Auto Shop With Drive-Through
New
For Sale
$169,000
903 Gordon Place, Kalamazoo, MI 49048
COMMERCIAL - Kalamazoo, MI
Property Size2,170 SF
Lot Size0.33 Acres
Price / SF$77.88
Days on Market1
Property Features for 903 Gordon Place
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Directions
From I-94, take Exit 74 (US-131 North) toward downtown Kalamazoo. Take the Stadium Drive exit and head east. Turn north (left) onto Howard Street. Turn west (left) onto Gordon Place. Continue a short distance, will be on your left.
Standard status
Active
APN
06-15-234-012
Size
2,170 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
45870 ASSESSORS PLAT THOMAS ADDITION LOTS 10, 11 & 12.
Tax Annual Amount
2575
Legal Description
45870 ASSESSORS PLAT THOMAS ADDITION LOTS 10, 11 & 12.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Water front
1
Amenities
4 tall overhead doors
drive-through access
Kalamazoo River frontage
Building Details
Year built
1961
Number of units
1
Building materials
Block
Roof type
Rubber
Listing Agency:
Lakes & Country Real Estate Inc
(269) 657-7653
Listed By:
Janis Havice · License #6501365993
(269) 870-0284
Added: Aug 11
Last Checked: Aug 11 at 5:06PM
MLS# 26041827
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 2,170-square-foot auto shop was built in 1961 with block construction, a rubber roof, forced-air heating, and one bathroom. Four tall overhead doors support vehicle circulation through the building, with two positioned roadside and two at the rear. Cable is available, and the property includes an extra lot to the east.
The site has Kalamazoo River frontage and is located at 903 Gordon Place in Kalamazoo, Michigan. The shop must be sold at the same time as the house at 915 Gordon. The combined property offering also includes the vacant lot associated with the sale.
The site has Kalamazoo River frontage and is located at 903 Gordon Place in Kalamazoo, Michigan. The shop must be sold at the same time as the house at 915 Gordon. The combined property offering also includes the vacant lot associated with the sale.
Key Highlights
- 2,170‑square‑foot auto shop built in 1961
- Four tall overhead doors: two roadside and two at the rear
- Drive‑through access through the shop
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
$14,965
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
8.86%
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%
$299,300
$299.3K
Cap Rate 7%
$213,786
$213.8K
Cap Rate 9%
$166,278
$166.3K
Market Conditions
NOI Build-Up for 2,170 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
$26.0K $12.00/SF
− Vacancy
−$4.7K −$2.15/SF
EGI
$21.4K $9.85/SF
− OpEx
−$6.4K −$2.96/SF
NOI
$15.0K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$299,300
Cap Rate 7%
$213,786
Cap Rate 9%
$166,278
Alternative Uses
Best Use
Industrial
$467.6K
$409.2K – $545.6K
NOI $32,735 @ 7.0% cap · market cap 19.37%
Second Best
Retail
$213.8K
$187.1K – $249.4K
NOI $14,965 @ 7.0% cap · market cap 8.86%
Theoretical Best
Warehouse
$567.8K
$496.9K – $662.5K
NOI $39,749 @ 7.0% cap · market cap 23.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,160
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49048, MI
25,067
Population
10,440
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
90%
High-School Grad
35.1 sq mi
ZIP Area
714
Density / Sq Mi
$62,160
Median Household Income
$36,150
Median Earnings
$1,032
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Block-built shop with roadside access, rear circulation, and an additional adjoining lot included in the sale.
Where is this auto shop located?
The property is located at 903 Gordon Place Kalamazoo, MI.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: 2,170‑square‑foot auto shop built in 1961; Four tall overhead doors: two roadside and two at the rear; Drive‑through access through the shop
