Score
0Kalamazoo, MI
125 S Kalamazoo Mall APT 509
255K
2 beds
2 baths
1,344 sqft
2 bd • 2 ba • 1,344 sf
This analysis was generated on 1/27/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$255,000
Price/Sq.Ft
$190
Year Built
1900
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Prime downtown location: Located on the Kalamazoo Mall, the condo offers easy access to restaurants, shops, and entertainment, making it ideal for those who enjoy urban living.
• Modern amenities: The unit features updated kitchen and bathrooms with cherry wood cabinetry, stainless steel appliances, and vinyl plank flooring. It also includes in-unit laundry and a walk-in closet.
• Building amenities: The building offers a fitness center, a rooftop deck with skyline views, a meeting room, and a 10x10 locked storage unit, providing additional value and convenience.
• Included parking: The condo includes one parking space in a connected parking ramp, which is a significant benefit in a downtown location. Additional parking is available for a fee.
• All-inclusive HOA: The monthly HOA fee covers essential utilities such as heating, cooling, water, sewer, trash, recycling, internet, and cable, simplifying monthly budgeting.
• Pet-friendly: The condo has no pet restrictions, making it attractive to pet owners.
• Low climate risk: The property has minimal flood and fire risks and minor air quality and wind risks. This translates to lower insurance costs and less worry about environmental hazards.
• Strong rental potential: The property has the potential to be a good rental investment given the median 2-bed rental rate in Kalamazoo is $1049.
The Bad
• High HOA fees: The monthly HOA fee of $452.41 is relatively high compared to other condos in the area. This expense adds significantly to the monthly cost of ownership.
• Age of the building: Built in 1900, the building is quite old, which may lead to higher maintenance costs and potential issues with infrastructure, despite unit renovations.
• Price per square foot: At $189.73 per sqft, the price is on the higher end for Kalamazoo, though downtown properties tend to command a premium. It's important to compare this to other downtown condos to see how it fits within the market.
• School ratings: The nearby schools have low ratings (3-5/10), which may be a concern for buyers with children.
• Days on market: The property has been on the market for 166 days, which is significantly longer than the average for Kalamazoo. This may indicate overpricing or other issues that are making it difficult to sell. The listing has also seen price changes, which might indicate uncertainty about market value.
The Ugly
• Potential for higher electric bills: While many utilities are covered by the HOA, the owner is responsible for their own electricity. Given the age of the building and the use of central air, monthly electric bills could be higher, especially during peak summer and winter months.
• Limited control over building maintenance and improvements: As a condo owner, you are part of an association and have less control over the upkeep and improvements of the building. Decisions are made collectively, and you may not agree with all of them.
• Potential for special assessments: Older buildings may require special assessments for major repairs, such as roof replacement or elevator maintenance. These additional costs can be unpredictable and add significantly to monthly expenses. A 1900 building will have a lot of potential issues.
• Dependency on HOA management: The HOA is responsible for maintaining common areas and managing utilities. If the HOA is poorly managed, it could lead to issues with building maintenance and service delivery. This is a concern for older buildings that may have more needs and less funding available.
• Potential for noise: Being located in a downtown area, there is a higher potential for noise from street traffic, pedestrians, and nearby businesses. This may be an issue for individuals seeking a quieter environment.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Young Professionals or Couples seeking a vibrant downtown lifestyle with easy access to restaurants, shops, and entertainment. The location on the Kalamazoo Mall is ideal for those who enjoy urban living and walkability.
• Individuals who appreciate modern amenities and a maintenance-free lifestyle. The inclusion of a fitness center, rooftop deck, and meeting room, along with the HOA covering most utilities, makes this a convenient option.
• Buyers who prioritize public transportation and walkability. The downtown location provides easy access to public transportation and many amenities within walking distance.
• Pet Owners who desire a pet-friendly environment. This condo has no pet restrictions, making it suitable for pet lovers.
• Buyers seeking a secure living environment with controlled access. The key fob entry and included storage unit offer added security.
Not For
• Families with young children who need access to highly-rated schools. The listed schools have ratings between 3-5/10. Families might consider other options in Kalamazoo with better-rated schools.
• Buyers who prefer a quiet suburban or rural setting. This condo is located in a busy downtown area with the associated noise and activity.
• Those on a very tight budget. The monthly HOA fee combined with the mortgage and other ownership costs may be a burden for those with a lower income. The median income in the area is $33,120, which is not high enough to comfortably afford this property.
• Buyers who need more than one dedicated parking space without extra cost. While one space is included, a second space will cost an extra $65/month.
• Individuals who require a large living space. At 1,344 square feet, this condo may be too small for some buyers.
Demographics
Area Median Income
$33,120
Property History
Price History
Ownership Timeline
$232,000Cash Purchase
Jun 16, 2021Manahar N Patel, Megha M PatelSteven Alm, Haunani Alm
Warranty Deed
Standard Sale (Purchase/Resales)
$208,000Financed
Jul 18, 2017Kalamahajan Kcc LlcShivum M Patel, Manahar N Patel
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$5,863
2024 Tax Assessment
0.0%from previous year
Assessed Value$121,900
Tax Rate4.81%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
3.0/10
Below AverageMiddle
4.0/10
AverageHigh
5.0/10
AverageFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$255,000
Price/sqft
$190
Layout
2 bd•2 ba
Days on market
65 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$86,333
195.4%
Your price is 195.4% above average
Median Price
$93,000
174.2%
Based on 6 recent sales
Price per Sq.Ft
$62
206.0%
Your price is 206.0% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 719 Woodward, Kalamazoo, MI 49007 | $65,000 | 1,513 | 2 | 2 | $4377.4% | 11/26/2024 |
| 719 Woodward Avenue, Kalamazoo, MI 49007 | $65,000 | 1,513 | 2 | 2 | $4377.4% | 11/26/2024 |
| 1220 S Westnedge, Kalamazoo, MI 49008 | $101,000 | 1,344 | 3 | 2 | $7560.4% | 9/3/2024 |
| 1220 S Westnedge Avenue, Kalamazoo, MI 49008 | $101,000 | 1,344 | 3 | 2 | $7560.4% | 9/3/2024 |
| 1324 Woodward, Kalamazoo, MI 49007 | $93,000 | 1,400 | 3 | 1 | $6665.0% | 11/19/2024 |
| 1324 Woodward Avenue, Kalamazoo, MI 49007 | $93,000 | 1,400 | 3 | 1 | $6665.0% | 11/19/2024 |
719 Woodward, Kalamazoo, MI 49007
Price: $65,000
Sq.Ft: 1,513
Beds/Baths: 2/2
$/Sq.Ft:
$4377.4%
Sale Date: 11/26/2024
719 Woodward Avenue, Kalamazoo, MI 49007
Price: $65,000
Sq.Ft: 1,513
Beds/Baths: 2/2
$/Sq.Ft:
$4377.4%
Sale Date: 11/26/2024
1220 S Westnedge, Kalamazoo, MI 49008
Price: $101,000
Sq.Ft: 1,344
Beds/Baths: 3/2
$/Sq.Ft:
$7560.4%
Sale Date: 9/3/2024
1220 S Westnedge Avenue, Kalamazoo, MI 49008
Price: $101,000
Sq.Ft: 1,344
Beds/Baths: 3/2
$/Sq.Ft:
$7560.4%
Sale Date: 9/3/2024
1324 Woodward, Kalamazoo, MI 49007
Price: $93,000
Sq.Ft: 1,400
Beds/Baths: 3/1
$/Sq.Ft:
$6665.0%
Sale Date: 11/19/2024
1324 Woodward Avenue, Kalamazoo, MI 49007
Price: $93,000
Sq.Ft: 1,400
Beds/Baths: 3/1
$/Sq.Ft:
$6665.0%
Sale Date: 11/19/2024
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