Brick Retail
For Sale
$199,900
1217 Greenwood Avenue, Jackson, MI 49203
Commercial Sale, Jackson, MI
Property Size2,200 SF
Lot Size0.48 Acres
Price / SF$90.86
Days on Market821
Property Features for 1217 Greenwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C-2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
20
Interior features
Broadband
Subdivision
Palmer's Add.
Elementary school district
Jackson
Middle school district
Jackson
High school district
Jackson
Directions
High St & First St
Standard status
Active
APN
3-226200000
Size
2,200 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2263, 2264, 2265, 2266 LOTS 4 & 5 & E 99 FT OF LOT 6 BLK 3 PALMER'S ADD
Tax Annual Amount
5104
Legal Description
2263, 2264, 2265, 2266 LOTS 4 & 5 & E 99 FT OF LOT 6 BLK 3 PALMER'S ADD
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Rubber
Listing Agency:
Howard Hanna Real Estate Services
(517) 787-9800
Listed By:
HEATHER HERNDON · License #6501335416
(517) 812-1641
Added: Jun 13, 2024
Changed: Sep 7
Last Checked: Sep 11 at 2:06AM
MLS# 24030047
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.
This 2,200-square-foot brick retail property was built in 1960 and includes an enclosed entry foyer, private offices, and one bathroom. Central air, forced-air heating, natural gas, broadband, and city water and sewer support ongoing commercial use. The building previously operated as a bank and later accommodated a cable company.
The 0.48-acre parcel has frontage on both Greenwood Avenue and First Street, with on-site parking. It is located in Jackson’s flat iron district, minutes from downtown and Ella Sharp Park. The layout and existing systems support retail, medical, and professional office applications.
The 0.48-acre parcel has frontage on both Greenwood Avenue and First Street, with on-site parking. It is located in Jackson’s flat iron district, minutes from downtown and Ella Sharp Park. The layout and existing systems support retail, medical, and professional office applications.
Key Highlights
- 2,200‑square‑foot brick commercial building constructed in 1960
- 0.48‑acre parcel with frontage on Greenwood Avenue and First Street
- Enclosed foyer, private offices, and one bathroom
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
$15,172
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
7.59%
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%
$303,440
$303.4K
Cap Rate 7%
$216,743
$216.7K
Cap Rate 9%
$168,578
$168.6K
Market Conditions
NOI Build-Up for 2,200 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
$26.4K $12.00/SF
− Vacancy
−$4.7K −$2.15/SF
EGI
$21.7K $9.85/SF
− OpEx
−$6.5K −$2.96/SF
NOI
$15.2K $6.90/SF
Area
Jackson County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$303,440
Cap Rate 7%
$216,743
Cap Rate 9%
$168,578
Alternative Uses
Best Use
Office B
$263.4K
$230.5K – $307.3K
NOI $18,438 @ 7.0% cap · market cap 9.22%
Second Best
Retail
$216.7K
$189.7K – $252.9K
NOI $15,172 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$351.2K
$307.3K – $409.7K
NOI $24,584 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 49203, MI
37,269
Population
16,999
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
93%
High-School Grad
26.5 sq mi
ZIP Area
1,406
Density / Sq Mi
$55,689
Median Household Income
$37,096
Median Earnings
$992
Median Rent
$150,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Brick construction with an enclosed foyer, private offices, and central air.
Where is this retail space located?
The property is located at 1217 Greenwood Avenue Jackson, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 2,200‑square‑foot brick commercial building constructed in 1960; 0.48‑acre parcel with frontage on Greenwood Avenue and First Street; Enclosed foyer, private offices, and one bathroom
