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1634 Gull Rd 8,000 SF Medical Condo Unit Offered at $1,300,000 in Kalamazoo, MI 49048
Investment Highlights
- Early Lease Extension and Expansion – WellNow extended the lease through April 2030 and expanded from 4,077 SF to approximately 8,000 SF in 2025
- Corporate Guaranty – Supported by WellNow’s operating platform of more than 150 locations across five states and The Aspen Group backing
- High Traffic Visibility – Frontage along Gull Road with approximately 25,893 vehicles per day
- 2% Annual Rent Increases – Contractual annual increases continue throughout the current term and extension options
- Strategic Medical Corridor Location – Directly across from Beacon Kalamazoo Hospital, a 422 bed regional medical center
- Double Net (NN) Lease Structure – Tenant is responsible for all obligations other than the landlord’s 50% share of roof, structure, and HVAC costs
Executive Summary
Strategically positioned along Gull Road—one of Kalamazoo’s primary commercial and healthcare corridors—the property benefits from excellent visibility and exposure to more than 25,800 vehicles per day.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | No. Parking Spaces | 90 |
| Cap Rate | 9.81% | APN/Parcel ID | 06-11-455-033 |
| Sale Type | Investment |
| Cap Rate | 9.81% |
| No. Parking Spaces | 90 |
| APN/Parcel ID | 06-11-455-033 |
Sale Notes
This offering presents the opportunity to acquire an approximately 8,000 SF condominium interest leased to WellNow Urgent Care in the heart of Kalamazoo’s established medical corridor.
In 2025, WellNow expanded its premises from 4,077 SF to approximately 8,000 SF and extended the current lease term through April 30, 2030, demonstrating a meaningful commitment to the location. The lease includes 2% annual rent increases throughout the remaining term and two additional five-year extension options, with the 2% annual increases continuing through the option periods.
The lease includes a corporate guaranty, and WellNow operates more than 150 locations across Illinois, Indiana, Michigan, New York, and Pennsylvania. The property is positioned along Gull Road with visibility to approximately 25,893 vehicles per day and is located directly across from Beacon Kalamazoo Hospital, a 422 bed regional medical center.
The surrounding area includes complementary healthcare providers, established medical infrastructure, and dense residential neighborhoods that support demand for convenient outpatient medical services. The double net (NN) lease provides a limited landlord obligation structure, with the landlord responsible for only 50% of roof, structure, and HVAC costs and the tenant responsible for all other obligations.
In 2025, WellNow expanded its premises from 4,077 SF to approximately 8,000 SF and extended the current lease term through April 30, 2030, demonstrating a meaningful commitment to the location. The lease includes 2% annual rent increases throughout the remaining term and two additional five-year extension options, with the 2% annual increases continuing through the option periods.
The lease includes a corporate guaranty, and WellNow operates more than 150 locations across Illinois, Indiana, Michigan, New York, and Pennsylvania. The property is positioned along Gull Road with visibility to approximately 25,893 vehicles per day and is located directly across from Beacon Kalamazoo Hospital, a 422 bed regional medical center.
The surrounding area includes complementary healthcare providers, established medical infrastructure, and dense residential neighborhoods that support demand for convenient outpatient medical services. The double net (NN) lease provides a limited landlord obligation structure, with the landlord responsible for only 50% of roof, structure, and HVAC costs and the tenant responsible for all other obligations.
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit WellNow | 8,000 SF | Medical | $1,300,000 ($162.50/SF) | $127,541 |
Unit WellNow
| Unit Size |
| 8,000 SF |
| Condo Use |
| Medical |
| Price |
| $1,300,000 ($162.50/SF) |
| NOI |
| $127,541 |
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Unit WellNow
| Unit Size | 8,000 SF |
| Condo Use | Medical |
| Price | $1,300,000 ($162.50/SF) |
| NOI | $127,541 |
| Sale Type | Investment |
| Cap Rate | 9.81% |
| No. Parking Spaces | 90 |
| APN/Parcel ID | 06-11-455-033 |
| Sale Notes | |
| This offering presents the opportunity to acquire an approximately 8,000 SF condominium interest leased to WellNow Urgent Care in the heart of Kalamazoo’s established medical corridor.<br> <br> In 2025, WellNow expanded its premises from 4,077 SF to approximately 8,000 SF and extended the current lease term through April 30, 2030, demonstrating a meaningful commitment to the location. The lease includes 2% annual rent increases throughout the remaining term and two additional five-year extension options, with the 2% annual increases continuing through the option periods.<br> <br> The lease includes a corporate guaranty, and WellNow operates more than 150 locations across Illinois, Indiana, Michigan, New York, and Pennsylvania. The property is positioned along Gull Road with visibility to approximately 25,893 vehicles per day and is located directly across from Beacon Kalamazoo Hospital, a 422 bed regional medical center.<br> <br> The surrounding area includes complementary healthcare providers, established medical infrastructure, and dense residential neighborhoods that support demand for convenient outpatient medical services. The double net (NN) lease provides a limited landlord obligation structure, with the landlord responsible for only 50% of roof, structure, and HVAC costs and the tenant responsible for all other obligations.</li></ul> |
Property Facts
The following property facts apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
| Total Building Size | 16,156 SF | Typical Floor Size | 8,078 SF |
| Property Type | Office (Condo) | Year Built | 1965 |
| Property Subtype | Medical | Lot Size | 0.90 AC |
| Building Class | B | Parking Ratio | 5.57/1,000 SF |
| Floors | 2 | ||
| Zoning | C-1 - Commercial | ||
| Total Building Size | 16,156 SF |
| Property Type | Office (Condo) |
| Property Subtype | Medical |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 8,078 SF |
| Year Built | 1965 |
| Lot Size | 0.90 AC |
| Parking Ratio | 5.57/1,000 SF |
| Zoning | C-1 - Commercial |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
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1634 Gull Rd
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