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    Historic Commercial Building, Grass Lake Title is generated by Realmo AI

    115 E Michigan Avenue, Grass Lake, MI 49240

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    For Sale
    $299,900

    COMMERCIAL - Grass Lake, MI

    Type:Office
    Property size:
    2,640 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $113/SF
    Added:
    Jan 15, 2026
    Days on Market:
    127
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 115 E Michigan Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Basement, Bathroom 2, Bathroom 1
    Standard status
    Active
    APN
    007-10-32-481-010-00
    Size
    2,640 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    A PCL OF LD OWNED AND USED AS ONE PCL BEING A PART OF SEFRL 1/4 OF SEC 32 AND A PART OF LOT 2, SOUTH OF TERRITORIAL RD
    Tax Annual Amount
    2903

    Utilities

    Utilities
    Cable Available
    Heating system
    Baseboard
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    1
    Building materials
    Concrete, Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Logan Everett

    Listing agent Logan Everett License #6501411675

    Listing office Century 21 Affiliated - Jackson 100 E Michigan Ave Ste 115, Jackson, MI

    Listing date Jan 15, 2026

    MLS# 26001804

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location with excellent walk‑by and drive‑by traffic.
    • Granite and marble finishes throughout the main level.
    • Large original bank vault still in place.
    • Flexible upper‑level space ideal for kitchenette, half bath, and storage.
    • Clean, well‑maintained basement with regularly serviced mechanicals.
    • Two dedicated parking spaces at the rear of the building.

    Overview

    This commercial building offers a rare opportunity to own a piece of Grass Lake's historic charm in a highly visible location with excellent walk-by and drive-by traffic. The building, formerly home to Comerica Bank, showcases craftsmanship seldom seen today, featuring granite and marble finishes throughout the main level and soaring ceilings. The main floor includes a restroom and a private executive office. The upper level offers flexible space ideal for a kitchenette, half bath, and utility or storage area. Within the utility area, the original ceiling is visible, providing the option to expose it on the main floor by removing the drop ceiling for added architectural character. The clean and well-maintained basement houses regularly serviced mechanicals, and the building is set up for a security system. The property includes a large original vault still in place, an additional drop-box vault at the front entrance, and two dedicated parking spaces at the rear of the building. The property has 2,640 square feet of space and sits on a 0.07-acre lot.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $245.8K
    NOI $22,125 @ 9.00% cap · cautious / downside scenario
    Moderate
    $316.1K
    NOI $22,125 @ 7.00% cap · market / base-case scenario
    Aggressive
    $442.5K
    NOI $22,125 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $38.0k $14.40
    − Vacancy −$8.5k −$3.23
    EGI $29.5k $11.17
    − OpEx −$7.4k −$2.79
    NOI $22.1k $8.38
    2,640 SF · lease $14.40/SF/yr · vacancy 22.40% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $316.1K
    $276.6K – $368.8K (±1% cap)
    NOI $22,125 @ 7.0% cap · market cap 7.38%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $421.4K
    $368.8K – $491.7K (±1% cap)
    NOI $29,500 @ 7.0% cap · market cap 9.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Comerica Bank - ATM Atm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grass Lake
    County
    Jackson
    State
    Michigan
    Longitude
    -84.212308
    Latitude
    42.250995

    Nearby Similar for Sale

    • $299,900
      2,640 SF

      Grass Lake Office For Sale

      Office building in Grass Lake, Michigan, available for purchase.
      115 E Michigan Avenue, Grass Lake, MI 49240
      View Details
    • $299,900

      Historic Bank Building For Sale

      Rare opportunity to own a piece of Grass Lake's history.
      115 E Michigan Ave, Grass Lake, MI 49240
      View Details
    • $1,200,000
      30 SF

      Equestrian Facility in Waterloo Area

      30-acre horse show facility with stabling for 182 horses.
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    FAQs

    What type of property is this?
    Office building - Charming commercial building with historic details and high visibility.
    Where is this office building 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: High‑visibility location with excellent walk‑by and drive‑by traffic.; Granite and marble finishes throughout the main level.; Large original bank vault still in place.
    (517) 775-1388
    We can help!
    Listing Contact
    Logan Everett
    Real Estate License ID: 6501411675
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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