Two Mansion Multifamily with Carriage
For Sale
Contact for pricing
316 Stuart Avenue, Kalamazoo, MI 49007
18-unit multifamily formed by two contiguous historic mansions, with a carriage house, porches, off-street parking, and laundry.
Property Size9,276 SF
Price / SF$107.81
Days on Market131
Property Features for 316 Stuart Avenue
General Information
Standard status
Active
Size
9,276 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
18
Amenities
laundry
Building Details
Units
18
Listing Agency:
O'Brien Real Estate
(269) 381-6470
Listed By:
Pat O'Brien · License #MI 6502102326
Source:
Crexi
Added: Apr 23
Changed: Aug 8
Last Checked: Aug 29 at 10:23PM
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 O'Brien Real Estate
Investment Insights
Based on property information with market context.
This property is a 18-unit income opportunity consisting of two contiguous historic mansions. The offering includes many recently remodeled apartments and a large carriage house, along with notable front porches. On-site amenities include laundry, and the property provides lots of off-street parking.
The location is described as close to campus and within walking distance to downtown Kalamazoo, Kalamazoo College, and nearby entertainment, restaurants, and bars, with a future arena also referenced in the remarks.
The location is described as close to campus and within walking distance to downtown Kalamazoo, Kalamazoo College, and nearby entertainment, restaurants, and bars, with a future arena also referenced in the remarks.
Key Highlights
- 18‑unit multifamily formed by two contiguous historic mansions
- Many apartments recently remodeled
- Includes a large carriage house
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
$50,104
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
5.01%
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%
$1,002,080
$1.0M
Cap Rate 7%
$715,771
$715.8K
Cap Rate 9%
$556,711
$556.7K
Market Conditions
NOI Build-Up for 9,276 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
$98.0K $10.56/SF
− Vacancy
−$6.9K −$0.74/SF
EGI
$91.1K $9.82/SF
− OpEx
−$41.0K −$4.42/SF
NOI
$50.1K $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%
$1,002,080
Cap Rate 7%
$715,771
Cap Rate 9%
$556,711
Alternative Uses
Best Use
Apartment 5plus
$715.8K
$626.3K – $835.1K
NOI $50,104 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.43M
$2.12M – $2.83M
NOI $169,914 @ 7.0% cap · market cap 16.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
709
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
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 - 18-unit multifamily formed by two contiguous historic mansions, with a carriage house, porches, off-street parking, and laundry.
Where is this apartment building located?
The property is located at 316 Stuart Avenue Kalamazoo, MI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 18‑unit multifamily formed by two contiguous historic mansions; Many apartments recently remodeled; Includes a large carriage house
