11-Unit Apartment Building
For Sale
$915,000
838 W Main Street, Kalamazoo, MI 49007
Commercial Sale, Kalamazoo, MI
Property Size8,035 SF
Lot Size0.40 Acres
Price / SF$113.88
Days on Market10
Property Features for 838 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 9, Bathroom 5, Bathroom 7, Bathroom 6, Bathroom 1, Bathroom 8, Basement, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 10, Bathroom 11
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
West Main hill, east to properties
Standard status
Active
APN
06-16-453-024
Size
8,035 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
3 Legals, contact listing office
Tax Annual Amount
20863
Legal Description
3 Legals, contact listing office
Utilities
Heating system
Steam, Radiant, Forced Air
Amenities
shared coin laundry
Building Details
Year built
1903
Number of units
11
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Five Star Real Estate
(269) 377-4589
Listed By:
Adam Atwood · License #6506047769
(269) 459-7898
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 27 at 1:06PM
MLS# 26049954
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.
This apartment portfolio includes three buildings with 11 total units across 8,035 square feet on 0.4 acres. The properties date to 1903 and feature wood siding, composition roofs, and a mix of steam, forced-air, and radiant heating. All units are city certified, with off-street parking and tenant-paid utility bill-backs. The building at 838 W Main Street contains shared coin laundry serving residents throughout the portfolio.
The property is within walking distance of Kalamazoo College, Western Michigan University, and the new downtown arena. Its Kalamazoo setting combines established residential improvements with proximity to major institutional and downtown destinations.
The property is within walking distance of Kalamazoo College, Western Michigan University, and the new downtown arena. Its Kalamazoo setting combines established residential improvements with proximity to major institutional and downtown destinations.
Key Highlights
- Three‑building portfolio with 11 total apartment units
- 8,035 square feet on 0.4 acres
- All units are city certified
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
$43,401
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
4.74%
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%
$868,020
$868.0K
Cap Rate 7%
$620,014
$620.0K
Cap Rate 9%
$482,233
$482.2K
Market Conditions
NOI Build-Up for 8,035 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
$84.8K $10.56/SF
− Vacancy
−$5.9K −$0.74/SF
EGI
$78.9K $9.82/SF
− OpEx
−$35.5K −$4.42/SF
NOI
$43.4K $5.40/SF
Area
Kalamazoo County, MI
Vacancy
7.00%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$868,020
Cap Rate 7%
$620,014
Cap Rate 9%
$482,233
Alternative Uses
Best Use
Apartment 5plus
$620.0K
$542.5K – $723.4K
NOI $43,401 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.10M
$1.84M – $2.45M
NOI $147,182 @ 7.0% cap · market cap 16.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,338
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three city-certified buildings offer off-street parking and shared coin laundry serving the portfolio.
Where is this apartment building located?
The property is located at 838 W Main Street Kalamazoo, MI.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Three‑building portfolio with 11 total apartment units; 8,035 square feet on 0.4 acres; All units are city certified
