Historic Bank Building For
For Sale
$299,900
115 E Michigan Avenue, Grass Lake, MI 49240
Rare opportunity to own a piece of Grass Lake's history.
Property Size2,640 SF
Days on Market120
Property Features for 115 E Michigan Avenue
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,903
Building Details
Building Size
2,640 SF
Year Built
1900
Buildings
1
Stories
2
Units
1
Listing Agency:
Century 21 Affiliated - Jackson
(517) 775-1388
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Source:
Buyatthelake
Added: Apr 27
Changed: Aug 23
Last Checked: Aug 18 at 1:06PM
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 presents a rare opportunity to own a piece of Grass Lake's historic charm, situated in a highly visible location with significant foot and vehicle traffic. The building features granite and marble finishes throughout the main level, complemented by high ceilings, a restroom on the main floor, and a private executive office. The upper level provides adaptable space suitable for a kitchenette, a half bath, and a utility or storage area. The original ceiling within the utility area offers the potential to be exposed on the main floor by removing the drop ceiling, enhancing the architectural character. The basement is clean and well-maintained, equipped with regularly serviced mechanical systems. The building is pre-wired for a security system. Previously occupied by Comerica Bank, the property includes a large original vault and an additional drop-box vault at the front entrance. Two dedicated parking spaces are located at the rear of the building. The property is suitable for banks, retail spaces, and other commercial uses.
Key Highlights
- High‑visibility location with excellent walk‑by and drive‑by traffic.
- Granite and marble finishes throughout the main level with soaring ceilings.**
- Flexible upper‑level space suitable for a kitchenette, half bath, and utility/storage.
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
$25,083
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
8.36%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - Rare opportunity to own a piece of Grass Lake's history.
Where is this bank 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 with soaring ceilings.**; Flexible upper‑level space suitable for a kitchenette, half bath, and utility/storage.
