Mixed-Use Property with Overhead
New
For Sale
$209,000
913 Gordon Place, Kalamazoo, MI 49048
COMMERCIAL - Kalamazoo, MI
Property Size2,170 SF
Lot Size0.40 Acres
Price / SF$96.31
Days on Market4
Property Features for 913 Gordon Place
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Kalamazoo
Middle school district
Kalamazoo
High school district
Kalamazoo
Standard status
Active
APN
06-15-229-010, 06-15-234-012, 06-15-229-009
Size
2,170 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
3 legals - contact listing office
Tax Annual Amount
3259
Legal Description
3 legals - contact listing office
Utilities
Utilities
Cable Available
Heating system
Forced Air
Water front
1
Building Details
Year built
1961
Floors in Building
1
Number of units
2
Listing Agency:
Lakes & Country Real Estate Inc
(269) 657-7653
Listed By:
Janis Havice · License #6501365993
(269) 870-0284
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 8:06PM
MLS# 26041829
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 mixed-use property combines a commercial building, a vacant lot zoned commercial, and a residential home that has been gutted for completion. The commercial building includes three overhead doors, while the home has new interior framing, a newer furnace, and newer air-conditioning equipment. The property is reported at 2,170 square feet on approximately 0.4 acres.
Constructed in 1961, the property includes forced-air heating, broadband, and cable availability. It is located at 913 Gordon Place in Kalamazoo, Michigan, with the commercial and residential components positioned within the same offering.
Constructed in 1961, the property includes forced-air heating, broadband, and cable availability. It is located at 913 Gordon Place in Kalamazoo, Michigan, with the commercial and residential components positioned within the same offering.
Key Highlights
- Commercial building with 3 overhead doors
- 2,170 square feet on 0.4 acres
- Vacant lot currently zoned commercial
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
$14,638
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
7.00%
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%
$292,760
$292.8K
Cap Rate 7%
$209,114
$209.1K
Cap Rate 9%
$162,644
$162.6K
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
$24.0K $11.04/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$22.5K $10.38/SF
− OpEx
−$7.9K −$3.63/SF
NOI
$14.6K $6.75/SF
Area
Kalamazoo County, MI
Vacancy
6.00%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
35.00%
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%
$292,760
Cap Rate 7%
$209,114
Cap Rate 9%
$162,644
Alternative Uses
Best Use
Warehouse
$567.8K
$496.9K – $662.5K
NOI $39,749 @ 7.0% cap · market cap 19.02%
Second Best
Industrial
$467.6K
$409.2K – $545.6K
NOI $32,735 @ 7.0% cap · market cap 15.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,160
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a commercial building, vacant commercial-zoned land, and an unfinished residential home.
Where is this mixed-use property located?
The property is located at 913 Gordon Place Kalamazoo, MI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Commercial building with 3 overhead doors; 2,170 square feet on 0.4 acres; Vacant lot currently zoned commercial
