Retail Storefront with Original
For Sale
$299,900
115 E Michigan Avenue, Grass Lake, MI 49240
Two-level building includes marble and granite finishes, office space, restroom facilities, and rear parking.
Property Size2,640 SF
Days on Market228
Property Features for 115 E Michigan Avenue
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
2
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,903
Amenities
granite and marble finishes
soaring ceilings
main-floor restroom
private executive office
original vault
drop-box vault
security system
Building Details
Building Size
2,640 SF
Year Built
1900
Buildings
1
Units
1
Listing Agency:
Century 21 Affiliated - Jackson
(517) 775-1388
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Source:
Phgrealty
Added: Jan 15
Changed: Aug 30
Last Checked: Aug 30 at 5:31PM
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.
Built in 1900, this retail storefront combines a detailed main level with practical space across two additional areas. Granite and marble finishes extend through the primary floor, which also includes high ceilings, a restroom, and a private executive office. The upper level provides room for a kitchenette, half bath, and utility or storage functions. An original ceiling remains visible in the utility area, offering an architectural feature that could be incorporated into the main-level design.
The basement is maintained and houses regularly serviced mechanical systems. Security-system infrastructure is already in place. The property retains a large original vault and a separate front-entry drop-box vault, reflecting its former bank configuration. Two dedicated parking spaces are located behind the building at 115 E Michigan Avenue in Grass Lake Village.
The basement is maintained and houses regularly serviced mechanical systems. Security-system infrastructure is already in place. The property retains a large original vault and a separate front-entry drop-box vault, reflecting its former bank configuration. Two dedicated parking spaces are located behind the building at 115 E Michigan Avenue in Grass Lake Village.
Key Highlights
- Large original vault plus a separate drop‑box vault at the front entrance
- 1900 construction with granite and marble finishes on the main level
- Main floor includes soaring ceilings, a restroom, and private executive office
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
$18,206
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
6.07%
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%
$364,120
$364.1K
Cap Rate 7%
$260,086
$260.1K
Cap Rate 9%
$202,289
$202.3K
Market Conditions
NOI Build-Up for 2,640 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
$31.7K $12.00/SF
− Vacancy
−$5.7K −$2.15/SF
EGI
$26.0K $9.85/SF
− OpEx
−$7.8K −$2.96/SF
NOI
$18.2K $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%
$364,120
Cap Rate 7%
$260,086
Cap Rate 9%
$202,289
Alternative Uses
Best Use
Retail
$260.1K
$227.6K – $303.4K
NOI $18,206 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$421.4K
$368.8K – $491.7K
NOI $29,500 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49240, MI
9,213
Population
4,050
Households
2.3
Avg Household Size
45
Median Age
33%
College-Educated
97%
High-School Grad
104.1 sq mi
ZIP Area
89
Density / Sq Mi
$95,307
Median Household Income
$49,705
Median Earnings
$1,178
Median Rent
$272,300
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 - Two-level building includes marble and granite finishes, office space, restroom facilities, and rear parking.
Where is this storefront property located?
The property is located at 115 E Michigan Avenue Grass Lake, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Large original vault plus a separate drop‑box vault at the front entrance; 1900 construction with granite and marble finishes on the main level; Main floor includes soaring ceilings, a restroom, and private executive office
