2-Unit Duplex with Updated
New
For Sale
$199,900
1012 S Grinnell St, Jackson, MI 49203
Separate residences occupy the main and upper floors, with long-term tenants in place.
Property Size2,600 SF
Price / SF$76.88
Days on Market5
Property Features for 1012 S Grinnell St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
RE/MAX Mid-Michigan R.E.
Listed By:
DEANN E GUMBERT · License #6501311086
(517) 783-6687
Source:
Vmrealestatemichigan
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Mid-Michigan R.E.
Investment Insights
Based on property information with market context.
This two-unit duplex contains approximately 2,600 square feet, with one residence on the main floor and the other above. Each unit offers two bedrooms, one full bathroom, and approximately 1,300 square feet. The building dates to 1925 and has newer furnaces, central air conditioning units, and a roof.
The property is at 1012 S Grinnell St in Jackson, Michigan, near Cascades Park. Both residences have long-term tenants.
The property is at 1012 S Grinnell St in Jackson, Michigan, near Cascades Park. Both residences have long-term tenants.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bath
- Approximately 2,600 square feet total; each residence is approximately 1,300 square feet
- One residence on the main floor and one on the upper floor
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
$17,172
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
8.59%
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%
$343,440
$343.4K
Cap Rate 7%
$245,314
$245.3K
Cap Rate 9%
$190,800
$190.8K
Market Conditions
NOI Build-Up for 2,600 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
$26.5K $10.20/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$24.5K $9.44/SF
− OpEx
−$7.4K −$2.83/SF
NOI
$17.2K $6.60/SF
Area
Jackson County, MI
Vacancy
7.50%
Lease Rate
$10.20 /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%
$343,440
Cap Rate 7%
$245,314
Cap Rate 9%
$190,800
Alternative Uses
Best Use
Multifamily LT 5
$245.3K
$214.7K – $286.2K
NOI $17,172 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$230.4K
$201.6K – $268.8K
NOI $16,130 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$415.0K
$363.2K – $484.2K
NOI $29,053 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
388
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences occupy the main and upper floors, with long-term tenants in place.
Where is this duplex located?
The property is located at 1012 S Grinnell St 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: Two units, each with 2 bedrooms and 1 full bath; Approximately 2,600 square feet total; each residence is approximately 1,300 square feet; One residence on the main floor and one on the upper floor
