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2001 Market Study Recommendations — Residential
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Multi-Family Housing
Issues
- Current market position of multi-family residential units in downtown Kalamazoo.
- Vacancy of multi-family units.
- Length of time rental and condo units remain on the market.
- Rental rates and condo prices.
- Specific issues that affect the viability of multi-family housing downtown.
- Multi-family housing units supportable.
- Optimal size and product type.
- Types of amenities offered.
- Rental rates/condo prices expected.
- Absorption.
Current Multi-Family Conditions
Apartments
- 364 residential units in downtown Kalamazoo.
- Downtown vacancy rate < 1%.
- 1.7% vacancy rate in surrounding area.
Multi-Family Recommendations
- Supportable units over the next 3-5 years – 210.
- Unique/Loft.
- Renovation and conversion of current space plus new space.
- Amenities:
- All kitchen appliances.
- Washer and dryer in unit.
- Fireplaces.
- Parking.
- 900 to 1,500 square feet.
Apartments
- $8.00 to $10.00 per square foot.
- $530 to $1,100 per month.
Condominiums
- $100 to $140 per square foot.
- $80,000 to $182,000 selling price.
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© Downtown Kalamazoo Inc. 2002
157 S. Kalamazoo Mall, Suite 175, Kalamazoo, MI 49007
E-mail: dki@dki.org • Phone: (269) 344-0795 • Fax: (269) 344-0898 |
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