Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    501 Drake Rd Kalamazoo, MI 49009-3234

    • Commercial real estate
    • 3,958 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2021649
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Rheumatology PC / Medical Clinic
    • Davi P Sa Leitao MD / Physician
    • Desmond Jackson, MD / Physician
    • Hopkins Lori L / Employment Agency
    • Borgess Rheumatogy / Medical Clinic

    Property Details for 501 Drake Rd

    Lot size
    0.42 lot acres
    Property size
    3,958 SF
    Zone code
    PUD
    Property type
    Commercial real estate
    APN
    06-19-105-004
    APU
    619105004

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $746,000
      Market price range: $204k - $747k
      AI Estimate
      $746,000
      Market price range: $204k - $747k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.6477
    Latitude
    42.2877
    CBSA code
    28020
    CBSA name
    KALAMAZOO-PORTAGE, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $15,332
    $0.00
    $0.00
    $335,700
    -
    $0.00
    $0.00
    $671,400

    Comparable in this City

    • Value Estimation by Request
      48.00 Acres

      6209 N Ave

      Land • 48.00 Acres
      6209 N Ave, Kalamazoo, MI 49009
      View Details
    • Value Estimation by Request
      9.22 Acres

      8264 Stadium Dr

      Land • 9.22 Acres
      8264 Stadium Dr, Kalamazoo, MI 49009
      View Details
    • Value Estimation by Request
      3.02 Acres

      9Th St

      Medical space • 3.02 Acres
      0 9Th St, Kalamazoo, MI 49009
      View Details
    • Value Estimation by Request
      14.38 Acres

      5380 International Dr

      COMMERCIAL (GENERAL) • 14.38 Acres
      5380 International Dr, Kalamazoo, MI 49009-9566
      View Details
    • Value Estimation by Request
      12.38 Acres

      6255 Wembley Lnmid

      COMMERCIAL (GENERAL) • 12.38 Acres
      6255 Wembley Lnmid, Kalamazoo, MI 49009-7809
      View Details
    • Value Estimation by Request
      36.48 Acres

      6660 Main St

      COMMERCIAL (GENERAL) • 36.48 Acres
      6660 Main St, Kalamazoo, MI 49009-3962
      View Details

    Similar Nearby for Sale

    • $199,000
      2.52 Acres

      Kalamazoo Commercial Land - $199K

      Prime 2.52-acre retail lot, seller financing.
      7988 Douglas Ave, Kalamazoo, MI 49009
      View Details
    • $6,000,000
      48.00 Acres

      Kalamazoo Commercial Land - 48 Acres

      Prime I-94 frontage, mixed-use development opportunity.
      6209 N Ave, Kalamazoo, MI 49009
      View Details
    • $2,300,000
      27.63 Acres

      Kalamazoo Industrial Land - 27 Acres

      Prime Industrial Land, US-131 Access
      0 D Ave, Kalamazoo, MI 49009
      View Details
    • Contact for pricing
      1.00 Acre

      Kalamazoo Retail Land Opportunity

      High-traffic retail land, flexible options.
      6377 Main St, Kalamazoo, MI 49009
      View Details
    • $1,800,000
      1.91 Acres

      Kalamazoo Commercial Land - $1.8M

      Prime 1.91-acre commercial lot, US-131 access.
      6024 Main St, Kalamazoo, MI 49009
      View Details
    • $125,000
      1.08 Acres

      Kalamazoo Commercial Land - $125K

      1.08-acre I-1 zoned lot, prime location.
      7501 Stadium Dr, Kalamazoo, MI 49009
      View Details

    Similar Nearby for Lease

    • $27,000
      130 SF

      Kalamazoo Industrial Warehouse Space

      Prime I-94 location; flexible lease terms.
      7189 Beatrice Dr, Kalamazoo, MI 49009
      View Details
    • $7 SF/Yr
      15,500 SF

      Kalamazoo Office Space For Lease

      Clean office space available in Kalamazoo near I-94.
      6677 Beatrice Dr, Kalamazoo, MI 49009
      View Details
    • $20 SF/Yr
      1,903 SF

      Retail/Office Space in Texas Corners

      Adaptable 1,903 SF space in rapidly growing Texas Corners.
      8083 Vineyard Pkwy, Kalamazoo, MI 49009
      View Details
    • $19 SF/Yr
      3,427 SF

      Kalamazoo Office Suites For Lease

      First floor office suites available in West Pointe Office Park.
      1090 10Th St N unit Suites 110 & 115, Kalamazoo, MI 49009
      View Details
    • $18 SF/Yr
      9,146 SF

      Kalamazoo Office Suites Available

      Modern Office Space, Prime Location
      1090 10Th St, Kalamazoo, MI 49009
      View Details
    • $15 SF/Yr
      19,800 SF

      Kalamazoo Office Building for Lease

      19,800 SF Office Space, 7,770 SF Vacant
      3030 9Th St, Kalamazoo, MI 49009
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    501 Drake Rd
    Kalamazoo, MI 49009-3234
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.