Historic Bank Building with
For Sale
$299,900
Pending
115 E Michigan Ave, Grass Lake, MI 49240
Granite and marble finishes, a private office and rear parking distinguish this commercial property.
Property Size2,640 SF
Days on Market334
Property Features for 115 E Michigan Ave
General Information
Standard status
Pending
Size
2,640 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
Century 21 Affiliated - Jackson
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Source:
Vmrealestatemichigan
Added: Nov 6, 2025
Changed: Oct 1
Last Checked: Oct 5 at 7:17PM
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 2,640-square-foot bank property at 115 E Michigan Ave in Grass Lake Village has granite and marble finishes on the main level, along with a restroom and private executive office. The upper floor provides additional flexible space, and the basement contains mechanical equipment that has been regularly serviced. A security system setup is in place.
The original vault remains inside, with a separate drop-box vault at the front entrance. Two dedicated parking spaces are located behind the building.
The original vault remains inside, with a separate drop-box vault at the front entrance. Two dedicated parking spaces are located behind the building.
Key Highlights
- 2,640‑square‑foot commercial property built in 1900
- Original interior vault and separate drop‑box vault at the front entrance
- Granite and marble finishes on the main level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,083
Cap Rate
8.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$501,660
$501.7K
Cap Rate 7%
$358,329
$358.3K
Cap Rate 9%
$278,700
$278.7K
Market Conditions
NOI Build-Up for 2,640 SF
Gross rent
$36.4K $13.80/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$33.4K $12.67/SF
− OpEx
−$8.4K −$3.17/SF
NOI
$25.1K $9.50/SF
Area
Jackson County, MI
Vacancy
8.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$501,660
Cap Rate 7%
$358,329
Cap Rate 9%
$278,700
Alternative Uses
Best Use
Specialty Retail
$358.3K
$313.5K – $418.1K
NOI $25,083 @ 7.0% cap · market cap 8.36%
Second Best
Retail
$260.1K
$227.6K – $303.4K
NOI $18,206 @ 7.0% cap · market cap 6.07%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Granite and marble finishes, a private office and rear parking distinguish this commercial property.
Where is this bank located?
The property is located at 115 E Michigan Ave 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: 2,640‑square‑foot commercial property built in 1900; Original interior vault and separate drop‑box vault at the front entrance; Granite and marble finishes on the main level
