Single-Tenant Net Lease Medical
For Sale
Contact for pricing
1116 West Ganson Street, Jackson, MI 49202
Medical office property with a net lease and a primary term extending beyond eight years.
Property Size13,020 SF
Price / SF$263.57
Days on Market113
Property Features for 1116 West Ganson Street
General Information
Standard status
Active
Size
13,020 SF
Property subtype
Office
Building Details
Year Built
1974
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3841
Listed By:
Christopher Biuso · License #Fl SL3424071
Source:
Crexi
Added: Apr 16
Changed: Jul 21
Last Checked: Aug 6 at 9:16AM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
This single-tenant net lease medical office property is being offered for sale with over eight and a half years remaining on the primary lease term. The roof was completely replaced at the end of 2024, and the lease was extended for 10 years in February 2025. The medical practice has operated from the same property for over 40 years, and it currently has more than five providers to sustain patient demand.
The property is located at 1116 West Ganson Street in Jackson, Michigan. It is operated as a dedicated practice location under a long-standing lease commitment.
The offering is structured around the existing, tenant-occupied medical use, supported by recent roof replacement and an extended lease term.
The property is located at 1116 West Ganson Street in Jackson, Michigan. It is operated as a dedicated practice location under a long-standing lease commitment.
The offering is structured around the existing, tenant-occupied medical use, supported by recent roof replacement and an extended lease term.
Key Highlights
- Single‑tenant net lease medical office with over 8.5 years of primary lease term remaining
- 10‑year lease extension completed in February 2025
- Roof was completely replaced at the end of 2024
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
$118,938
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
3.47%
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%
$2,378,760
$2.4M
Cap Rate 7%
$1,699,114
$1.7M
Cap Rate 9%
$1,321,533
$1.3M
Market Conditions
NOI Build-Up for 13,020 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
$226.5K $17.40/SF
− Vacancy
−$28.3K −$2.18/SF
EGI
$198.2K $15.22/SF
− OpEx
−$79.3K −$6.09/SF
NOI
$118.9K $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%
$2,378,760
Cap Rate 7%
$1,699,114
Cap Rate 9%
$1,321,533
Alternative Uses
Best Use
Healthcare Medical
$1.70M
$1.49M – $1.98M
NOI $118,938 @ 7.0% cap · market cap 3.47%
Second Best
Office B
$1.56M
$1.36M – $1.82M
NOI $109,118 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,491 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,277
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 - Medical office property with a net lease and a primary term extending beyond eight years.
Where is this medical office space located?
The property is located at 1116 West Ganson Street Jackson, MI.
What is the asking price?
The asking price for this property is $3,431,700.
What are key features of this property?
This property features: Single‑tenant net lease medical office with over 8.5 years of primary lease term remaining; 10‑year lease extension completed in February 2025; Roof was completely replaced at the end of 2024
