch Brokerage Legacy Inc
Investment Insights
Based on property information with market context.
Built in 1903, this Kalamazoo multifamily property contains four apartments: a studio, two two-bedroom/one-bath units, and a four-bedroom/one-bath residence. The building retains historic architectural details and has been maintained with care. Coin-operated laundry adds an on-site resident amenity, and the property is city certified through 5/30/2028.
Located at 838 W Main St in Kalamazoo’s West Main Hill Historic District, the property carries documented historic significance, including recognition with a Historic Preservation Award. Walk Score is 70 and Bike Score is 36. The property may also be sold as part of a package with 110 Woodward and 834 West Main.
Located at 838 W Main St in Kalamazoo’s West Main Hill Historic District, the property carries documented historic significance, including recognition with a Historic Preservation Award. Walk Score is 70 and Bike Score is 36. The property may also be sold as part of a package with 110 Woodward and 834 West Main.
Key Highlights
- Four apartments with studio, two‑bedroom, and four‑bedroom layouts
- Built in 1903 with preserved historic architectural details
- Recognized with a Historic Preservation Award
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
$20,360
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
4.91%
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%
$407,200
$407.2K
Cap Rate 7%
$290,857
$290.9K
Cap Rate 9%
$226,222
$226.2K
Market Conditions
NOI Build-Up for 3,462 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
$31.2K $9.00/SF
− Vacancy
−$2.1K −$0.60/SF
EGI
$29.1K $8.40/SF
− OpEx
−$8.7K −$2.52/SF
NOI
$20.4K $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%
$407,200
Cap Rate 7%
$290,857
Cap Rate 9%
$226,222
Alternative Uses
Best Use
Multifamily LT 5
$290.9K
$254.5K – $339.3K
NOI $20,360 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$267.1K
$233.8K – $311.7K
NOI $18,700 @ 7.0% cap · market cap 4.51%
Theoretical Best
Warehouse
$905.9K
$792.7K – $1.06M
NOI $63,415 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,763
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained multifamily property with preserved architectural details, coin laundry, and varied apartment layouts.
Where is this quadplex located?
The property is located at 838 W Main St Kalamazoo, MI.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Four apartments with studio, two‑bedroom, and four‑bedroom layouts; Built in 1903 with preserved historic architectural details; Recognized with a Historic Preservation Award
