Apartment Building with Coin
New
For Sale
$375,000
908 S Park St, Kalamazoo, MI 49001
Fully occupied six-unit property with a mixed one- and two-bedroom configuration.
Property Size3,239 SF
Price / SF$115.78
Days on Market4
Property Features for 908 S Park St
General Information
Standard status
Active
Size
3,239 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR, 2 x 1BR
Multifamily Units
6
Additional Details
Asking Price
$375,000
Amenities
shared coin-op laundry
Building Details
Year Built
1912
Buildings
2
Listing Agency:
MOXIE Real Estate + Development
Listed By:
Kyle J Kimble · License #6501408446
(616) 706-6086
Source:
Metrodetroithomeguide
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 2:20PM
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 MOXIE Real Estate + Development
Investment Insights
Based on property information with market context.
This multifamily offering includes two apartment buildings constructed in 1912, totaling 3,239 square feet and six fully occupied units. The unit mix consists of four two-bedroom apartments and two one-bedroom apartments. Separate heating systems serve each unit, while shared coin-operated laundry provides an additional property feature. Public water and sewer service are in place, with paved off-street parking available for residents.
The property is near downtown Kalamazoo and within walking distance of Western Michigan University, Kalamazoo College, and Bronson Hospital. It also sits along a bus route, supporting access to nearby educational and medical institutions. Tenants pay gas and electric utilities; ownership is responsible for water.
The property is near downtown Kalamazoo and within walking distance of Western Michigan University, Kalamazoo College, and Bronson Hospital. It also sits along a bus route, supporting access to nearby educational and medical institutions. Tenants pay gas and electric utilities; ownership is responsible for water.
Key Highlights
- Six fully occupied units: four 2‑bedroom and two 1‑bedroom apartments
- Two apartment buildings constructed in 1912
- 3,239 square feet across the property
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
$17,495
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
4.67%
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%
$349,900
$349.9K
Cap Rate 7%
$249,929
$249.9K
Cap Rate 9%
$194,389
$194.4K
Market Conditions
NOI Build-Up for 3,239 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
$34.2K $10.56/SF
− Vacancy
−$2.4K −$0.74/SF
EGI
$31.8K $9.82/SF
− OpEx
−$14.3K −$4.42/SF
NOI
$17.5K $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%
$349,900
Cap Rate 7%
$249,929
Cap Rate 9%
$194,389
Alternative Uses
Best Use
Apartment 5plus
$249.9K
$218.7K – $291.6K
NOI $17,495 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$847.6K
$741.6K – $988.9K
NOI $59,331 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,929
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?
Apartment building - Fully occupied six-unit property with a mixed one- and two-bedroom configuration.
Where is this apartment building located?
The property is located at 908 S Park St Kalamazoo, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Six fully occupied units: four 2‑bedroom and two 1‑bedroom apartments; Two apartment buildings constructed in 1912; 3,239 square feet across the property
