Barbershop or Office Conversion
For Sale
$100,000
108 Grand Street, Michigan Center, MI 49254
Established barbershop space with updated systems, secure entry, and equipment included, plus an office with separate entrances.
Property Size420 SF
Price / SF$238.10
Days on Market42
Property Features for 108 Grand Street
General Information
Standard status
Active
Size
420 SF
Property subtype
Commercial
Lease Term
Cash, Conventional
Additional Details
Business Included
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$707
Building Details
Building Size
420 SF
Year Built
1971
Year Renovated
2023
Units
1
Listing Agency:
Century 21 Affiliated - Jackson
(517) 775-1388
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Source:
Sabudarealty
Added: Jul 14
Changed: Aug 24
Last Checked: Aug 23 at 7:06AM
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 Century 21 Affiliated - Jackson
Investment Insights
Based on property information with market context.
This property is a former retail storefront originally built in 1971 and most recently operated as a barbershop. The interior includes a waiting area and a remodeled private office featuring separate entrances. Updates over the past decade include a new roof and gutters with 35-year shingles (2020), fresh interior and exterior paint (2023), new vinyl plank flooring, and updated plumbing, lighting, and electrical systems. The property also has a reliable furnace, A/C, and an on-demand water heater, secure entry with newer doors and keypads, comprehensive security with outdoor cameras and indoor monitors, and a salt-free electronic water softener.
The sale includes most current equipment and fixtures, including two barber styling chairs, mirrors and workstations with storage, a UV light sanitizer, an antique fully functional barber pole, two televisions, an inventory of supplies, and lighted “open” and barber signs.
Outdoor improvements include newly poured concrete entry slabs and two resin storage sheds (4x6 and 8x10) with lawn maintenance tools. The property is connected to municipal water and sewer.
The sale includes most current equipment and fixtures, including two barber styling chairs, mirrors and workstations with storage, a UV light sanitizer, an antique fully functional barber pole, two televisions, an inventory of supplies, and lighted “open” and barber signs.
Outdoor improvements include newly poured concrete entry slabs and two resin storage sheds (4x6 and 8x10) with lawn maintenance tools. The property is connected to municipal water and sewer.
Key Highlights
- Built in 1971; most recently operated as Dean’s Barber Shop (1986) and The Grand Barbershop (2013).
- Updated building systems and comfort: furnace, A/C, and on‑demand water heater; updated plumbing, lighting, and electrical.
- Recent exterior and interior updates include new roof and gutters (2020) with 35‑year shingles and fresh paint (2023).
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
$2,896
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
2.90%
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%
$57,920
$57.9K
Cap Rate 7%
$41,371
$41.4K
Cap Rate 9%
$32,178
$32.2K
Market Conditions
NOI Build-Up for 420 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
$5.0K $12.00/SF
− Vacancy
−$902 −$2.15/SF
EGI
$4.1K $9.85/SF
− OpEx
−$1.2K −$2.96/SF
NOI
$2.9K $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%
$57,920
Cap Rate 7%
$41,371
Cap Rate 9%
$32,178
Alternative Uses
Best Use
Retail
$41.4K
$36.2K – $48.3K
NOI $2,896 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$67.0K
$58.7K – $78.2K
NOI $4,693 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Dining 12%
Shell
Shops & Services
9,446 visits/mo
0.1 miles
Dollar General
Shops & Services
7,232 visits/mo
0.4 miles
Citgo
Shops & Services
4,600 visits/mo
0.5 miles
Los Tres Amigos
Dining
2,578 visits/mo
0.1 miles
Dairy Queen
Dining
293 visits/mo
0.1 miles
Demographics for 49254, MI
3,163
Population
1,805
Households
1.8
Avg Household Size
44
Median Age
22%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
1,217
Density / Sq Mi
$73,750
Median Household Income
$50,923
Median Earnings
$1,038
Median Rent
$167,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Established barbershop space with updated systems, secure entry, and equipment included, plus an office with separate entrances.
Where is this storefront property located?
The property is located at 108 Grand Street Michigan Center, MI.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Built in 1971; most recently operated as Dean’s Barber Shop (1986) and The Grand Barbershop (2013).; Updated building systems and comfort: furnace, A/C, and on‑demand water heater; updated plumbing, lighting, and electrical.; Recent exterior and interior updates include new roof and gutters (2020) with 35‑year shingles and fresh paint (2023).
