Downtown Bar
For Sale
$260,000
121 E Cortland Street, Jackson, MI 49201
COMMERCIAL - Jackson, MI
Property Size1,850 SF
Lot Size0.10 Acres
Price / SF$140.54
Days on Market206
Property Features for 121 E Cortland Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Jackson
Middle school district
Jackson
High school district
Jackson
Subdivision
Jackson County - JX
Standard status
Active
APN
5-00270000
Size
1,850 SF
Lot size
0.10 Acres
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
1
Listing Agency:
Production Realty
(517) 879-4141
Listed By:
BEN LATOCKI
(517) 812-0009
Added: Jan 27
Changed: Aug 4
Last Checked: Aug 21 at 2:06AM
MLS# 26003114
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Town Bar occupies an 1,850-square-foot commercial building in downtown Jackson. Built in 1900, the property offers an existing bar-oriented configuration with two bathrooms and forced-air heating. Cable is available at the property.
Located at 121 E Cortland Street, the building sits within Jackson’s downtown area and is identified with a 0.1-acre lot. The property’s existing bar use and established operating history provide a defined commercial setting for continued hospitality operations.
Located at 121 E Cortland Street, the building sits within Jackson’s downtown area and is identified with a 0.1-acre lot. The property’s existing bar use and established operating history provide a defined commercial setting for continued hospitality operations.
Key Highlights
- 1,850‑square‑foot commercial building
- Established bar business known as The Town Bar
- Built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,577
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$351,540
$351.5K
Cap Rate 7%
$251,100
$251.1K
Cap Rate 9%
$195,300
$195.3K
Market Conditions
NOI Build-Up for 1,850 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.5K $13.80/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$23.4K $12.67/SF
− OpEx
−$5.9K −$3.17/SF
NOI
$17.6K $9.50/SF
Area
Jackson County, MI
Vacancy
8.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$351,540
Cap Rate 7%
$251,100
Cap Rate 9%
$195,300
Alternative Uses
Best Use
Specialty Retail
$251.1K
$219.7K – $293.0K
NOI $17,577 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$295.3K
$258.4K – $344.6K
NOI $20,673 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,469
Businesses Nearby
13k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 39%
Electronics 9%
BIGGBY COFFEE
Dining
6,603 visits/mo
0.4 miles
Huntington Bank
Shops & Services
2,329 visits/mo
0.1 miles
Boost Mobile
Electronics
1,213 visits/mo
0.3 miles
Old National Bank
Shops & Services
1,008 visits/mo
0.2 miles
Firestone Complete Auto Care
Shops & Services
765 visits/mo
0.3 miles
Demographics for 49201, MI
47,747
Population
18,102
Households
2.6
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
155.0 sq mi
ZIP Area
308
Density / Sq Mi
$71,714
Median Household Income
$36,390
Median Earnings
$945
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cracker Jaxx — 419 Park Pl, Jackson, MI 49201
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- Knights steakhouse — Jackson, MI 49201
- Nite Lite — 145 W Pearl St, Jackson, MI 49201
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established bar venue in a historic downtown building with two bathrooms and forced-air heating.
Where is this bar & pub located?
The property is located at 121 E Cortland Street Jackson, MI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,850‑square‑foot commercial building; Established bar business known as The Town Bar; Built in 1900
