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

    5231 Ml Ave Kalamazoo, MI 49048-8571

    • Commercial real estate
    • 45,537 SF
    • 7.21 lot acres
    OFF-MARKET
    Value Estimations
    $1,615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2308505
    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

    • Etna Supply / Plumbing Service / Building Supply
    • Infusion Kitchen & Bath Showrooms / (Bike/Boat/Book/etc) Store / Kitchen & Bath Showroom

    Property Details for 5231 Ml Ave

    Year built
    1976
    Lot size
    7.21 lot acres
    Property size
    45,537 SF
    Zone code
    LM
    Property type
    Commercial real estate
    APN
    07-30-156-091
    APU
    730156091

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,616,000
      Market price range: $1.20M - $3.49M
      AI Estimate
      $1,616,000
      Market price range: $1.20M - $3.49M

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

    Location Insight

    • Map
    • Local Demand
    City
    Kalamazoo
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.5268
    Latitude
    42.2675
    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
    2021
    $32,817
    $0.00
    $0.00
    $681,500
    -
    $0.00
    $0.00
    $1,363,000

    Comparable in this City

    • Value Estimation by Request
      340.00 Acres

      5200 Cork Street Ct

      Distribution properties • 165,000 SF
      5200 Cork Street Ct, Kalamazoo, MI 49048
      View Details
    • Value Estimation by Request
      2.22 Acres

      3303 Retail Pl Dr

      COMMERCIAL (GENERAL) • 2.22 Acres
      3303 Retail Pl Dr, Kalamazoo, MI 49048-8817
      View Details
    • Value Estimation by Request
      0.10 Acres

      704 Riverview Dr

      COMMERCIAL (GENERAL) • 0.10 Acres
      704 Riverview Dr, Kalamazoo, MI 49048-1750
      View Details
    • Value Estimation by Request
      0.89 Acres

      5242 Gull Rd

      COMMERCIAL (GENERAL) • 0.89 Acres
      5242 Gull Rd, Kalamazoo, MI 49048-1011
      View Details
    • Value Estimation by Request
      21.77 Acres

      5148 Market St

      COMMERCIAL (GENERAL) • 21.77 Acres
      5148 Market St, Kalamazoo, MI 49048-9502
      View Details
    • Value Estimation by Request

      1150 Nazareth Rd

      COMMERCIAL (GENERAL)
      1150 Nazareth Rd, Kalamazoo, MI 49048-1195
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      55.00 Acres

      Pavilion Twp Mobile Home Park

      55-Acre Development Opportunity in Kalamazoo
      0 29Th St, Kalamazoo, MI 49048
      View Details
    • Contact for pricing
      340.00 Acres

      Kalamazoo Industrial Warehouse - 165,000 SF

      Prime Midwest location, 340-acre business park.
      5200 Cork Street Ct, Kalamazoo, MI 49048
      View Details
    • $7,000,000
      35,650 SF

      Kalamazoo Industrial Warehouse

      35,650 SF Warehouse, $7M
      5301 Park Circle Dr, Kalamazoo, MI 49048
      View Details
    • $40,000
      Pending

      Kalamazoo Buildable One-Acre Lot

      One-acre buildable lot in established Kalamazoo neighborhood with utilities.
      3633 New Farm St, Kalamazoo, MI 49048
      View Details
    • $1,488,888
      14,378 SF

      Former Walgreens Available for Sale

      Freestanding retail property with NN lease in place until 2025.
      918 Riverview Dr, Kalamazoo, MI 49048
      View Details
    • Contact for pricing
      0.41 Acres

      Residential Land in Kalamazoo, MI

      Residential land for sale in Kalamazoo, MI with community amenities.
      2931 Hunters Hl, Kalamazoo, MI 49048
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,014 SF

      Kalamazoo Medical Building Office Suites

      Medical/office suites available near downtown Kalamazoo and Borgess Medical Center.
      1717 Shaffer St, Kalamazoo, MI 49048
      View Details
    • $7 SF/Yr
      100,000 SF

      Kalamazoo Industrial Land For Lease

      80-acre industrial land parcel in Kalamazoo's Industrial Corridor.
      26th St Smcp N, Kalamazoo, MI 49048
      View Details
    • $20 SF/Yr
      6,770 SF

      Freestanding Building Near Kalamazoo River

      Former Advance Auto Parts available for lease near Kalamazoo River.
      1037 Riverview Dr, Kalamazoo, MI 49048
      View Details
    • $11 SF/Yr
      3,062 SF

      Kalamazoo Office Space Available

      Office space for rent with high traffic exposure.
      6010 Gull Rd, Kalamazoo, MI 49048
      View Details
    • $14 SF/Yr
      11,260 SF

      Kalamazoo Office Suite For Lease

      2,300 RSF office suite available in Kalamazoo, Michigan.
      2323 Gull Rd Unit, Kalamazoo, MI 49048
      View Details
    • $6 SF/Yr
      330,000 SF

      IPUSA Pavilion Industrial Park

      Kalamazoo, MI: Modern Industrial Space
      5720 N Ave, Kalamazoo, MI 49048
      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.
    5231 Ml Ave
    Kalamazoo, MI 49048-8571
    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.