1619 Fraternity Village DrKalamazoo, MI 49006

Property Details for 1619 Fraternity Village Dr

Lot size

1.45 AC

Property size (Sq ft)

10,232 SF

Zone code

RM-15

Property type

Commercial real estate

APN

06-20-362-009

APU

620362009

Description

This exceptional investment opportunity presents a 20-unit student housing complex ideally situated in Kalamazoo, Michigan's Knollwood neighborhood, just 0.7 miles from Western Michigan University. The property comprises two three-story buildings, totaling 20 units (20 beds): a mix of studios and one-bedroom apartments. Built in 1984 and renovated in 2024, 90% of the units in one building boast new appliances and low-maintenance finishes. Currently enjoying 100% occupancy for the 2024-2025 school year, this property offers significant potential for rental increases. One building is leased by the bed with co-signed leases, while the other is under a master lease with a fraternity extending through the 2026-2027 school year, ensuring consistent revenue. The property features ample parking, a private fenced backyard with fire pits, and additional income streams from coin-operated laundry and utility bill-back. A value-add opportunity exists to complete the build-out of an unfinished three-bedroom unit. The property offers a current NOI of $98,718 and a pro-forma NOI of $134,947, resulting in a current cap rate of 6.17% and a pro-forma cap rate of 8.43%. The asking price is $1,600,000. The property is zoned RM-15.

• Alternative Use

  Use

  Valuation

  Residential

  $1,503,153

  Hospitality

  $1,376,880

  Educational

  $1,145,548

  Medical

  $1,184,945

  Retail

  $1,781,964

Location Insight

City

Kalamazoo

County

Kalamazoo

State

Michigan

Latitude

42.2756

Longitude

-85.6267

CBSA code

28020

CBSA name

KALAMAZOO-PORTAGE, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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