Turn-Key Medical Office
For Sale
$699,900
603 Lansing Avenue, Jackson, MI 49202
COMMERCIAL - Jackson, MI
Property Size4,340 SF
Lot Size1.37 Acres
Price / SF$161.27
Days on Market173
Property Features for 603 Lansing Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
R-4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
20
Elementary school district
Jackson
Middle school district
Jackson
High school district
Jackson
Directions
Corner of Ganson and Lansing Ave.
Standard status
Active
APN
1-033300000
Size
4,340 SF
Lot size
1.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Block 4 Durand's ADD
Tax Annual Amount
14978
Legal Description
Block 4 Durand's ADD
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1994
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Rubber
Listing Agency:
Exit Realty 1st LLC
(517) 796-9300
Listed By:
ROBERT TIPTON · License #6501375443
(517) 795-4923
Added: Feb 20
Changed: Aug 4
Last Checked: Aug 12 at 8:06PM
MLS# 26006263
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.
Turn-key operating medical office building offered with a book of business. The property includes office support space with two bathrooms, and the available equipment is noted as negotiable. Lease is possible.
The building sits on 1.37 acres at 603 Lansing Avenue in Jackson, Michigan 49202 (Jackson County). It was built in 1994 and features brick construction with forced-air heating and a rubber roof. Cable is available.
This configuration supports a streamlined medical office environment, with the core operating spaces already in place for continuity of use, whether the next owner is planning to operate or structure the property for occupancy under a lease arrangement.
The building sits on 1.37 acres at 603 Lansing Avenue in Jackson, Michigan 49202 (Jackson County). It was built in 1994 and features brick construction with forced-air heating and a rubber roof. Cable is available.
This configuration supports a streamlined medical office environment, with the core operating spaces already in place for continuity of use, whether the next owner is planning to operate or structure the property for occupancy under a lease arrangement.
Key Highlights
- 1.37‑acre medical office property at 603 Lansing Avenue, Jackson, MI 49202
- 4,340 SF medical office building
- Built in 1994 with brick construction
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
$39,646
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
5.66%
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%
$792,920
$792.9K
Cap Rate 7%
$566,371
$566.4K
Cap Rate 9%
$440,511
$440.5K
Market Conditions
NOI Build-Up for 4,340 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
$75.5K $17.40/SF
− Vacancy
−$9.4K −$2.18/SF
EGI
$66.1K $15.22/SF
− OpEx
−$26.4K −$6.09/SF
NOI
$39.6K $9.13/SF
Area
Jackson County, MI
Vacancy
12.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
40.00%
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%
$792,920
Cap Rate 7%
$566,371
Cap Rate 9%
$440,511
Alternative Uses
Best Use
Healthcare Medical
$566.4K
$495.6K – $660.8K
NOI $39,646 @ 7.0% cap · market cap 5.66%
Second Best
Office B
$519.6K
$454.7K – $606.2K
NOI $36,373 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$692.8K
$606.2K – $808.3K
NOI $48,497 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49202, MI
19,359
Population
9,598
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
91%
High-School Grad
12.7 sq mi
ZIP Area
1,524
Density / Sq Mi
$41,916
Median Household Income
$30,638
Median Earnings
$915
Median Rent
$104,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick medical office with forced-air heat, rubber roof, and cable availability on a ready-to-operate setup.
Where is this medical office space located?
The property is located at 603 Lansing Avenue Jackson, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1.37‑acre medical office property at 603 Lansing Avenue, Jackson, MI 49202; 4,340 SF medical office building; Built in 1994 with brick construction
