Granite & Marble-Finish Office
For Sale
Under Contract
$299,900
115 E Michigan Avenue, Grass Lake, MI 49240
COMMERCIAL - Grass Lake, MI
Property Size2,640 SF
Lot Size0.07 Acres
Price / SF$113.60
Days on Market218
Property Features for 115 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Elementary school district
Grass Lake
Middle school district
Grass Lake
High school district
Grass Lake
Subdivision
Jackson County - JX
Standard status
Active Under Contract
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
Legal 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
Utilities
Utilities
Cable Available
Heating system
Baseboard
Cooling system
Central Air
Amenities
granite and marble finishes
soaring ceilings
private executive office
security system
vault
Building Details
Year built
1900
Floors in Building
2
Number of units
1
Building materials
Concrete, Brick
Roof type
Rubber
Listing Agency:
Century 21 Affiliated - Jackson
(517) 888-0050
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Added: Jan 15
Changed: Aug 4
Last Checked: Aug 21 at 7:06PM
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.
Investment Insights
Based on property information with market context.
This office building features granite and marble finishes throughout the main level, soaring ceilings, and a main-floor restroom. The layout includes a private executive office, while the upper level provides flexible space suitable for a kitchenette, half bath, and utility or storage area. A drop ceiling is currently installed in the utility area, with the original ceiling visible beneath, offering the option to remove the drop ceiling for added architectural character. The basement is clean and well maintained with regularly serviced mechanicals, and the building is already set up for a security system.
Located at 115 E Michigan Avenue in Grass Lake, the property benefits from walk-by and drive-by visibility. The building also retains original bank-era features, including a large original vault and an additional drop-box vault at the front entrance. Two dedicated parking spaces are provided at the rear of the building.
With its finished main level, private office, and adaptable upper space, the property may suit office users looking for character and functional room for supporting amenities. The presence of existing vault structures can also be a distinguishing feature for certain operations or storage-focused tenants. The basement, serviced mechanicals, and security readiness support continued day-to-day usability for an owner-occupant or small business buyer.
Located at 115 E Michigan Avenue in Grass Lake, the property benefits from walk-by and drive-by visibility. The building also retains original bank-era features, including a large original vault and an additional drop-box vault at the front entrance. Two dedicated parking spaces are provided at the rear of the building.
With its finished main level, private office, and adaptable upper space, the property may suit office users looking for character and functional room for supporting amenities. The presence of existing vault structures can also be a distinguishing feature for certain operations or storage-focused tenants. The basement, serviced mechanicals, and security readiness support continued day-to-day usability for an owner-occupant or small business buyer.
Key Highlights
- Historic building with concrete and brick construction and rubber roof
- Central air plus baseboard heating; regularly serviced mechanicals in the clean, well‑maintained basement
- Interior features include granite and marble finishes on the main level and soaring ceilings
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
$22,125
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
7.38%
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%
$442,500
$442.5K
Cap Rate 7%
$316,071
$316.1K
Cap Rate 9%
$245,833
$245.8K
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
$38.0K $14.40/SF
− Vacancy
−$8.5K −$3.23/SF
EGI
$29.5K $11.17/SF
− OpEx
−$7.4K −$2.79/SF
NOI
$22.1K $8.38/SF
Area
Jackson County, MI
Vacancy
22.40%
Lease Rate
$14.40 /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%
$442,500
Cap Rate 7%
$316,071
Cap Rate 9%
$245,833
Alternative Uses
Best Use
Office B
$316.1K
$276.6K – $368.8K
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
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
158
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic office building with granite and marble finishes, flexible upper-level space, and a main-floor restroom.
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: Historic building with concrete and brick construction and rubber roof; Central air plus baseboard heating; regularly serviced mechanicals in the clean, well‑maintained basement; Interior features include granite and marble finishes on the main level and soaring ceilings
