509 Oak Street
Kalamazoo, MI 49007

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Description

This well-kept fourplex sits on the north side of the Vine Neighborhood and offers a strong rental history with a current rent roll of $3,195/month and room to increase. All four residences are 1 bed, 1 bath and stay in demand thanks to the location and rents that include all utilities. 3 of the units have been fully renovated over the last 3 years.Inside, each unit blends classic charm with practical updates. Interiors have been refreshed at turnover to support rent growth. Unit #2 has painted cabinets, quartz countertop, a unique backsplash, remodeled bathroom with new vanity / LVP flooring and new carpet. Unit #3 has Unit 3 - Remodeled in 2025 kitchen with granite, LVP flooring throughout, new bathroom, vanity, and shower, and Unit 1 was remodeled in 2024 with new painted kitchen cabinets, new bath and shower, vanity, carpet, and LVP. Unit 4 has never been updated as it has been occupied since seller purchased property. The property features an easily accessible basement with coin laundry, plus off-street parking with two tandem spaces on the north side and one off-street space on the south side.Major system improvements provide peace of mind with a new roof (2019), furnace (2014), water heater (2022), electrical upgrades (2014 and 2023), and exterior paint in 2023. The property is City Certified through 12/31/2026. This property is in an ideal location, close to Kalamazoo College and Western Michigan University, and minutes to downtown dining staples like Bell's Eccentric Café, Principle Food & Drink, and Rustica.Timing lines up for immediate value-add or an owner-occupied option, with Units #1 and #2 becoming vacant at the beginning of November, creating a clear path to reset rents to market without waiting for lease expirations. Do not miss this low-maintenance portfolio builder.

Features

• Property Type: Multi Family Home
• Sub Type: 2 to 4 Units
• Listing Status: Active
• County/Area: Kalamazoo County
• Zip Code: 49007
• Year Built: 1895
• School District: Kalamazoo
• Units: 4 units
• Basement: Michigan Basement, Yes, Yes
• Lot Size: 2614 sq ft lot
• Construction Materials: Wood Siding
• Cross Street: Oak & Cedar
• Directions: From W Cedar, Go South On Oak, Property On Left
• Heat Source: Natural Gas
• Heat Type: Forced Air
• Heating: Forced Air
• Lot Size Area: 0.06
• Lot Size Square Feet: 2614
• Lot Size Units: Square Feet
• MLS Area Major: Greater Kalamazoo - K
• MLS Area Minor: Greater Kalamazoo - K
• Main Type: Multi Family
• Number Of Buildings: 1
• Number Of Diff Unit Floor Plans: 1
• Owner Pays: Electricity, Sewer, Trash Collection, Water
• Parcel Number: 06-21-237-008
• Possession: Close Of Escrow
• Road Frontage: 41
• Roof: Composition
• SEV: 71000
• Sewer: Public Sewer
• Tax Annual Amount: 1899
• Tax Legal Description: 50188 WELCHS ADDITION S 2 1/2 R OF LOT 375
• Tax Year: 2025
• Terms Available: Cash, Conventional, FHA, MSHDA, VA Loan
• Township: Kalamazoo City
• Util Availat Street: Public Sewer, Public Water
• Utilities: Natural Gas Connected
• Water Source: Public Water
• Zoning Description: Res